OKLAHOMA CITY, Dec. 18 (UPI) -- Oklahoma's Devon Energy Corp. announced a pre-salt oil discovery located more than 75 miles from the coast of Brazil, encountering a240-foot oil column.
Devon announced the find in the Campos Basin off the coast of Brazil in block BM-C-32. The exploratory well in the company's Itaipu prospect was drilled to a depth of 16,240 feet, striking a 240-foot oil column.
Devon holds a 40-percent stake in BM-C-32 along with Anadarko Petroleum Corp. of Texas, which holds a 33.3 percent interest, and South Korea's SK Energy Co. Ltd., which holds the remaining 26.7 percent.
David Hager, the executive vice president of exploration and production at Devon, said the find at BM-C-32 added "significant value" to its prospects in Brazil.
Devon said it has identified 20 prospects in the region, with a potential to realize at least 2 billion barrels of oil.
