Prize Petroleum Eyes Devon's Egypt Oil Blocks



NEW DELHI, Jan 17, 2007 (Dow Jones Commodities News via Comtex)

Indian exploration firm Prize Petroleum Co., a unit of Hindustan Petroleum Corp. (500104.BY), is planning to bid for U.S.-based Devon Energy Corp.'s (DVN) four oil blocks in Egypt, the DNA newspaper reported Wednesday.

"We have been approached by the managers of the sale," the paper quoted Prize Petroleum's chief economic officer, M.N. Prasad, as saying.

However, Prasad didn't provide any details.

The four blocks have a total production of 7,000-7,500 barrels a day, of which Devon's share is about 4,800 barrels, the paper said. The remaining share is held by Egyptian General Petroleum Corporation.

Devon had Nov. 14 announced it intends to divest its oil and gas assets and terminate its operations in Egypt mainly because it wanted to focus elsewhere, said the paper.

Copyright (c) 2007 Dow Jones & Company, Inc.

RELATED COMPANIES