Acquisitions & Divestitures

Danish E&P Maersk Oil has been bumped from its plans to acquire interests in three Lower Tertiary development projects in the Gulf of Mexico from Devon Energy Corp., Oklahoma City, (NYSE: DVN) for $1.3 billion in cash, as working interest partners in two of the three projects have exercised preferential rights.

The assets were to include Devon's 50% working interest in the Cascade project and its 25% working interests in the Jack and St. Malo projects in deepwater Walker Ridge offshore Louisiana. Maersk reports that partners in the Cascade and ...