London-based energy giant BP has agreed to sell some of its deepwater oil and gas assets in the Gulf of Mexico to Houston-based Plains Exploration and Production in a
nearly $5.6 billion deal, landing lead roles for
Latham & Watkins and
Gardere Wynne Sewell. The sale is the latest in a string of major oil and gas transactions yielding work for corporate lawyers around the globe. For BP, it represents the latest divestiture by the world’s third-largest integrated oil and gas company as it seeks to raise money to offset mounting cleanup costs and expenses associated with the
largest oil spill in U.S. history two years ago in the Gulf of Mexico. Just last week, the U.S. Department of Justice accused BP of “
gross negligence and willful misconduct” over the disaster caused by an
explosion that tore apart the Deepwater Horizon offshore drilling platform.
BP faces up to $20 billion in fines as a result of the massive spill, even as a $7.8 billion litigation settlement heads toward final approval,
according to a recent story by sibling publication The National Law Journal.
The AmLaw Daily. Read More.
