BP to divest interests in four Gulf of Mexico fields to Marubeni

British oil company BP has signed an agreement to sell its recently-acquired interests in four producing deepwater oil and gas fields in the US Gulf of Mexico to Marubeni for $650m.

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

Marubeni Oil has agreed to buy the assets – a 25% interest in the Magnolia oil and gas field, a 50% interest in the Merganser gas field, 50% of the Nansen field, and 65% of the Zia field.

Both the companies expect to complete the deal in early 2011, subject to regulatory approval.

BP’s net production from these fields is approximately 15,000 barrels of oil equivalent a day (boed).