By OGJ editors
HOUSTON, Nov. 15 -- Oranje-Nassau Groep BV subsidiary Oranje-Nassau Energie BV has agreed to acquire all of Devon Energy Corp.'s oil and gas interests off Gabon for $205.5 million.
The acquisition, subject to approvals, is expected to close by yearend. Devon said it does not expect to incur any taxes on this transaction.
The assets being acquired includes an 18.8% interest in the Kowe block, which contains the Tchatamba oil field complex with three producing fields operated by Marathon Oil Corp. These fields are expected to add 3,750 b/d of oil to Oranje-Nassau's net production of about 14,500 boe/d at yearend.
The other assets are a 50% interest in the Agali exploration block operated by Anadarko Petroleum Corp. and an option to earn a 53% interest in a portion of the Gryphon Marin exploration block, operated by Forest Oil Corp.
The Gabon properties are a part of Devon Energy's West African divestiture package announced early this year.
Devon Pres. John Richels said, "Negotiations are also under way with potential buyers of the other properties in the West African divestiture package. We now expect to complete the balance of the transactions during the first half of 2008."
Oranje-Nassau said it will continue to actively pursue other opportunities to grow its asset base both in Western Europe, as well as in Africa and the Far East. The company currently produces oil and gas from blocks off the Netherlands and the UK.