BP plc might be bidding on a package of Devon Energy Corporations assets that the firm has put up for sale late last year, according to sources familiar with the matter. The company is looking at Devon's position offshore Brazil, as well as Gulf of Mexico and Canadian assets, according to one source. The Wall Street Journal reported that BP is the leading contender for the assets, which would be worth more than $5 billion. But another source told Reuters that there are around six other bidders who could be as well-positioned as BP in bidding for the Devon assets. The report added that a deal could be announced in the next several days. Reuters reported that BP and Devon declined to comment. BP has said it is looking for oil exploration opportunities in Brazil, where some of the biggest finds in decades have been made in recent years. Tony Hayward, BPs Chief Executive said, We continue to look to see whether we can find an opportunity to access.

Devon Energy Corporation announced the elections of two corporate officers. Jeff Agosta, 42, has been appointed to the position of executive vice president and chief financial officer. Agosta joined Devon in 1997 and has served in various capacities with increasing responsibility. Most recently, he served as Devons senior vice president corporate finance and treasurer. Prior to joining Devon, Agosta was with the management consulting firm of D. R. Payne & Associates and KPMG LLC. Jeff Ritenour, 36, has been promoted to the position of senior vice president corporate finance. Ritenour is assuming the role vacated by Agostas promotion, and will therefore also act as Devons treasurer. Ritenour joined the company in 2001 and served Devon in various capacities including, most recently, vice president, acquisitions and divestitures. Prior to joining Devon, Ritenour was an auditor with the firm of Ernst & Young.

Devon Energy Corporation seeks to divest its stake in the Azeri-Chirag-Gunsheli oil fields. Vagif Aliyev, head of the foreign investment department at State Oil Company of Azerbaijan Republic (SOCAR) said: "Devon has already informed members of the consortium of its intention to sell its stake in Azeri-Chirag-Guneshli (ACG)." He added that existing partners in ACG would have right of first refusal. Devon Energy hold 5.6% stake in ACG.