BP sells Gulf of Mexico assets to rival Plains

British oil giant BP said Monday it will sell $5.55 billion in assets in the Gulf of Mexico to a Texas rival, Plains Exploration, but will keep the Macondo well, site of the Deepwater Horizon platform and accident.

"While these assets no longer fit our business strategy, the Gulf of Mexico remains a key part of BP's global exploration and production portfolio and we intend to continue investing at least $4 billion there annually over the next decade," Bob Dudley, BP group chief executive, said in a statement.

BP's move reflects its "greater focus in the Gulf of Mexico on producing more high-margin barrels from fewer, larger assets," the company said.

An explosion on April 20, 2010 killed 11 workers and ultimately sank the Deepwater Horizon rig, unleashing the biggest marine oil spill in the industry's history and what many consider the worst US environmental disaster ever.

BP reached an agreement in April to settle claims from fishermen and others affected by the disaster for $7.8 billion, but it must be approved by a federal judge and does not affect claims brought by the government.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin B. Tacadena, VERA Files “Gutom (hunger),” Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of our marine resources is not stopped. Legarda, chair of the Senate committee on Environmetn and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

  • Environmental groups oppose proposed coal-fired power plants VERA Files - The Inbox
    Environmental groups oppose proposed coal-fired power plants

    By Patricia Isabel Gloria, VERA Files GROUPS opposed to the building of 25 coal-fired power plants within the next six years gathered outside the gates of the Department of Environment and Natural Resources (DENR) on Tuesday, International Earth Day, as … Continue reading → …

POLL
Loading...
Poll Choice Options