BP sells Gulf of Mexico oil fields

British Petroleum (BP) says it plans to sell four Gulf of Mexico oil fields to Japanese company Marubeni as part of its asset sale to help pay for the oil spill there.



Marubeni is also the majority shareholder in the Jamaica Public Service Company (JPS).



The deal, which is subject to regulatory approval, is expected to raise US$650 million.



BP is already in the process of selling assets worth up to $30 billion o meet clean-up and compensation costs.



Last week, the company announced it would sell business interests in Vietnam and Venezuela for $1.8 billion.



BP has owned the four fields for less than a year.



It bought them from Devon Energy alongside other assets in the Gulf of Mexico, Brazil and Azerbaijan.