Devon Energy Joins Forces with Anadarko
Devon Energy Corporation (Amex: DVN; Toronto: NSX) has secured a partner in three of its offshore exploration blocks in West Africa. Devon, through its various subsidiaries, has signed farmout agreements with Anadarko Petroleum Corporation (NYSE: APC). Anadarko will participate with a 50 percent interest in the Keta Block in Ghana and the Agali Block in Gabon as well as a 37.5 percent interest in the Marine IX Block in The Republic of Congo.
"These agreements allow us to diversify our risk and accelerate the drilling of these high-potential prospects. Further, Anadarko's geologic and exploration expertise should complement ours," said Duane Radtke, President of Devon International.
In the Keta Block, a deepwater seismic survey was recently completed and a shelf-edge exploration well will be drilled later this year. Another deepwater 3D seismic survey is planned for the Agali Block early next year to evaluate prospective areas identified on a recent 2D survey. A deep water exploration well is planned for the Marine IX Block in 2001.
Devon Energy will retain operatorship in Ghana. Anadarko will operate in the Congo and in Gabon. The transactions are subject to customary government approvals.
Devon Energy Corporation is an independent energy company engaged in oil and gas property acquisition, exploration and production. Devon ranks among the top five U.S.-based independent oil and gas producers and is included in the S&P 500 Index. Approximately 76 percent of the company's proved reserves are located in North America. Also, Devon has significant international operations in Azerbaijan, Southeast Asia, South America and West Africa. Shares of Devon Energy Corporation trade on the American Stock Exchange under the symbol DVN. Devon's exchangeable shares (resulting from Northstar, Devon's wholly-owned Canadian operating unit) trade on the Toronto Stock Exchange under the symbol NSX.