According to the Wall Street Journal, BP is said to be acquiring USD 6 billion worth of oil assets from Devon Energy that would give it a piece of the hot new oil region off of Brazil.

As per report, BP, the British oil company, will also get a stake of US oil and gas producer Devon Energy's Canadian operations as well as cement BP’s dominant position in the Gulf of Mexico.

Brazil has yielded some of the largest oil discoveries in decades and until this deal, BP has no stake in the area. Brazil's reserves have been difficult to tap because its sub salt oil is in deep water under thousands of feet of rock, sand and a moving layer of salt.

The biggest prospects in the region have so far been developed by Brazil's own Petroleo Brasileiro SA or Petrobras, which has been featured previously in Cabot China & Emerging Markets.

(Sourced Wall Street Journal)