BP dumps Gulf of Mexico assets

LONDON, Oct. 25 (UPI) -- A Japanese energy company will pay $650 million to acquire stakes in four oil and gas fields in the deep waters of the Gulf of Mexico, BP announced Monday.

British energy company BP is offloading assets to raise cash to pay for damages incurred from the summer oil spill in the Gulf of Mexico.

In a Monday announcement, the British supermajor said Japanese energy company Marubeni Oil and Gas will pay $650 million for a stake in the Magnolia, Merganser, Nansen and Zia fields off the southern coast of the United States.

BP acquired the assets from Devon Energy, an independent energy company in the United States, in early 2010 as part of a broad collection of fields in Azerbaijan, Brazil and the U.S. gulf.

"When BP acquired Devon's Gulf of Mexico assets it was clear that these four fields did not fit well with the rest of our business in the region," said Andy Hopwood, BP's executive vice president for strategy and integration, in a statement. "We therefore decided they would be of more value to another company than to BP."

BP said the Gulf of Mexico assets could produce around 15,000 barrels of oil equivalent per day.

The British energy company added that the sale doesn't diminish its position in the gulf, where it says it remains the largest leaseholder and largest net producer.

The deal with Marubeni is expected to go through early next year.