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BP buys Devon assets

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BP buys Devon assets

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BP, Europe’s second-largest oil company, has agreed to pay US producer Devon Energy five billion euros for assets in Brazil, Azeri and the Gulf of Mexico.

BP is also selling Devon a 50 percent stake in its Kirby oil sands interests in Alberta, Canada.

Analysts said it is hard to tell whether BP is paying a good price as the deal includes fields whose reserves are unknown as they are still being explored.