The company will sell its operated assets which include the Marlin hub, comprised of the Marlin, Dorado and King Fields, where it has 100 %, Horn Mountain 100 % and Holstein 50 %.
The deal also includes two non-operated assets which are Ram Powell where it has 31% stake and Diana Hoover 33.33%.
BP group chief executive Bob Dudley said, "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."
The deal which is subject to regulatory approvals and is expected to close by the end of 2012.
Post sale, the company will continue to operate four large production platforms which are Thunder Horse, Atlantis, Mad Dog and Na Kika and hold interests in three non-operated hubs Mars, Ursa and Great White.
Between 2010 and 2013, the company intends to divest assets with a total value of $38bn.
