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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