In a deal which will cost A. P. Moller-Maersk AS a whopping $1.3 Billion, the firm has agreed to purchase Devon Energy Corp's stake in the deep-water oil fields of in the Gulf of Mexico, the development is a step ahead in Devon's plans to re-establish itself as a "pure-play North American onshore oil company".

Under the terms of the deal, Maersk, which is based in Copenhagen, will be awarded a 50% participating interest in the Cascade field and a 25% interest in each of the Devon owned Jack and St. Malo fields.

Oklahoma based Devon has shared that it is expecting to bag post-tax proceeding of a whopping $1.1 Billion from the deal. The money will be used by the firm to reduce its debts.

As confirmed by Devon's President John Richels, the company currently has no "production or proved reserves associated with the sites", and is expecting to "raise combined proceeds of $4.5 billion to $7.5 billion from the sale of its assets in the Gulf, Brazil, China and Azerbaijan".

The deal is expected to reach a closure on February 1.