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BP to acquire Devon’s oil fields
12 March 2010: London based BP is likely to acquire Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion (approx Rs 32,200 crore).
BP has also agreed to sell Devon a 50 per cent stake in its Kirby oil sands interests in Alberta, Canada, for $500 million ( approx Rs 2,300 crore) and that the two companies will form a venture to develop Kirby.
BP is also buying around 240 leases in the Gulf of Mexico, including Devon’s 30 per cent interest in the major Kaskida discovery, in which BP already has a 70 per cent stake.
BP is also adding to its existing interest in the Azeri-Chirag-Gunashli oilfield off the coast of Azerbaijan. Devon’s 5.63 per cent stake will increase BP’s interest in ACG, which produces 820,000 bpd of oil, to 39.77 per cent. The parties will form a 50-50 JV to develop BP’s 90,000 net acres of oil sands at Kirby, and this will be operated by Devon.
Source: Business Standard