It appears that BP
While it's not yet a done deal, it appears that Devon Energy
While BP operates throughout much of the world, it has yet to become involved in Brazil, which has been the locus of numerous major discoveries during the past several years. Of the 10 exploration blocks that BP would acquire in Brazil, seven are located in the Campos and Camamu-Almada basins, where, in addition to Petrobras, such companies as Repsol
In the U.S. Gulf of Mexico, BP will walk away with a high-grade portfolio of interests in 240 leases, many in the currently hot Paleogene play. But unlike Brazil, this area is hardly new to BP. The company already is the top producer there, with a capacity of 500,000 barrels a day. Last summer, it headed a group that drilled the world's deepest well at more than 35,000 feet. That effort led to the discovery of the giant Tiber field.
Also, in Azerbaijan, BP will acquire Devon's 5.6% interest in the ACG offshore oilfield located 60-plus miles into the Caspian Sea. That particular transaction will increase BP's interest in the project to nearly 40%
Finally, it appears that Devon will pay $500 million to BP for a half-interest in the latter's Kirby oil-sands interests in Alberta, Canada. Devon will operate the thus-far-undeveloped project, and will contribute $150 million in capital cost for its new partner. BP is currently upgrading its Whiting, Indiana refinery, to better process heavy Canadian crude.
Apparently, there are other bidders still technically in the running for the Devon assets, including Chevron
For related Foolishness: