BP Set To Sell Off Four Oil Wells In The Gulf Of Mexico

Updated Trends: BP Set To Sell Off Four Oil Wells In The Gulf Of Mexico

BP is all set to sell off four of it’s oil wells from the Gulf of Mexico to a Japanese company Marubeni. BP has already faced incredible loss during the U.S. oil spill and is now repaying everyone who has been affected by it. The selling off of the oil wells is a part of the repaying process, as the company will be selling off its assets to pay the compensation amount.

The sell off would raise at least $650 million, but BP is in the process of raising $30 billion to pay compensation to everyone who has been affected by this spill. Recently, the company also announced that it will be selling off assets in Vietnam and Venezuela, which will help them to raise $1 billion.

These oil fields were owned by BP for less than a year, as the company had purchased it from Devon Energy along with more assets from Brazil and Azerbaijan. The company made a statement saying that the other assets in the Gulf won’t be affected by the sale, nor will the company think of selling them. Even after the company has sold these assets, it still remains the largest producer of oil and gas in the Gulf region.