BP shares fall on FTSE 100

The acquisition, which includes ten exploration sites as well as deepwater exploration assets in the Gulf of Mexico, is a gamble on Brazil's oil wealth, as yet undeveloped.

Devon Energy, who divested its Brazilian deepwater assets in preparation for a sale, now plans to focus on onshore oil and gas exploration activities in USA and Canada.

ING, who forecast recoverable reserves of almost 800m are enthusiastic about the deal, "This is one of the best deals BP has ever made." their Commercial banking oil analyst, Jason Kenney said.

Whilst others point out that the price seems 'high at first glance; with Morgan Stanley forecasting 160m barrels worth.

In early trades, BP's share price was down slightly to 622.30 pence at 9:12 am.