HOUSTON – BP says it has agreed to sell its Pompano and Mica field interests in deepwater Gulf of Mexico to Stone Energy Corp for $204 million.
The agreement includes sale of BP’s 75% operated working interest in Pompano and its assets and 50% non-operated working interest in Mica. A 51% operated working interest in Mississippi Canyon block 29 and interests in certain leases in the Pompano vicinity also are included.
Pending results of pre-emption rights of co-working interest owners, BP and Stone expect the deal to be completed in 2012.
Both the Pompano and Mica produce oil and gas through the Pompano platform, approximately 120 mi (193 km) 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, began production in 2001.