Marubeni to buy BP's stake in Gulf of Mexico fields

Marubeni Oil & Gas (USA) Inc. agreed to purchase BP PLC’s interests in four mature producing deepwater oil and gas fields in the Gulf of Mexico for $650 million.

By OGJ editors
HOUSTON, Oct. 25
-- Marubeni Oil & Gas (USA) Inc. agreed to purchase BP PLC’s interests in four mature producing deepwater oil and gas fields in the Gulf of Mexico for $650 million. Closing, subject to regulatory approval, is expected in early 2011. BP's net production from these fields is 15,000 boe/d.

The Marubeni acquisition involves assets that BP acquired among other assets from Devon Energy Corp. in March. Since then, BP has decided that its interests in Magnolia, Merganser, Nansen, and Zia fields do not fit with its regional business plans. Marubeni Oil & Gas is a subsidiary of Marubeni Corp. of Japan.

BP acquired interests in the four fields now being sold as part of a wider acquisition of assets in the gulf, Brazil, and Azerbaijan (OGJ, Aug. 23, 2010, Newsletter).

The assets are 25% interest in the ConocoPhillips-operated Magnolia oil and gas field in the Garden Banks area, 50% interest in the Anadarko Petroleum Corp.-operated Merganser gas field in the Atwater Valley area, 50% interest in the Anadarko-operated Nansen oil and gas field, and a 65% operating interest in Zia oil and gas field in the Mississippi Canyon area.

BP said it is retaining its other interests in the gulf where it has net production of about 400,000 boe/d.

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