Devon increases production from the Zafiro field off Equatorial Guinea

Devon Energy Corp. has increased production from the Southern Expansion Area of the Zafiro field in block B, offshore Equatorial Guinea, using the FPSO Serpentina.

Devon Energy Corp. has increased production from the Southern Expansion Area of the Zafiro field in block B, offshore Equatorial Guinea, using theFPSO Serpentina.

The Southern Expansion Area, which lies in water ranging from 1,400 to 2,800 ft deep, is producing from seven wells. Development plans call for 14 producing wells and five injection wells in the area. Production is expected to increase as the remaining producing wells are connected.

Serpentina was put into service on July 13, 50 days ahead of schedule and 19 months after the project was sanctioned. Serpentina is the third producing facility in the field and is capable of processing 110,000 b/d. The facility increases the total field capacity to 300,000 b/d. Serpentina has a storage capacity of 2.1 MMbbl of oil as well as water injection and gas lift compression capability.

"This expansion should increase Devon's oil production by at least 15,000 b/d driving our net production from Zafiro to over 50,000 b/d," said J. Michael Lacey, senior vice president, exploration and production.

The Zafiro field was discovered in 1995 and has produced over 270 MMbbl to date with estimated gross ultimate recoverable reserves of 1Bbbl of oil. Devon, through its subsidiary, Ocean Equatorial Guinea Corp., has a 23.75% interest in the Zafiro field. ExxonMobil's subsidiary, Mobil Equatorial Guinea, Inc., operates Zafiro with a 71.25%. The Government of Equatorial Guinea holds the remaining 5%.

07/30/03

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