Chevron and ConocoPhillips agreed Wednesday to take interests in three BP operated deepwater Gulf of Mexico fields.
BP will sell Chevron half of its current equity interested in the Gila and Tiber fields.
ConocoPhillips will pick up joint ownership interests in exploration blocks east of Gila known as Gibson where ConcoPhillips plans to drill in 2015.
The value of the deals wasn’t disclosed.
BP, Chevron and ConocoPhillips will have the same working interests across Gila and Gibson and any future centralized production facility.
Chevron will hold equity interest of 36 percent in those projects, BP 34 percent and ConocoPhillips 30 percent.
In Tiber, BP and Chevron will each hold equity interest of 31 percent, Brazil’s Petrobras will hold a 20 percent interest and ConocoPhillips will hold an 18 percent stake.
Chevron will operate Tiber, Gila and Gibson, building on its recent success in starting up the Jack/St Malo FPSO.
Operatorship is expected to be transferred after BP finishes drilling appraisal wells at Gila and Tiber.
“Transferring operatorship of these assets to Chevron will allow BP to increase our focus on maximizing production at our four existing producing hubs in the Gulf, each of which is still in the early stages of development,” president of BP’s Gulf of Mexico business Richard Morrison said.