BP sloping to sign Brazilian offshore deal

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BP has emerged as a front-runner to buy $5 billion (3.3 billion) of oil resources from Devon Energy, the eccentric US oil and gas producer.

It was reported yesterday that the deal, that could be voiced in days, would give BP a foothold in the sought-after oil segment off the Brazilian seashore and serve make firm the companys on all sides as the largest writer in the Gulf of Mexico. It is accepted that the sale could additionally give BP a interest in Devons Canadian fields.

Other intensity bidders are thought to embody China National Offshore Oil and Chevron.

Devon, formed in Oklahoma, pronounced in Nov last year that it would cruise offloading a little assets, to capacitate it to combine on projects in North America that are less unsure than the growth of new fields. It has 1.5 million acres in the Gulf of Mexico, majority of it undeveloped.

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In December, Devon pronounced that it would sell 3 growth projects in the segment to Maersk Oil, the Danish company, for $1.3 billion.

BP has eleven start-ups programmed in the Gulf of Mexico in the subsequent five years, as well as dual in Canada. In the plan display dual weeks ago, the association pronounced it had identified serve event in the region.

It has been upgrading the refinery in Indiana, that analysts pronounced would be a great vital fit with Devons Canadian assets.

However, BP has so far not had any bearing to offshore Brazil, where the Tupi field, estimated to enclose pot of in between five billion and eight billion barrels, is located.

BP and Devon were taken for comment.

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