BP plc is selling its interests in the Pompano and Mica fields in the deepwater Gulf of Mexico (GOM) to Stone Energy Offshore LLC, a unit of Stone Energy Corp.

Stone Energy is to pay BP $204 million in cash under an agreement that includes the sale of BP’s 75% operated working interest (WI) in the Pompano field and assets and 50% nonoperated WI in the Mica field, together with a 51% operated WI in Mississippi Canyon block 29 and interests in certain leases near the Pompano field.

Completion of the sale is subject to the pre-emption rights of various co-working interest owners. The companies expect to complete the sale in 2012, BP said.

The sale is part of BP’s ongoing divestment program (see Daily GPI, March 4). The asset sales are in part to help pay for the Macondo well blowout in the GOM last April.

“We continue to make progress in our divestment program as we focus on BP’s areas of strength around the world,” said Chief Executive Bob Dudley. “The sale of these mature assets will allow us to concentrate our efforts on the major production hubs and significant growth opportunities that BP has in the Gulf of Mexico.”

Both the Pompano and Mica fields produce oil and natural gas through the Pompano platform, about 120 miles southeast of New Orleans. First oil was produced from the Pompano field in October 1994 after being discovered by BP and Kerr-McGee in 1985. The Mica field, tied back to the Pompano platform some 29 miles to the north west, began production in 2001.

BP will continue to operate seven production platforms in the GOM. Among BP’s GOM assets are the fields Thunder Horse, Atlantis and Mad Dog.

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