October 25, 2010 12:08 PM
Linklaters, Adams and Reese Advise on Latest BP Asset Sale
Posted by Brian Baxter
British oil giant BP has agreed to sell four wells in the Gulf of Mexico to Japanese trading company Marubeni for $650 million, Reuters reports.
The deal is BP's latest move to sell off up to $30 billion in assets to offset the rising costs associated with cleaning up the Gulf of Mexico and the surrounding region after a disastrous explosion aboard its Deepwater Horizon offshore drilling rig in April. BP's new chief executive said on Monday that the furor over the resulting oil spill was overblown by the media and oil industry competitors.
BP was advised on the Marubeni deal by Linklaters, which previously represented the London-based energy giant in August when it borrowed $5 billion from a consortium of banks by tying the loans to future revenue from two oil fields.
Linklaters corporate partner Joshua Berick in New York advised BP on the Marubeni deal along with associate Colin Greenspon. W. Brad Bryan, senior attorney for exploration and production at BP America, served as the company's lead in-house lawyer on the deal. (Click here for a story on BP America's general counsel, John Lynch, by sibling publication Corporate Counsel.)
Craig Townsend, an oil and gas partner at New Orleans-based Am Law 200 firm Adams and Reese, served as lead outside legal adviser for Marubeni. Jerome Barnett, vice president and senior counsel of Marubeni America, is the Tokyo-based company's top U.S. in-house lawyer.
The transaction between BP and Marubeni is slated for completion by early 2011, according to a statement by BP.
BP continues to sell other assets worldwide. Earlier this month the company agreed to sell $1.8 billion in Venezuelan and Vietnamese assets to its Russian joint venture unit. On Friday, Bloomberg reported that PetroVietnam was mulling an option to buy BP's offshore oil holdings in Vietnam.
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