US based Devon Energy has received approval from the Brazilian government for the sale of its assets in Brazil to BP for $3.2bn.
The company announced plans in 2009 to sell its Gulf of Mexico and international assets to focus on its North American onshore properties.
Devon is realizing approximately $8bn of after-tax proceeds in total from this divestiture program.
Devon president and CEO John Richels said that the transaction with BP is expected to be closed later this week.
"Devon’s focus is now on its highly competitive North American onshore exploration and production business," Richels said.
Devon is an Oklahoma City-based energy firm engaged in oil and gas exploration and production.