Devon Ups Share of Cascade Unit, First Production Expected in 2009

Devon Energy Corporation on Tuesday said that it has increased its ownership in a discovery in the deepwater Gulf of Mexico. On August 9, 2006, Devon and its partner, Petrobras America Inc., completed the purchase of BHP Billiton's working interest in the Cascade Unit. Devon increased its working interest from 25 percent to 50 percent in the unit.

The Federal Minerals Management Service approved the Cascade Unit Agreement and a Suspension of Production (SOP) for the unit on July 31, 2006. The 23,000-acre Cascade Unit covers Walker Ridge blocks 205, 206, 249 and 250. The SOP protects the unit from lease expiration and authorizes commercial development of Cascade.

Cascade was the first of three discoveries to date by Devon in the Gulf's emerging lower Tertiary trend. The 2002 Cascade discovery encountered more than 450 net feet of pay and was followed by two delineation wells in 2005. The two wells drilled in 2005 encountered 200 net feet and 500 net feet of pay, respectively.

Future plans for Cascade include drilling a fourth well as part of a phased-development plan. Devon anticipates utilizing a floating production, storage and offloading unit (FPSO). First production from two wells is anticipated in late 2009.

"Our extensive knowledge of the lower Tertiary play, growing confidence in the performance of the reservoir and our partnership with one of the leading producers in deepwater developments encouraged us to increase our share of Cascade and move the project ahead quickly," said Stephen J. Hadden, senior vice president, exploration and production. "We plan to fast-track development and see first production into an FPSO before the end of the decade."

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration, production and property acquisitions. Devon is one of the larger U.S.-based independent oil and gas producers and is included in the S&P 500 Index.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $52.67/BBL 1.91%
Light Crude Oil : $51.6/BBL 2.60%
Natural Gas : $3.17/MMBtu 2.76%
Updated in last 24 hours