LONDON—British oil giant BP PLC said Thursday it bought into a diverse and broad deepwater exploration portfolio that includes assets off the shores of Brazil, Azerbaijan and the U.S., in a $7 billion deal with U.S. independent oil and gas producer Devon Energy Corp. The deal gives BP a greater footprint in two of its core areas—the Gulf of Mexico and the Caspian Sea—and its first entry into Brazil's prolific offshore basins. View Full Image Suzanne Plunkett/Reuters BP Chief Executive Tony Hayward "This strategic opportunity fits well with BP's operating strengths and key interests around the world," said Chief Executive Tony Hayward. "As well as giving us a broad portfolio of assets in the exciting Brazilian deepwater, it will strengthen our position in the Gulf of Mexico, enhance our interests in Azerbaijan and enable us to progress the development of Canadian assets," he said. BP will gain ten exploration blocks in Brazil, including seven in the Campos basin where significant oil discoveries have been made.[Read more...]