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Updated Friday, March 12, 2010 11:04 am TWN, AP

Report: BP is pursuing Devon Energy assets

NEW YORK -- BP PLC, Europe's second-largest oil company, is the leading candidate to purchase assets worth more than US$5 billion from independent oil and gas producer Devon Energy, the Wall Street Journal said Wednesday. BP is expected to buy Devon's interests in the Gulf of Mexico, offshore Brazil and a stake in its Canadian energy business, the Journal said, citing unnamed people familiar with the situation. The newspaper said it was unclear if the deal would include Devon's other international assets.

Devon is considering a number of options, which means any transaction with BP could collapse, the Journal said. Other interested companies were identified as China National Offshore Oil Corp. and Chevron Corp.

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