Devon's Paktoa a giant Beaufort oil find

Devon Canada discovered 240 million bbl of recoverable oil at the Paktoa C-60 wildcat while exploring for gas in the Canadian Beaufort Sea in 2006, the company said.

By OGJ editors
HOUSTON, Oct. 26 -- Devon Canada Corp. discovered 240 million bbl of recoverable oil at the Paktoa C-60 wildcat while exploring for natural gas in the Canadian Beaufort Sea in 2006, the company has revealed.

The well, the Canadian Beaufort's first wildcat in 20 years, won the company a 37,000-acre Significant Discovery License designation from the National Energy Board.

Paktoa C-60 is in EL 411 in 40 ft of water west of Beluga Bay (see map, OGJ, Nov. 3, 2003, p. 42). Devon's interest is 100%.

Devon, with more than 1.3 million net acres, is the largest exploratory leaseholder in the Beaufort Sea-Mackenzie Delta. Affiliates of ExxonMobil Corp. made a work bid earlier this year of $585 million for 507,000-acre EL 446 just north of Paktoa, and Chevron Canada Ltd. bid $1 million in work commitments for 267,000-acre EL 448 just west of Paktoa (OGJ Online, July 19, 2007).

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