BP Looking To Buy Devon Energy Assets (BP, DVN)
By Benzinga Staff
March 10, 2010 8:15 PM
March 10, 2010 8:15 PM
Devon Energy Corp. (NYSE: DVN) is currently looking for suitors for its oil assets. BP Plc (ADR) (NYSE: BP) has emerged to be a leading contender. The deal is likely to be worth $5 billion. The deal will help BP in entering new markets off Brazil.
Devon Energy is trying to restrict itself to its core business of onsite projects in North America. Both the companies declined to comment. BP currently produces 500,000 barrels a day of oil in the Gulf of Mexico, but it has no exposure to offshore Brazil.
BP’s Chief Executive Officer had earlier indicated that the company is willing to explore Brazilian oil fields.
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