BP buys Devon’s share in ACG for $2bn
BAKU – British giant BP will buy the U.S. Devon Energy’s share in the "Azeri-Chirag-Guneshli" offshore Caspian oil and gas project in Azerbaijan for $2bn on August 16.
Devon Energy Company said at the presentation of its report for the second quarter of 2010 in Baku Thursday that last week it has received the necessary approval to execute the transaction. Obtaining regulatory approvals and consent of third parties involved in the project is necessary to approve the transaction.
Earlier, in March, Devon Energy announced it has reached an agreement with BP on the sale of its assets in Azerbaijan, Brazil and the Gulf of Mexico for $7.0bn.
In Azerbaijan, acquisition of Devon's 5.63 per cent stake in the ACG development will up BP's operating interest in the oil and gas fields to 39.77 percent. Thus, after completing the deal, the share of BP in Azerbaijani project will increase by 39.7629 percent from current 34.1367 percent.
According to BP, which is the operator of the project, proven oil reserves in the ACG hits
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