The company will commence construction of the Jackfish 3 project next month with startup targeted for late 2014.
Like Jackfish 1 & 2 projects, Jackfish 3 represents an estimated 300 million barrels of gross recoverable oil.
Jackfish 3 is expected to produce an average of 35,000 barrels of oil per day before royalties, Devon said.
Devon is a US-based independent energy firm engaged in oil and gas exploration and production.
