BP seek counsel on Gulf of Mexico field sale
13th September 2012
Oil giants BP are close to completing the sale of a number of lucrative Gulf of Mexico oil and gas fields after seeking advice from a major private practice.
If the transaction goes ahead as expected, the US-based Plains Exploration & Production company will pay around $5.5 billion (£4.3 billion) for the sites, which includes the Marlin hub – consisting of the Marlin, King and Dorado fields – along with reserves in Horn Mountain, Diana-Hoover, Ramp Powell and Holstein.
As has been the case with all of BP’s recent deals, this latest sale has been undertaken as a way of helping to get the corporation’s finances back onto a favourable footing after the oil spill disaster which took place in the area this transaction concerns, the Gulf of Mexico, in 2010.
Plains Exploration & Production also recruited experts with corporate lawyer jobs to assist them in closing the deal; in both cases, the firms have had previous experience in assisting the company.