Apache Corporation said it will acquire Devon Energy's oil and gas assets in the Gulf of Mexico Shelf for $1.05bn.
The properties are expected to produce 9,500 barrels of liquid hydrocarbons and 55 million cubic feet of gas per day after closing in June.
According to Devon, estimated proved reserves of the assets are 44 billion cubic feet of natural gas and 15 million barrels of liquids.
During 2009, the acquired assets in the Gulf of Mexico Shelf produced 62 million cubic feet of natural gas and 9,000 barrels of liquids per day.
With this new acquisition, the Gulf Shelf's share of Apache's estimated worldwide production will be slightly less than 20%.
Devon's asset sale in the Gulf Shelf is part of the process of shedding its overseas and offshore assets to focus exclusively on North American onshore oil and gas output.