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Associated Press - March 11, 2010 8:35 AM ET
LONDON (AP) - Oil company BP PLC says it will pay $7 billion to acquire exploration rights in Brazil, Azerbaijan and the Gulf of Mexico from Oklahoma City-based Devon Energy Corp.
BP will buy the rights for 10 offshore exploration blocks in Brazil, a portfolio of rights in the U.S. Gulf of Mexico and in the Caspian Sea.
BP says it is also selling, for $500 million, a 50 percent stake in its Kirby oil sands interests in Canada to Devon.
Devon is repositioning itself to concentrate on its North American onshore natural gas and oil portfolio.
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