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BP Acquires Interest In ACG Field From Devon Energy: Devon Energy Is Selling Its Assets As A Part of Its Strategic Divestment Program
GlobalData, Sep 2010, Pages: 8
BP Acquires Interest In ACG Field From Devon Energy: Devon Energy Is Selling Its Assets As A Part of Its Strategic Divestment Program
Summary
BP p.l.c. (BP) acquired additional interest in ACG (Azeri-Chirag-Gunashli) field located offshore Azerbaijan in the Caspian Sea, from Devon Energy Corporation (Devon Energy), an independent oil and gas producing company, for a purchase consideration of $2,000m in cash. As result of the transaction, BP’s operating interest in the ACG development increased to 37.43%. The other partners, including Chevron, Inpex, Itochu, AzACG, Statoil, Exxon, TPAO and Hess hold 11.27%, 10.96%, 4.3%, 10%, 8.56%, 8%, 6.75%, and 2.72% respectively in the field. The current production from the ACG field is approximately 17 thousand barrels of oil per day. The transaction implied a deal value of $117,647.06 per boe of daily production
Scope
- Devon is selling its asset as a plan of strategic divestment
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in Asian Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Indian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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