Devon Hits Offshore Brazil

A consortium headed by Devon Energy has found oil in a shallow water area of Campos Basin offshore Brazil. This is the first consortium to have made a discovery at an E&P area auctioned off by the government, according to the ANP. The consortium also includes Odebrecht and SK Corp. Heavy oil was found at a water depth of approximately 300 feet in the BMC-8 block of the Campos Basin.

Devon has not yet determined if the find is commercially viable since they have only drilled one well. The consortium won the concession to the BMC-8 area during the ANP's second E&P licensing round, held in June of 2000.