Although BP (NYSE:BP) and Devon Energy (NYSE:DVN) have both been divesting of assets for different purposes, in the case of both companies they're still looking to acquire strategic assets to coincide with their business strategy going forward.
In this case BP and Devon have completed their latest deal where BP acquired an oil field in Azerbaijan waters in the Caspian Sea for $2 billion.
Devon is moving toward focusing on assets in onshore assets in North America, while also using the capital raised for paying down debt and buying back shares of the company.
The ACG field acquired by BP produces approximately 17,000 barrels of oil a day.
Devon is also selling assets in Brazil, which they expect to close on by the end of 2010. BP has been buying up promising oil fields in Brazil on the other hand, acquiring rights to 10 blocks representing about 1.4 million acres.
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