Devon Energy Corporation has agreed to sell its oil and gas business in the African nation of Cote d'Ivoire to Afren plc for $205 million.
The divestiture assets in Cote d'Ivoire include Devon's interests in offshore producing Block CI-11, offshore undeveloped Block CI-01 and the onshore Lion gas processing plant. Devon's current net production from Cote d'Ivoire is approximately 3,000 oil-equivalent barrels per day.
Completion of the transaction is subject to approval by the government of Cote d'Ivoire. Closing is anticipated in the second quarter of 2008.
"This agreement with Afren brings us a step closer to completing our planned divestitures in Africa," said John Richels, Devon's President. "We have now announced transactions totaling more than $785 million. Negotiations are under way for the remaining properties, and we remain optimistic that we can complete all the sales mid-year."
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