Anadarko To Look At Devon Energy's Stake In Brazil Prospect
HOUSTON -(Dow Jones)- Independent oil and gas producer Anadarko Petroleum
Corp. (APC) said Wednesday it would be interested in buying Devon Energy Corp.'s
(DVN) operating stake in Brazil's offshore Itaipu prospect.
The prospect, in which Anadarko already has a 33% interest, is located on
Block BM-C-32 in the Campos Basin near Rio de Janeiro, 16 miles north of the
Wahoo discovery operated by Anadarko.
"We certainly would be interested in operatorship in that area because the two
blocks are adjacent," said Bob Daniels, Anadarko's senior vice president for
exploration, in a presentation to analysts on Wednesday. "We will look at that."
The executive was responding to a question on whether Anadarko is interested
in buying some of the assets Devon is selling in Brazil. Daniels said the
company will look at the value of the properties, but that the company has
already a "nice position" in the South American country and that it isn't
looking at expanding it, except for a possible interest in the Itaipu prospect.
This week, Oklahoma City-based Devon said it expects to bring in between $4.5
billion and $7.5 billion from the sale of its international and U.S. Gulf
assets, slash its debt by the end of next year and jump-start its development of
its onshore assets. The sale of the assets is expected to be completed by the
end of next year.
-By Isabel Ordonez; at Dow Jones Newswires; 713.547.9207; isabel.ordonez@
dowjones.com
(Jason Womack contributed to this article)
(END) Dow Jones Newswires
11-18-091521ET
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