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BP purchases Devon Energyâ€™s shares in ACG oil project

11 March 2010 15:31 (UTC +04:00)

Baku â€“ APA-Economics. BP has concluded an agreement with US Devon Energy Corp. on purchase of assets of this company in Brazil, Mexican Gulf, Azerbaijan in amount of $7 bn.

BP-Azerbaijan confirmed this information. â€œThe procedure on registering documentation and receipt of all confirming documents and agreements, as well as the agreement of the third countries will last for about 12 monthsâ€, sources in the company said.

Devon Energy Corp is a participant of the AIOC consortium on the development of Azeri-Chirag-Guneshli fields with the share of 5.63%

After the deal BP share in ACG will make 40,73%. The partners in production sharing agreement are: Ð’P operator - (34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), Itochu (3.9%), Amerada Hess (2.7%). In November Devon adopted a program of selling assets to concentrate on the development of projects in North America. On the whole, the company is going to sell the fields that may produce about 2.8 bn barrels of oil or about 7% of Devon reserves.

In November 2009, Devon Energy announced its intention to sell its share in the ACG project, as well as all the international assets, including assets in the Gulf of Mexico, and focus on onshore projects in North America.