Devon Energy to Divest Egyptian Assets
"Our decision to exit Egypt is primarily a matter of focus," said Stephen J. Hadden, senior vice president, exploration and production. "Devon's strategy continues to be to concentrate our resources in areas that can provide meaningful future growth in companywide production and value. Although we have established a solid production base and hold a sizable suite of exploration opportunities in Egypt, we believe we can redeploy our resources from Egypt to projects in and outside North America that better fit our focused growth strategy."
"We also perceive the market conditions for international properties with exploration and exploitation potential as very favorable today," added Hadden. "Our Egyptian business could provide a stand-alone entry point for a newcomer or complement the business of an operator already established in the region."
Devon obtained its assets in Egypt primarily through the acquisition of Ocean Energy in 2003. The assets to be offered include interests in eight concessions, four in the Western Desert and four in the Gulf of Suez. Four of the concessions are producing. The concessions comprise approximately 3.7 million gross (1.8 million net) acres.
The sale process will be managed for Devon by Scotia Waterous. Data rooms for interested buyers will be opened in Houston and London in December. Acceptance of bids and completion of a purchase and sale agreement are anticipated in the first quarter of 2007. Devon did not announce an expected sale price.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally