Oil giant, BP is selling off assets in what's being seen as a prudent move to make sure it can take care of likely debts it will incur over the worst spill in American history. Just over 2 years ago, oil leaked from BP's Deepwater Horizon rig in the Gulf of Mexico for an entire two months before it could be stemmed.
The whole disaster is still a matter for the courts, with US prosecutors pursuing civil and criminal cases with some saying the bill could be as much as $21bn (just over £13bn). So the sale of some of BPs oil interests in the Gulf a Texan firm - and which is worth around US $5.55bn – seems pretty small in comparison.
Despite appearing like copper coinage, the list of goodies that the Plains and Exploration has picked up reads like this: they're buying the Marlin, Dorado, King South and Horn Mountain oilfields which BP currently operates. BP's selling its 50% stake in the Holstein Field. The Texan buyer's all set to pay Royal Dutch Shell Plc a further $560m for the other half of that oilfield. And BP's also waving 'bye bye' to two more one third stakes in two other fields.
Written and presented by Marverine Cole