BP plc (BP) Buys Offshore Exploration Assets
By Benzinga Staff
March 11, 2010 9:24 AM
March 11, 2010 9:24 AM
The Wall Street Journal reports that British oil, and gas company BP plc (ADR) (NYSE: BP) said on Thursday that it has bought offshore exploration assets from Devon Energy Corporation (NYSE: DVN) for $7 billion.
The exploration portfolio includes assets off the shores of Brazil, Azerbaijan, and the U.S. With the deal, BP will have a greater presence in the Gulf of Mexico, and the Caspian Sea, and will gain entry in Brazil’s offshore basins.
BP’s CEO Tony Hayward said, “This strategic opportunity fits well with BP’s operating strengths and key interests around the world.
The deal will allow BP to gain ten exploration blocks in Brazil.
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