It has been a year in waiting, but oil titan BP has finally received approval by regulators to complete the purchase of ten Brazilian exploration and production blocks from Devon Energy.The Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) has been deliberating the $7.2bn deal since last March, following delays due to the Macondo oil spill in the Gulf of Mexico."After leading the process of containing the Gulf of Mexico spill...BP has shown itself today to be one of the most prepared companies in terms of operational security in deep waters," the ANP said.The blocks acquired include eight licences in the Campos and Camamu-Almada basin, and two onshore licences in the Parnaiba basin, which BP says will give it a "diverse and broad deepwater exploration acreage position" offshore Brazil."We are pleased to receive the approvals. The completion of this acquisition delivers a material position in some of Brazil's most important hydrocarbon basins and reinforces the group's strategy of securing strong exploration positions in such basins and working with strong national champions," said BP chief executive Bob Dudley.As part of the deal, BP will obtain ownership of Devon Energy do Brazil Ltda - the Devon subsidiary which owns the interests in the blocks - and expects most of Devon's employees situated in Brazil to join the firm.---BC