Devon to add 410-420 million boe to reserves

By OGJ editors
HOUSTON, Dec. 15 -- Devon Energy Corp., Oklahoma City, expects additions to proved reserves this year of 410-420 million boe and total production from properties retained after divestitures of 216 million boe.

The company said hurricanes in August and September trimmed the 2005 production total by 5 million boe. It estimates 2005 "drillbit capital"—expenditures for exploration and development, plugging and abandonment, capitalized interest, and general and administrative costs—at $3.9-4 billion. The spending total includes about $200 million for acquisition of Iron River acreage in the Lloydminister area about 120 miles northeast of Edmonston, Alta. (OGJ, Aug. 1, 2005, Newsletter).

The 2005 reserves additions include 100 million bbl in Devon's Jackfish steam-assisted, gravity drainage project in the Canadian oil sands.

For 2006, Devon forecasts reserves additions of 410-440 million boe, production of 215-219 million boe, and drillbit capital of $4.5-4.7 billion. It expects production suspended by hurricane damage next year to total 3 million boe.

It forecasts total production in 2007 of 232-236 million boe.

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