Plains Exploration & Production to Buy US Gulf Assets From BP for $5.55 Billion
~ The Rebel ~
2012/09/10 17:39:44
Oil company BP said Monday it is selling some deep-water assets in the Gulf
Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step
in the BP's drive to cover the cost of its oil well blowout in the Gulf two
years ago and concentrate investment elsewhere.
BP is selling its
interests in three of the assets it operates: the Marlin hub, Horn Mountain and
Holstein. The deal also includes BP's stakes in two non-operated assets, Ram
Powell and Diana Hoover.
Plains is also buying the 50 percent interest in
the Holstein field that BP doesn't own from Shell Offshore Inc. for $560
million.
Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step
in the BP's drive to cover the cost of its oil well blowout in the Gulf two
years ago and concentrate investment elsewhere.
BP is selling its
interests in three of the assets it operates: the Marlin hub, Horn Mountain and
Holstein. The deal also includes BP's stakes in two non-operated assets, Ram
Powell and Diana Hoover.
Plains is also buying the 50 percent interest in
the Holstein field that BP doesn't own from Shell Offshore Inc. for $560
million.
Read More: http://www.moneynews.com/Companies/PXP-US-Gulf-BP/...
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