Devon okays third Jackfish development phase

By OGJ editors
HOUSTON, Sept. 17
-- Devon Energy Corp.’s directors have approved the third phase of development of the company’s Jackfish oil sands property in Alberta via steam-assisted gravity drainage.

Each phase involves 35,000 b/d of production and recovery of 300 million bbl. The Jackfish projects are south of Fort McMurray in the Athabasca region.

The first phase is on production, and the second phase is under development, about 85% complete. Start-up of the second phase is scheduled for late next year.

Devon expects to invest $1.2 billion in the third phase through start-up, targeted for 2015. If it receives regulatory approval, construction will start in late 2011.

The company holds 100% working interests in each of the Jackfish projects.

On adjacent Kirby-Pike oil sands leases, Devon said it will conduct additional delineation drilling and 3D seismic surveys in the fourth quarter, aiming for phased SAGD development similar to that under way at Jackfish.

Devon operates the Kirby-Pike leases in a 50-50 joint venture with BP PLC, from which it acquired a 50% interest earlier this year. Devon paid $500 million for the interest and agreed to fund $150 million of BP’s capital costs (OGJ Online, Mar. 11, 2010).

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