BP Expands Oil Production Through Acquisition

This week BP took a major step towards its stated goal of expanding oil production by purchasing key assets from Devon Energy. 

BP will pay Devon Energy $7 billion in cash for oil and gas assets in Brazil, the Gulf of Mexico and Azerbaijan.  The assets include access to eight license blocks in Brazil’s Campos and Camamu-Almada basins as well as 240 leases in the Gulf of Mexico.  

It is estimated that the deep waters off the coast of Brazil hold as much as 100 billion barrels of crude oil.