London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion, as the U.S. producer refocuses on onshore U.S. fields. The companies said on Thursday that BP has also agreed to sell Devon a 50 per cent stake in its Kirby oil sands interests in Alberta, Canada, for $500 million.

BP, the oil giant, has acquired a string of assets in Brazil from Devon Energy, a US company, in a $7 billion deal that has placed it at the centre of one of the most promising regions in the world for oil exploration.$

British oil giant BP said Thursday it will pay US firm Devon Energy seven billion US dollars for assets in Brazil, Azerbaijan and the Gulf of Mexico.

London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion, as the U.S. producer refocuses on onshore U.S. fields.

British oil giant BP said Thursday it will pay US firm Devon Energy seven billion dollars for assets in Brazil, Azerbaijan and the Gulf of Mexico. The Brazilian assets mark BP's entry into the emerging market country. BP chief executive Tony Hayward said the deal was a 'strategic opportunity,' which fit well with the company's other global interests.

OKLAHOMA CITY, March 11 Devon Energy Corporation (NYSE: DVN) today announced that it has entered into agreements to sell all of its assets in the deepwater Gulf of Mexico,

BP has emerged as a front-runner to buy $5 billion ($£3.3 billion) of oil assets from Devon Energy, the independent US oil and gas producer.

LONDON — Oil company BP PLC said Thursday it will pay $7 billion to acquire exploration rights in Brazil, Azerbaijan and the Gulf of Mexico from Devon Energy Corp.

BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets.