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Devon to acquire old Maersk stake

Devon to acquire old Maersk stake
Oil and gas company Devon Energy Corp. said Wednesday that Maersk Oil will end up with just one of three development projects that Devon is selling in the Gulf of Mexico for $1.3 billion.

Devon Energy partners acquire Devon's stakes in Gulf of Mexico projects.

Oil and gas company Devon Energy Corp. said Wednesday that Maersk Oil will end up with just one of three development projects that Devon is selling in the Gulf of Mexico for $1.3 billion.

Devon announced in December that it was going to sell all three projects to Maersk as it looked to pull back from the region to focus on land-based projects.

But Devon said that other owners of two of the three projects have opted to exercise their rights to buy Devon's stake.

Maersk will now end up with Devon's 25 percent interest in the Jack Lower Tertiary project. Other owners will acquire Devon's stakes in the St. Malo and Cascade projects.

Devon shares fell $1.05 to $66.24 in trading Wednesday.

www.turkishmaritime.com.tr

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