BP to buy exploration rights in Brazil, Azerbaijan, Gulf of Mexico from Devon Energy for $7B

BP to pay $7 billion for exploration rights

LONDON — Oil company BP PLC says it will pay $7 billion to acquire exploration rights in Brazil, Azerbaijan and the Gulf of Mexico from Devon Energy Corp.

BP will buy the rights for 10 offshore exploration blocks in Brazil, a portfolio of rights in the U.S. Gulf of Mexico and in the Caspian Sea.

BP says it is also selling, for $500 million, a 50 percent stake in its Kirby oil sands interests in Canada to Devon, based in Oklahoma City, Oklahoma.

Devon is repositioning itself to concentrate on its North American onshore natural gas and oil portfolio.