BP (BP) Pays Devon Energy (DVN) $7 Billion For Assets

BP p.l.c. (NYSE: BP) announced it was paying $7 billion for assets in Brazil, the Gulf of Mexico and Azerbaijan from Devon Energy Corporation (NYSE: DVN).

The deal gives the British oil giant BP interests in 10 Brazilian exploration blocks, 240 leases in the Gulf of Mexico deep water, and another 5.63% stake in an Azerbaijan development, bringing BP's stake in the development up to 39.77%.

The Gulf of Mexico assets alone hold proven reserves of 20 million barrels of liquids and 198 billion cubic feet of natural gas.

Devon Energy had been looking to offload some of its international assets in an effort to focus more on onshore oil and gas exploration and production in the U.S. and Canada.