Petrobras gains 100% interest in Cascade field

Petrobras has acquired Devon Energy’s 50% participation interest in the Cascade field in the Gulf of Mexico.

Offshore staff

RIO DE JANEIRO --- Petrobras has acquired Devon Energy’s 50% participation interest in the Cascade field in the Gulf of Mexico. Following settlement of the acquisition, which is expected within 60 days, Petrobras will hold 100% participation in the field.

Petrobras is developing the Cascade field in conjunction with the Chinook field using the FPSO BW Pioneer, the first FPSO platform to operate in the US Gulf of Mexico. It is expected to begin operations in mid-2010.

01/27/2010

Other Cascade field stories:

Vertec Engineering completes Cascade and Chinook VSD module

Lower Tertiary play: Is it Gulf of Mexico’s final frontier?

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