Updated on Thu, 11th Mar, 2010 | 08:03pm
Oil giant BP has announced a deal that will allow it to begin exploring off the coast of Brazil.
It will pay US firm Devon Energy $7bn (£4.7bn) in cash for its Brazilian assets, as well as US deepwater sites in the Gulf of Mexico.
The deal includes 10 exploration "blocks" in Brazil, which has some of the world's largest deep water oil fields.
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