Devon Energy Brazil Unit Reports Offshore Gas Find

RIO DE JANEIRO (Dow Jones Newswires), Mar. 11, 2009

The Brazilian unit of independent oil major Devon Energy notified regulators that it had found traces of gas in an offshore block of the Barreirinhas Basin.

The find was made in the offshore BM-BAR-3 block, Brazil's National Petroleum Agency, or ANP, said on its Web site. The discovery was reported to the ANP Sunday but posted on the Web site late Tuesday.

Devon's Devon Energy do Brasil Ltd. is lead operator of the block with a 45% stake. Brazilian state-run energy giant Petrobras owns a 25% share of the block, while SK do Brasil holds the remaining 30%.

The find was made at a water depth of 2,336 meters, the ANP said. Drilling data showed that the Deepwater Discovery drillship was drilling at the site in February, with a target depth of 4,825 meters.

Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 72 hours. The disclosures are routine and don't indicate commercial viability.  

Copyright (c) 2009 Dow Jones & Company, Inc.

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