Offshore staff

(Brazil)-Brazil's seventh licensing and exploration round saw Devon Energy expanding its portfolio in Brazil after winning three more offshore blocks in the Campos basin. The auction, which kicked off on October 17, had a record number of companies vying for many newer and older blocks, and the prolific Campos basin continues to be a popular target.

For Devon, this marks the first time it will be the operator in a partnership with federal energy company Petrobras. Devon won a 50% interest in the deepwater Campos C-M 471 and C-M 473 blocks, as well as a 35% interest in the C-M 535 block. Petrobras holds the remaining interest in each of these blocks.

Devon adds this to its current portfolio of projects in the Campos basin. It is currently developing the Polvo field in the M-C-8 block, which it is planning to start up for oil production in 2007. The planned production will be from an FPSO.

The company also plans to start exploration soon in two other blocks in the Campos basin, as well as the BM-BAR-3 offshore block in the Barreirinhas basin in Brazil's northeastern region.

10/18/2005