For the first time the company will be the operator in a partnership with Brazil's federal energy company Petrobras (NYSE: PBR).
Devon won the operatorship with a 50% interest in the deepwater Campos C-M 471 and C-M-473 blocks. The company also won the C-M-535 block with a 35% interest with Petrobras holding the other 65%, Brazil's hydrocarbons regulator ANP announced.
Another three deepwater blocks were awarded by the ANP in the SC-AP4 sector of the Campos basin during the morning session of the seventh licensing round. Petrobras won the C-M-401 and the C-M-403 blocks alone while Spanish oil company Repsol YPF (NYSE: REP) will be operator with a 50% interest in the C-M-539 block with Norwegian state oil company Statoil owning the other 50%.
Devon Energy is currently developing the Polvo field in the M-C-8 block of the Campos basin, which is expected to start producing oil in 2007. The company is already in talks to lease a floating, production, storage and offloading (FPSO) vessel for the field, a company official who declined to be named told BNamericas.
The company also plans to start exploration activities soon in two other blocks in the Campos basin and the BM-BAR-3 offshore block in the Barreirinhas basin in Brazil's northeastern region, the official said.
According to ANP information, Devon is the operator of the C-M-61 offshore block in the Campos basin with a 60% interest and US oil company Kerr McGee has the other 40%. It also has a 25% minority interest in the C-M-101 block in which Kerr McGee is operator with 30%. Canadian oil company EnCana has 25% and Korean oil company SK Corp 20%.
The M-C-8 block is operated by Devon with a 60% interest and SK Corp with 40%.
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