Oil company BP said Monday it is selling some deep-water assets in the Gulf of Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in BP's drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere. BP is selling its interests in three BP-operated assets: the Marlin hub, Horn Mountain and Holstein. The deal also includes BP's stakes in two non-operated assets, Ram Powell and Diana Hoover. Plains is also buying the 50 per cent interest in the Holstein field that BP doesn't own from Shell Offshore Inc. for $560 million. Both deals are expected to close by the end of the year. BP said it expects to dispose of $38 billion in assets between 2010 and 2013; total sales agreed so far are more than $32 billion.
