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BP tries to raise money by selling Gulf of Mexico oil fields so they can pay fines
Not leaving for good - just offing "older, smaller fields"
BP has agreed to sell some of its Gulf of Mexico oil fields for $5.6bn as it builds up cash reserves ahead of potentially huge fines for 2010's Deepwater Horizon disaster.
The British oil giant is selling its interests in older smaller fields in the gulf to Plains Exploration & Production of Houston. BP will remain a major operator in the area.
"While these assets no longer fit our business strategy, the Gulf of Mexico remains a key part of BP's global exploration and production portfolio, and we intend to continue investing at least $4bn there annually over the next decade," chief executive Bob Dudley said in a statement.
The British oil giant is selling its interests in older smaller fields in the gulf to Plains Exploration & Production of Houston. BP will remain a major operator in the area.
"While these assets no longer fit our business strategy, the Gulf of Mexico remains a key part of BP's global exploration and production portfolio, and we intend to continue investing at least $4bn there annually over the next decade," chief executive Bob Dudley said in a statement.
http://www.guardian.co.uk/business/2012/sep/10/bp-selling-oil-fields-gulf
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