BP is to sell around half of its current stakes in two oil fields in the Gulf of Mexico.
Chevron will buy the equity interests in the Gila and Tiber fields, which are also co-owned by ConocoPhillips and Petrobras.
BP, Chevron and ConocoPhillips are also joining forces to explore 24 jointly-held offshore leases in the deepwater Gulf of Mexico.
The region is expected to produce around 700,000 barrels of crude per day over three years.
Jeff Shellebarger, President, Chevron North America Exploration and Production Company said: “By collaborating across several prospects and discoveries and incorporating the technologies and experience of the three companies, we expect to develop these fields in the most cost effective way and shorten the time to final investment decision and first production.”