U.K. oil major BP PLC (BP) Thursday said it will pay Devon Energy Corp. (DVN) $7 billion for assets offshore Brazil, the U.S. and Azerbaijan.
The U.S. independent oil and gas producer meanwhile is buying a 50% stake in BP's Kirby oil sands interests in Canada for $500 million.
U.K.
oil
major BP PLC (BP) Thursday said it will pay Devon Energy Corp. (DVN) $7 billion
for assets offshore
Brazil
, the
U.S.
and
Azerbaijan
.
The
U.S.
independent oil and gas producer meanwhile is buying a 50% stake in BP's Kirby
oil sands interests in
Canada
for
$500 million.
"As well as giving us a broad portfolio of assets in the exciting
Brazilian deepwater, it will strengthen our position in the
Gulf
of Mexico
, enhance our interests in
Azerbaijan
and
enable us to progress the development of Canadian assets," BP Chief
Executive Tony Hayward said in a statement.
The deal gives BP interests in 10 exploration blocks in Brazil, a portfolio of
deepwater exploration acreage--including 240 leases--in the Gulf of Mexico and
an interest in the BP-operated Azeri-Chirag-Gunashli development offshore Azerbaijan,
BP said.
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