2010-08-31-2010-08-16-2010-08-16

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
2BB
Description

Bought 5.6% WI in Azeri-Chirag-Gunashli (ACG) Field in Caspian Sea, which produces 17,000 BO/d.

As part of its repositioning to onshore North American plays, Devon Energy Corp., Oklahoma City, (NYSE: DVN) has sold its 5.6% working interest in the Azeri-Chirag-Gunashli (ACG) Field, offshore Azerbaijan in the Caspian Sea, to BP Plc, London, (NYSE: BP) for $2 billion.

Devon's current production from ACG Field is approximately 17,000 barrels of oil per day.

BP holds a 34.1% interest in Azerbaijan International Operating Co. (AIOC), which operates the field. Other partners include Unocal, 10.3%; Socar, 10%; Inpex, 10%; Statoil, 8.6%; ExxonMobil, 8%; TPAO, 6.8%; Itochu, 3.9%; and Amerada Hess, 2.7%.

"With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion," says Devon president and chief executive John Richels.

"The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil," Richels adds.

Devon is the largest U.S.-based independent oil and gas producer.