Devon’s principal asset in Equatorial Guinea is its 23.75% participating interest in the Zafiro offshore oil field, located on Block B. Estimated proved reserves attributable to Zafiro were 55 million barrels of oil at year-end 2007. Devon’s share of production from Zafiro is currently about 20,000 barrels per day.
Other assets included in the transaction are Devon’s interests in offshore Blocks C and P. The two blocks are undeveloped. Completion of the transaction is subject to customary closing conditions and approvals. Devon expects closing to occur on or before May 30, 2008.
John Richels, president of Devon Energy, said: This transaction represents the largest piece of our African divestiture program. With aggregate pre-tax proceeds of the announced transactions surpassing $3 billion, the divestiture results have exceeded our expectations.
