Devon finds oil in Campos Basin offshore Brazil

Nov 07, 2008 01:00 AM

US company Devon Energy has found oil at the C-M-101 exploratory block in the Campos Basin offshore Rio de Janeiro, according to Brazil's federal oil regulator ANP.
Devon and its partners, Canada's EnCana, US company Anadarko and South Korean SK Corp, reported the discovery to the Brazilian authorities on October 31, according to the ANP website.

Devon (30 %, operator) bid real 50 mm ($ 22.8 mm) with partners EnCana (25 %), Kerr-McGee (25 %) and SK Corp (20 %) to win the exploration concession during a 2004 Brazilian licensing round. Anadarko acquired Kerr-McGee in 2006.
Devon and its partners tapped into oil when drilling in water depths of 1,418 meters, according to ANP data.

Discoveries posted on the ANP do not necessarily signify that the oil companies have found a commercially viable prospect, but simply that drilling at the block resulted in indications of hydrocarbons.

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