BP has signed a new deal with Devon to take on $7 billion worth of assets in the Gulf of Mexico, Brazil and Azerbaijan that will strengthen its position as a major player in the global ultra-deepwater industry.

The British company signed the deal in pursuance of a growth strategy based on unrivalled technical proficiency that will allow the company to turn strong profits from assets which are difficult to bring into production.

The company invests strong heavily in training and development for offshore workers, providing extensive helicopter underwater egress training for all platform visitors and dedicated skills development programmes for platform engineers.

Commenting on the new deal, BP group chief executive Tony Hayward declared: "This strategic opportunity fits well with BP's operating strengths and key interests around the world, offering us significant additional long-term growth potential with an emphasis on high-margin oil."

The group will also take on a stake in Devon Canadian oil sands projects as part of the deal.

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