Devon to Divest Assets & Terminate Operations in West Africa
Source: www.gulfoilandgas.com 1/23/2007, Location: Africa
Devon Energy Corporation plans to divest all of its assets in West Africa. The assets include estimated proved reserves of approximately 90 million oil-equivalent barrels (Boe) at December 31, 2006. This represents approximately four percent of Devon's proved reserves. The properties are expected to produce approximately 11 million Boe in 2007.
The most significant producing property to be divested is Devon's interest in the Exxon-operated Zafiro field in Equatorial Guinea. Other producing properties are located in Gabon and Cote d'Ivoire. In total, Devon owns interests in 16 blocks in various stages of production, exploration and appraisal.