BP completes $5.5bn Plains deal

Marlin hub: Among assets being sold off in now-closed BP deal

BP

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Kathrine Schmidt

 30 November 2012 18:58 GMT

BP said Friday it had closed on a $5.5 billion deal to sell assets in the deep-water Gulf of Mexico to Plains Exploration & Production.

The agreement between the British supermajor and US player spanned operated assets include the Marlin hub, in which it held a 100% interest, as well as Horn Mountain (100%) and Holstein (50%).

The fields are being produced by a tension-leg platform and two spars, respectively.

Non-operated properties include a 31% stake in Ram Powell and a 33.3% stake in Diana Hoover.

The sale, announced 10 September, is part of a $37 billion BP divestment programme kicked off in 2010.

"This further demonstrates the significant value BP has been able to realise through the…

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