BP To Pay US$7bn For Devon's Offshore Assets

British major BP has agreed to pay US$7bn for US independent Devon Energy's assets in the US Gulf of Mexico (GoM), Azerbaijan and Brazil. The March 11 agreement, part of Devon's global restructuring plan, will solidify BP's strong presence in the GoM and west Caspian, while finally giving the oil major much sought-after exposure to the Brazilian subsalt play.

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