Oil company, BP, has acquired approval from Brazilian authorities to complete the acquisition of oilfields from Devon Energy, Financial Times reports. BP will buy 10 exploration and production blocks in Brazil for $3.2 billion, adds The Wall Street Journal.

The acquisition of the blocks will give BP a broad deepwater exploration acreage position in an oil-rich region off Brazil and two onshore licenses. The acquisition was announced in March 2010.

Click here for the story from Financial Times.

Click here for the additional coverage from The Wall Street Journal.