sábado, 14 de março de 2009

Devon, Petrobras Find Gas in Brazilian Offshore Wel

by Takato (e-mail)

Source: http://www.bloomber g.com/apps/ news?pid= 20601072&sid=a7ix5qWox0Ig

By Joao LimaMarch 11 (Bloomberg) --
Devon Energy Corp., Petroleo Brasileiro SA, and SK Energy Co. found evidence of gas in an offshore block in Brazil’s Barreirinhas Basin, the country’s petroleum regulator said.

The discovery was made by Transocean Ltd.’s “Deep Water Discovery” rig at well 1DEV14AMAS in the BM-BAR-3 block off Brazil’s northeast coast at a water depth of 2,336 meters (7,664 feet) and a final depth of about 4,825 meters, the National Petroleum Agency said on its Web site.

Oklahoma City-based Devon is the operator and owns 45 percent of the concession. Petrobras, Brazil’s state-controlled oil company, holds a 25 percent stake and SK Energy Co., South Korea’s largest oil refiner, holds 30 percent. The companies haven’t determined if the find can be developed commercially.

Devon rose as much as 6.4 percent to $42.97, and traded at $42.23 as of 10:20 a.m. in New York.
Devon, the biggest independent U.S. oil and gas producer, has about 90 percent of its proven reserves in North America and is seeking to find new assets elsewhere. In Brazil, it has producing assets in the Polvo undersea field, which is located in the Campos Basin near Rio de Janeiro and has about 50 million barrels of resource potential, according to Devon’s Web site.
The BM-BAR-3 block was bought at an auction in 2002 and Devon has agreed to drill at least four wells.

Devon on Feb. 4 said it will reduce spending on exploration and development by more than half after energy prices collapsed. The exploration and development budget will fall to between $3.5 billion and $4.1 billion in 2009, down from $8.5 billion in 2008, Chief Executive Officer Larry Nichols said that day. thermal units.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg. net

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