OKLAHOMA CITY - Independent energy company Devon Energy Corp. (NYSE: DVN) has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion. The Oklahoma City-based company estimates current production from the ACG field at 17 thousand barrels of oil per day. 

"With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion," said John Richels, Devon's president and CEO.

The sale is one of the last parts of Devon’s strategic repositioning that began in November 2009 to allow the company to focus on its North American onshore assets. 

In June, the company completed the sale of its Panyu field located offshore China to China National Offshore Oil Corporation (CNOOC) for $515 million. This followed the April agreement to sell all of its Gulf of Mexico shelf assets to Apache Corp. for $1.05 billion to Apache Corp.

"The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil."