BP Near Deal to Sell Gulf Assets: Report

NEW YORK ( TheStreet) -- BP ( BP) is nearing a deal to sell some of its oil fields in the Gulf of Mexico to Plains Exploration & Production ( PXP) for about $7 billion, according to published media report.

The report, published on The Wall Street Journal's Web site, cited anonymous sources familiar with the matter.

The sale would be part of the BP's continuing efforts to sell off assets to pay for the 2010 Gulf oil spill.

The Journal says that the companies could announce a deal as early as this week but noted that talks are continuing and could still end without an agreement.

Houston-based Plains Exploration & Production, which had a market cap Friday of $5.2 billion, would take on debt to pay for the assets, the Journal reported, citing one anonymous source.

Representatives of both companies declined to comment, the Journal added.

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This article was written by a staff member of TheStreet.