BP to sell oil and gas fields to Marubeni

Oil and gas company BP has announced that it has reached an agreement to sell its recently acquired interests in four mature producing deepwater oil and gas fields in the US Gulf of Mexico to Japanese company Marubeni Oil and Gas for $650m (£410m).

BP acquired the interests in the fields − Magnolia, Merganser, Nansen and Zia − from oil and gas exploration company Devon Energy earlier in 2010, as part of a wider acquisition of assets in the Gulf of Mexico, Brazil and Azerbaijan.

Dependent upon regulatory approval, the parties anticipate completing the deal in early 2011.