BP to Sell Four Oil Fields in Gulf of Mexico for $650 Million


BP (BP) will sell four deep-water oil and gas fields in the Gulf of Mexico for $650 million.

The company will sell the fields to Marubeni Oil and Gas, a unit of Japan's Marubeni Corp., The Wall Street Journal said. The deal could be completed by early 2011.

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The oil giant's net production from these fields is about 15,000 barrels of oil equivalent a day. The fields "did not fit well with the rest of our business in the region," BP said.

BP has been selling assets worldwide to pay for the clean up of the Gulf of Mexico oil spill, the worst environmental disaster in U.S. history.

The company has already sold assets worth more than $11 billion in countries including the U.S., Colombia and Egypt.