British oil giant BP is to pay US firm Devon Energy $7 billion for assets in Brazil, Azerbaijan and the Gulf of Mexico. The Brazilian assets mark BP's entry into the emerging market country.
BP chief executive Tony Hayward said the deal was a 'strategic opportunity', which fit well with the company's other global interests.
As part of the deal, BP will sell half of its Canadian oil sands project at Kirby in Alberta province to Devon Energy for $500m.
