2010-11-04-2010-10-25

To acquire various WI in four GOM fields (Magnolia, Merganser, Nansen and Zia), gaining 15,000 BOE/d.

Marubeni Corp., Tokyo, (Tokyo: 8002) plans to acquire certain assets in the U.S. Gulf of Mexico from BP Plc, London, (London: BP) for $650 million in cash.

The assets include 25% interest in the ConocoPhillips-operated Magnolia oil and gas field in the Garden Banks area of the Central Gulf; a 50% interest in the Anadarko Petroleum-operated Merganser gas field in the Atwater Valley area of the Central Gulf; a 50% interest in the Anadarko-operated Nansen oil and gas field in the Western Gulf; and a 65% operating interest in the Zia oil and gas field in the Mississippi Canyon area of the Central Gulf.

Net production for BP's interests in these fields is approximately 15,000 barrels of oil equivalent a day. The sale is part of BP's plan to sell noncore E&P assets to fund the costs related to the Gulf of Mexico Macondo oil spill.

BP acquired the interests in the fields from Devon Energy earlier in 2010 as part of a wider acquisition of assets in the Gulf of Mexico, Brazil and Azerbaijan.

BP executive vice president, strategy and integration, Andy Hopwood says, "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. We therefore decided they would be of more value to another company than to BP."

The deal is expected to closed in early 2011.