17 Dec 2009 - by PreSalt.com - Source: Devon Energy & Anadarko
Devon Energy Press-Release:
Devon Energy Corporation (NYSE: DVN) today announced a pre-salt oil discovery on block BM-C-32 in the Campos Basin, offshore Brazil. This initial exploratory well on the Itaipu prospect was drilled to a total depth of 16,240 feet and encountered approximately 240 feet of oil column, at least 90 feet of net oil pay and no oil/water contact. Devon operates the well with a 40-percent working interest.
The Itaipu discovery is located 78 miles southeast of Vitoria City, Espirito Santo State, in 4,400 feet of water. It is approximately six miles southeast of the giant pre-salt basin (subsalt) Jubarte Field and 16 miles north of the 2008 Wahoo discovery on block BM-C-30. Devon has a 25-percent working interest in both the Wahoo discovery well and a successful appraisal well drilled at Wahoo earlier this year.
"With the addition of the Itaipu discovery to our previous success at Wahoo, we have created significant value in Brazil, while just beginning to explore our Campos Basin prospects," said David A. Hager, executive vice president of exploration and production. "As we move forward with plans to divest our international properties, we will continue to focus on maximizing the return on these assets to our shareholders."
Devon's partners in block BM-C-32 include Anadarko Petroleum Corporation with a 33.3-percent working interest. SK Energy Co., Ltd. holds the remaining 26.7-percent working interest.
Block BM-C-32 is one of seven offshore exploratory blocks in Brazil held by Devon, six of which are in the pre-salt trend. Devon has identified 20 prospects (including Wahoo and Itaipu) on its leases with net unrisked resource potential of 2 billion to 4 billion barrels of oil. The Deepwater Discovery drillship, currently under long-term contract to Devon, will be used for the 2010 exploration program which includes four planned wells on concession BM-C-34 as well as delineation of the Itaipu discovery.
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.
Anadarko Press-Release:
Anadarko Petroleum Corporation (NYSE:APC) today announced its second pre-salt discovery in Brazil at the Itaipu prospect in block BM-C-32 in the Campos Basin. The 1-DEV-15-ESS (Itaipu) well encountered more than 90 net feet of oil in a high-quality pre-salt carbonate reservoir of similar characteristics and quality to the neighboring giant Jubarte complex. The Itaipu well was drilled to a total depth of approximately 16,300 feet in 4,400 feet of water."The positive results of this well and the success of our other pre-salt activities in Brazil's Campos Basin give us a number of reasons to be excited about the area's substantial resource opportunities," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "The success at Itaipu, coupled with our discovery at Wahoo on the adjacent BM-C-30 block and its successful appraisal at Wahoo #2 five miles to the north, continues to enhance the differentiating value of our portfolio in this expanding world-class petroleum complex."
The Itaipu well is located approximately 16 miles north of Anadarko's original Wahoo discovery and six miles southeast of Petrobras' pre-salt Jubarte complex, which is currently flowing light oil on a long-term test through the Jubarte FPSO. Partners in Itaipu are currently planning a sidetrack to this well and anticipate further appraisal drilling in 2010.
Anadarko, through a wholly owned subsidiary, holds a 33.3-percent working interest in BM-C-32. Devon Energy Corp. operates the block with a 40-percent working interest and SK Energy Co., Ltd. holds the remaining 26.7-percent working interest.
Anadarko and partners are preparing to sidetrack Wahoo #2 to gather additional data from the well. Once sidetrack drilling is complete, the partnership plans to move the rig to the Wahoo discovery well to conduct a drillstem test and then return to Wahoo #2 for another drillstem test. This activity is in addition to the company's plans to drill up to two exploration/appraisal wells on block BM-C-30 in 2010.
A map of the Itaipu discovery in block BM-C-32 and Anadarko's successful pre-salt drilling activity on the adjacent BM-C-30 block will be available under the "Media Center/Anadarko News" tab at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.anadarko.com&esheet=6123115&lan=en_US&anchor=www.anadarko.com&index=1&md5=73521cda79084632a7b45a6fdc6b4a42.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2008, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.In this article:
Devon Energy (NYSE:DVN)
Anadarko Petroleum Corporation (NYSE:APC, ETR:AAZ, FRA:AAZ)
SK Energy (SEO:096770, SEO:096775)
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