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) --


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agreed to sell its interests in four mature producing deepwater oil and gas fields in the Gulf of Mexico to

Marubeni Oil and Gas

for $650 million.

BP acquired the stakes in the fields from

Devon Energy

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earlier in 2010 as part of a wider acquisition of assets in the Gulf of Mexico, Brazil and Azerbaijan.

"When BP acquired Devon's Gulf of Mexico assets it was clear that these four fields did not fit well with the rest of our business in the region," said Andy Hopwood, BP executive vice president of strategy and integration, in a press release. "We therefore decided they would be of more value to another company than to BP."

BP has been selling assets to pay for costs related to the massive oil spill in the Gulf of Mexico earlier this year.

-- Written by Joseph Woelfel

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Joseph Woelfel

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