BP completed the sale of three operated and two non-operated assets in the deep-water US GoM to Plains Exploration & Production (PXP).
The $5.55 billion cash deal between BP and PXP, announced in Sep-2012, was among the biggest transactions in the US GoM.
The BP-operated assets in the deal include Marlin hub (100% WI); Horn Mountain (100%) and Holstein (50%). The two non-operated assets are Ram Powell (31%) and Diana Hoover (33.33 %).
Since 2010, BP entered into agreements to sell non-strategic assets approximating $37 billion in value. The company currently estimates investing on average at least $4 billion in the GoM each year for the next decade.
Future activity and investment will be concentrated around its four major operated production hubs – Thunder Horse, Atlantis, Mad Dog and Na Kika - and three non-operated production hubs – Mars, Ursa and Great White - as well as on exploration and appraisal opportunities.