British oil giant BP will sell off $5.55 billion in assets in the Gulf of Mexico to a Texas rival, Plains Exploration, but will keep the Macondo well.

"While these assets no longer fit our business strategy, the Gulf of Mexico remains a key part of BP's global exploration and production portfolio and we intend to continue investing at least $4 billion there annually over the next decade," Bob Dudley, BP group chief executive, said in a statement.

AFP