BP sells its interests in the Mica and Pompano oil fields

Oil and gas company BP has agreed to sell its interests in the Pompano and Mica fields in the deepwater Gulf of Mexico to Stone Energy Offshore, a subsidiary of Stone Energy.

Requiring Stone Energy to pay BP $204m in cash, the agreement includes the sale of: BP’s 75 per cent operated working interest (WI) in the Pompano field and assets; 50 per cent non-operated WI in the Mica field; 51 per cent operated WI in Mississippi Canyon block 29; and interests in certain leases located in the vicinity of the Pompano field.

Completion of the sale is subject to the pre-emption rights of various co-working interest owners and expected in 2012.

Among BP’s Gulf of Mexico assets are the fields Thunder Horse, Atlantis and Mad Dog, each of which have long production profiles and development programs.