BP is considering purchasing oil assets in South Texas from US group Devon Energy, a rare move for the UK oil major to acquire rather than divest operations. The acquisition is part of BP's plan to grow its shale assets in the US, targeting oil-producing assets valued between $2 billion and $5 billion. BP has been restructuring in recent years, shedding non-core assets and refocusing on its core fossil fuel business after years of underperforming rivals.

Devon Energy has been exploring a sale of its Eagle Ford and Powder River shale assets as part of its own portfolio streamlining, with Eagle Ford being the project BP is eyeing.