BP Pays $7 Billion for Devon Energy Assets

March 11, 2010
Marks the British group's entry into Brazil

BP said on March 11 it will pay U.S. firm Devon Energy $7 billion (5.1 billion euros) for assets in Brazil, Azerbaijan and the Gulf of Mexico.

"BP today announced a transaction that will deliver a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas," the group announced.

The Brazilian assets will mark the British group's entry into the emerging market country.

"This strategic opportunity fits well with BP's operating strengths and key interests around the world, offering us significant additional long-term growth potential with an emphasis on high-margin oil," BP chief executive Tony Hayward said.

"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."

As part of the deal, BP will sell half of its Canadian oil sands project at Kirby in Alberta province, to Devon Energy for $500 million.

Copyright Agence France-Presse, 2010

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