Big move from the energy world.
British oil giant BP PLC is the leading candidate to buy a big swath of oil assets from U.S. independent oil and gas producer Devon Energy Corp. in a $5 billion-plus deal that would vault BP into the hot new oil region off the shores of Brazil, people familiar with the matter said.
The deal would also reinforce BP’s dominant position in the Gulf of Mexico and give it a stake in Devon’s operations in Canada. It is expected to be announced in the next several days, said people familiar with the matter.
Business Insider Emails & Alerts
Site highlights each day to your inbox.