By OGJ editors
HOUSTON, Aug. 18 -- Devon Energy Corp. plans to drill a fourth well as part of a phased-development plan for the 23,000-acre Cascade Unit in the ultradeepwater Gulf of Mexico and intends to use a floating production, storage, and offloading unit to facilitate the start of oil production expected from two wells in late 2009.
The company said it also is considering laying an export pipeline from the field to transport associated gas.
These plans come after Devon and its partner, Petrobras America Inc., completed the purchase of BHP Billiton Ltd.'s working interest in the Cascade Unit, which covers Walker Ridge Blocks 205, 206, 249, and 250. This transaction has increased Devon's interest in the Unit to 50% from 25%.
The US Minerals Management Service approved the Cascade Unit Agreement and a Suspension of Production for the unit July 31, 2006.
Cascade is the first of three discoveries to date by Devon in the gulf's emerging lower Tertiary trend. The 2002 Cascade discovery, drilled in 8,200 ft of water to 27,929 ft TD, encountered more than 450 net ft of oil pay (OGJ, June 17, 2002, Newsletter). In 2005 two delineation wells encountered 200 net ft and 500 net ft of oil pay, respectively.
