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Oil & Gas

BP Acquires Devon Assets for $2 Billion

August 17, 2010
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BP has completed the acquisition of an additional interest in Azeri-Chirag-Gunashli oilfield development in the Azerbaijan sector of the Caspian Sea from the U.S. independent oil and gas company Devon Energy for $2 billion, according to Zacks.com. Under the terms of the agreement, BP had announced previously in March that it will pay $7 billion in cash for Devon Energy''s assets in Brazil, Azerbaijan and the U.S. deepwater Gulf of Mexico. In addition, BP had also announced that it would dispose its 50-percent stake in Kirby oil sands interests in Alberta, Canada, to Devon for $500 million.

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