Oil and gas producer Devon Energy Corp. (DVN), Thursday revealed a pre-salt oil discovery on block BM-C-32 in the Campos Basin, offshore Brazil. The early exploratory well on the Itaipu prospect was drilled to a total depth of 16,240 feet and discovered about 240 feet of oil column, at least 90 feet of net oil pay and no oil/water contact. Devon operates the well with a 40% working interest.
Devon's partners in the block include Anadarko Petroleum Corp. with a 33.3% working interest, with SK Energy Co., Ltd. holding the remaining 26.7% working interest.
The Itaipu discovery is located 78 miles southeast of Vitoria City. It is about six miles southeast of the giant pre-salt Jubarte Field and 16 miles north of the 2008 Wahoo discovery on block BM-C-30. Devon has a 25% working interest in both the Wahoo discovery well and has a successful appraisal well drilled at Wahoo earlier this year.
Block BM-C-32 is one of seven offshore exploratory blocks in Brazil held by Devon. Devon has identified 20 prospects on its leases with net unrisked resource potential of 2 billion to 4 billion barrels of oil. The Deepwater Discovery drillship, currently under long-term contract to Devon, will be used for the 2010 exploration program which includes four planned wells on concession BM-C-34, as well as delineation of the Itaipu discovery.
David Hager, executive vice president of exploration and production. "With the addition of the Itaipu discovery to our previous success at Wahoo, we have created significant value in Brazil, while just beginning to explore our Campos Basin prospects. As we move forward with plans to divest our international properties, we will continue to focus on maximizing the return on these assets to our shareholders."
DVN is currently trading at $68.30, up $0.43 or 0.63%, on a volume of 3.22 million shares on the NYSE.
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