OGJ Newsletter

08/23/2010
GENERAL INTEREST — Quick TakesDevon sells ACG stake to BP for $2 billionDevon Energy Corp. has completed the sale to BP PLC of its 5.6% interest in ACG (Azeri-Chirag-Gunashli) oil field off Azerbaijan for $2 billion. Devon's share of production was about 17,000 b/d of oil.The company acquired a 4.8% interest in the ACG production-sharing agreement through a 1999 merger of PennZenergy Co. It added a 0.8% share in early 2001.Devon has been divesting international and Gulf of Mexico holdings to concentrate on North American unconventional oil and gas resources. John Richels, Devon president and CEO, said pretax proceeds from divestitures so far total about $6.7 billion. He said the div...
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