BP sells 60% stake in Brazil’s Polvo oil field

Oil giant BP has agreed to sell its 60% interest in an oil field in Brazil for $135 million (£87.1m) in cash. The deal with Brazilian firm HRT Oil & Gas Ltda is expected to close in the second half of this year. The Polvo field is located in the southern part of the Campos […]

USA’s Devon Energy swaps $2.2bn shale asset with Sinopec

American energy supplier Devon Energy is swapping a third of its five newest shale gas ventures for $2.2billion investment from Chinese state-owned oil firm Sinopec. The Oklahoma-based oil and gas firm will operate the projects, it announced yesterday. John Richels, Devon’s president and chief executive officer said: “This transaction provides us [with] further flexibility to […]