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BP to Pay $10.5 Billion for Shale Assets


London-based BP announced that it was acquiring a portfolio of unconventional oil and gas assets from BHP for $10.5 billion. The onshore assets mark the first major acquisition by BP since the disastrous Deepwater Horizon Spill in 2010. The portfolio includes assets in the highly prized Permian-Delaware basin in West Texas along with two positions in the Eagle Ford and Haynesville basins in Texas and Louisiana. BP’s interests in the three fields currently produce 190,000 barrels of oil equivalent per day.
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