Deutsche Bank has helped UK-based oil group BP earn over €500m ($430m) more than originally anticipated from the sale of the exploration and production assets of Veba Oil & Gas in an auction won by Canada's Petro-Canada.

Petro-Canada, advised by UK boutique energy investment bank Martin Lovegrove, has paid BP €2.4bn for Veba's upstream assets. BP and Deutsche are understood to have opened up BP's database on the assets last November to potential buyers, only three months after agreeing to buy Veba from E.ON, Germany's largest power company, in a two-stage transaction.