BP plc's Lower 48 onshore business on Friday snapped up all of Devon Energy Corp.'s natural-gas rich San Juan Basin assets, including 480 wells spread across 33,000 gross acres, in the "first major acquisition" by the business in seven years.

The deal by the Houston-based arm of BP for an undisclosed amount significantly expands the operator's portfolio in an area of the San Juan in New Mexico near the Colorado border. BP has had a presence in the basin since the 1920s.

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