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Mergers & Acquisitions Deal Analysis - BP to Acquire Oil Assets from Devon Energy
GlobalData, May 2010, Pages: 7
Mergers & Acquisitions Deal Analysis - BP to Acquire Oil Assets from Devon Energy
Summary
BP Plc (BP) agreed to acquire oil assets, located in Brazil, Azerbaijan and the Gulf of Mexico, from Devon Energy Corporation (Devon Energy) for a purchase consideration of approximately $7 billion in cash. The transaction includes acquisition of interests in ten exploration blocks in Brazil (of which seven are in the prolific Campos basin); a major portfolio of deepwater exploration acreage and prospects in the US Gulf of Mexico; and an additional interest in the BP operated Azeri-Chirag-Gunashli (ACG) development in the Caspian Sea, Azerbaijan.
This acquisition will give BP a diverse and broad deepwater exploration acreage position in offshore Brazil with interests in eight license blocks in the Campos and Camamu-Almada basins, in water depths ranging from 330 to 9,100 feet (100-2,780 meters), as well as two onshore licenses in the Parnaiba basin. The Campos basin blocks include three discoveries - Xerelete, pre-salt Wahoo and Itaipu - and the producing Polvo field. In the Gulf of Mexico, BP will gain a high quality portfolio with interests in some 240 leases, with a particular focus on the emerging Paleogene play in the ultra-deepwater. The addition of Devon’s 30% interest in the major Paleogene discovery, the Kaskida project, will give BP a complete ownership of the project. The assets also include interests in four producing oil fields: Zia, Magnolia, Merganser, and Nansen. In Azerbaijan, the acquisition of Devon’s 5.63% stake in the ACG development will increase BP’s operating interest in the fields to 39.8%.
Scope
- Rationale behind BP Plc' acquisition of assets in in Brazil, Azerbaijan and the Gulf of Mexico
- Strategic Benefits for Devon Energy to sell its assets
- Geography covered - Brazil
- Deal Financials and Valuations
- Information on Brazil, Azerbaijan and the Gulf of Mexico's assets, BP Plc and Devon Energy
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in South America's Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Offshore Brazil, Azerbaizan and Gulf of Mexico's oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
- Know about the major companies, which are adopting a divestment or acquisition strategy to enhance their business portfolios
- Learn about the key fiancial advisors in a particular segment in the Oil & Gas Industry
- Understand the various means of raising funds from the market.
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