BP shares rise on FTSE 100

Devon Energy, who divested its deepwater assets from the Gulf of Mexico in November 2009, now plans to focus on onshore oil and gas exploration activities in USA and Canada.

The deal - $7.0bn in cash, also includes assets in Brazil and Azerbaijan.

In addition to the deal, BP will also sell a 50 per cent stake in its Kirby oil sands interests to Devon to exploit a common goal of developing the oil sands' production.

"Devon is an experienced operator in the Canadian oil sands..." said Andy Inglis, BP's chief executive of Exploration and Production, "We expect this transaction to accerate the development of the Kirby assets and, through the associated crude off-take agreement, provide a secure source of Canadian heavy oil for our advantaged Whiting refinery."

Shares in British Petroleum (BP) rose after starting the day at a low of 618.40 pence per share to 623.70 at close of trade.

The share price overall was down 1.20 pence from yesterday, reflecting a poor FTSE performance in a day which saw it close down 32 points.