BP announced on March 11, 2010 that it will acquire assets in Brazil, Azerbaijan and the U.S. deepwater Gulf of Mexico from Devon Energy Corporation. The assets include interests in ten exploration blocks in Brazil, including seven in the prolific Campos basin; a major portfolio of deepwater exploration acreage and prospects in the U.S. Gulf of Mexico; and an interest in the BP-operated Azeri-Chirag-Gunashli development in the Caspian Sea, Azerbaijan.
In addition, BP will sell to Devon Energy a 50% stake in BP’s Kirby oil sands interests in Alberta, Canada, for $500 million. The parties have agreed to form a 50/50 joint venture, operated by Devon, to pursue the development of the interest. Devon will commit to fund an additional $150 million of capital costs on BP’s behalf.
This transaction is the firm's first major M&A project for BP that was run from its Houston office and our New York office.
The team included New York partners Josh Berick, Jeff Schmidt and Tom McGrath; London partners Stephen Griffin and Lee Taylor, Brussels partner Johan Ysewyn; London managing associate Graham Phillips, New York associates Francisco Duque, Antonia Sherman, Colin Greenspon, Dilshad Marolia, Suin Suh, Ed Tinsley, Meredith Waters; and Brussels associate Andreas Eberhardt.
For further information, please contact:
Mariana Loose at +1 212 830 9514
