BP sells off Gulf of Mexico stakes to raise cash and reduce risk

#Energy Oil company has sold assets worth more than $40bn to pay for fines and liabilities from the 2010 Deepwater Horizon oil spill

BP is selling off a stake in two promising discoveries in the Gulf of Mexico and transferring their operation to a US group in its latest attempt to raise cash and reduce its exposure to challenging deep-water drilling risks.

The company, which is preparing to reveal a huge slide in final quarter profits next week, is disposing of half its holding in the Gila and Tiber fields to Chevron.

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