OKLAHOMA CITY, July 30 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) announced today the commencement of production from
its Polvo oil field in Brazil. Polvo was discovered in 2004. It is located
on block BM-C-8 in the Campos Basin offshore Rio de Janeiro in
approximately 300 feet of water. Gross production is expected to peak by
the end of 2008 at approximately 50,000 barrels of oil per day.
Production facilities include a fixed production and drilling platform
connected to a floating production, storage and offloading vessel (FPSO).
First sales are expected to begin in October when the initial shipment of
oil will be offloaded from the FPSO and transported to market.
"Development of the Polvo discovery was a significant engineering
project carried out efficiently within a rapid three-year
discovery-to-production cycle time," said Stephen J. Hadden, senior vice
president of exploration and production. "The project is expected to
contribute about 26,000 barrels per day in 2008 to Devon's continuing
production growth forecast. With Polvo and nine additional offshore leases,
we have a solid future in Brazil with potential for additional
discoveries."
Polvo has estimated resource potential in excess of 50 million barrels.
Devon is the operator of the BM-C-8 development with a 60 percent interest.
SK Corporation of Korea holds the remaining 40 percent interest.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is one of
the world's leading independent oil and gas producers and is included in
the S&P 500 Index. For additional information, visit
http://www.devonenergy.com.
This press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning forecasts, estimates, expectations and objectives for future
operations. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the company.
Statements regarding future production, reserve additions and capital
expenditures are subject to all of the risks and uncertainties normally
incident to the exploration for and development and production of oil and
gas. These risks include, but are not limited to, inflation or lack of
availability of goods and services, environmental risks, drilling risks and
regulatory changes. Investors are cautioned that any such statements are
not guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements.
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html/
CONTACT:
Investors, Zack Hager, +1-405-552-4526, or
Media, Brian Engel, +1-405-228-7750, both of Devon Energy
Corporation
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