BP tipped as frontrunner to buy Devon’s $5bn assets

City A.M. Reporter
BP has emerged as a frontrunner to buy $5bn (£3.3bn) of oil assets from Devon Energy, the independent US oil and gas producer, according to sources.

BP is looking at Devon’s position offshore Brazil, as well as Gulf of Mexico and Canadian assets, according to one source.

BP is believed to be the leading contender for the assets, which would be worth more than $5bn (£3bn).

But there are around six other bidders competing with BP?in bidding for the Devon assets. A deal could be announced in the next several days.

Devon announced its asset sale programme in November, saying it hoped to pull in as much as $7.5bn for its international and Gulf of Mexico assets as it focuses on its US onshore oil and gas fields. Devon has already sold its interest in three deepwater development projects in the Gulf of Mexico for about $1.3bn.