Stone Energy will acquire BP’s 75% operated working interest (WI) in the Pompano field and 50% non-operated WI in the Mica field, together with a 51% operated WI in Mississippi Canyon block 29 and interests in certain leases located in the vicinity of the Pompano field.
Closing of the transaction, which is expected in 2012, is subject to the pre-emption rights of various co-working interest owners.
BP chief executive Bob Dudley said the sale of these mature assets will allow the company to concentrate its efforts on the major production hubs and significant growth opportunities that it has in the Gulf of Mexico.
Upon completion of the sale, BP will continue to operate seven production platforms in the Gulf of Mexico.
