PXP completes acquisition of BP assets

PXP has completed the purchase of several oil and gas assets from BP in the Gulf of Mexico.

Posted by Ron Maverick

US firm Plains Exploration and Production (PXP) has completed the acquisition of a number of oil and gas fields in the Gulf of Mexico from BP.

Sales negotiations were concluded earlier this year, with the agreement announced on September 10th that Texas-based PXP would pay $5.55 billion (£3.46 billion) for the fields, with the conclusion of the transaction having now taken place.

Bob Dudley, the BP Group chief executive, said: "This further demonstrates the significant value BP has been able to realise through the sale of non-strategic assets."

He added that the sale enables the firm to focus on "major operated and non-operated production hubs", which should help with its aim of "delivering long-term growth from our core assets in the Gulf."

It is the latest in a series of divestments of BP assets that have freed $37 billion for the company since the star of 2010.

The PXP acquisition is the second major oil and gas field purchase this week.

Oil and Natural Gas Corporation, an Indian state-run firm, completed the $5 billion (£3.1 billion) purchase of the 8.4 per cent stake in the Kashagan oil field in Kazakhstan held by ConocoPhillips.