Devon Energy Announces Brazilian Oil Development Plans

Devon Energy plans to proceed with development of block BM-C-8, offshore Brazil. The company made an oil discovery on the block in 2004. Devon is the operator of BM-C-8 with a 60 percent working interest. SK Corporation of Korea holds the remaining 40 percent interest.

The development project will be named Polvo. It is located in the Campos Basin offshore Rio de Janeiro in approximately 300 feet of water. To date, the companies have drilled three exploratory wells and two appraisal wells on the block.

Production facilities for the initial development phase will be sized to handle up to 50,000 barrels of oil per day and will include a fixed production and drilling platform connected to a floating production, storage and offloading vessel (FPSO). Facilities construction is expected to begin in early 2006 with first production projected for the second half of 2007.

Estimated resource potential in excess of 50 million barrels of oil is attributable to two of the structures that have been drilled on the block. Devon believes future exploration activity on the block may significantly increase the resource potential of the project.

"Polvo will deliver meaningful production, reserves and value from our international exploration program. We are particularly pleased with the project's rapid three-year discovery-to-production cycle time," commented Stephen J. Hadden, senior vice president of exploration and production. "This success reinforces our confidence in the exploration potential of offshore Brazil. With Polvo and our existing offshore leases, we have a solid base for future exploration in Brazil and the potential for additional discoveries in the years ahead."

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