Devon Energy Corp. (DVN) and Anadarko Petroleum Corp. (APC) announced a new pre-salt oil discovery on Block BM-C-32 in the Campos Basin, offshore Brazil. The well drilled at the Itaipu discovery reached a total depth of 16,300 feet in 4,400 feet of water. It encountered approximately 240 feet of oil, with at least 90 feet of net oil pay, which is a vertical measurement of the portion of the reservoir the companies believe can be produced from.
 
The Itaipu discovery is about 78 miles southeast of Vitoria City. It is located 16 miles north of the Wahoo discovery on Block BM-C-30 and 6 miles southeast of the pre-salt Jubarte Field. The BM-C-30 block is operated by Anadarko but includes investment by Devon.
 
Devon acts as the operator of the Itaipu well with a 40% working interest. Other partners include Anadarko with a 33.3% working interest and SK Energy Co. Ltd. with 26.7% working interest.
 
Block BM-C-32 is one of seven offshore exploratory blocks in Brazil held by Devon, six of which are in the pre-salt trend.  Devon has identified 20 prospects (including Wahoo and Itaipu) on its leases with net unrisked resource potential of 2 billion to 4 billion barrels of oil. The drillship Deepwater Discovery, currently under long-term contract to Devon, will be used for the 2010 exploration program which includes four planned wells on prospect BM-C-34 as well as delineation of the Itaipu discovery.
 
Devon, based in Oklahoma City, Oklahoma, is a major independent oil and gas exploration and production (E&P) company. Its oil and gas assets are principally located in the United States, Canada, Azerbaijan, China, Russia and Brazil. Devon’s deep and diversified portfolio, primarily comprising unconventional resources, reflects significant long-term growth potential.
 
Anadarko, based in the Woodlands, Texas, is one of the largest independent oil and natural gas E&P companies of the world. Anadarko’s major assets are located in the United States, containing 90% of the total proved reserves of the company. It also has E&P facilities in Algeria, Brazil, China, Indonesia, Mozambique and Ghana. Anadarko has a proven track record of identifying and executing high-impact projects. With a global business development approach, the company leverages its core skills and infrastructure to discover and develop value accretive world-class resources and build an optimized global portfolio while managing both surface and subsurface risks actively.
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