Devon Energy To Sell Gulf Of Mexico, Brazil, Azerbaijan Assets To BP For $7 Bln - Update

Devon Energy Corp. said Thursday that it has entered into agreements to sell its assets in the deepwater Gulf of Mexico, Brazil and Azerbaijan to British oil giant BP plc for $7.0 billion. BP will also assume Devon’s leases of the Seadrill West Sirius and Transocean Deepwater Discovery drilling rigs for the duration of the contract terms. Additionally, Devon and BP will form a heavy oil joint venture to develop BP’s Kirby oil sands leases in Alberta, Canada.