Petrobras acquires Devon's stake in Cascade

Petroleo Brasileiro SA (Petrobras) exercised its preferential rights to acquire Devon Energy Corp.'s 50% interest in Gulf of Mexico's Cascade field.

By OGJ editors
HOUSTON, Jan. 28
-- Petroleo Brasileiro SA (Petrobras) exercised its preferential rights to acquire Devon Energy Corp.'s 50% interest in Gulf of Mexico's Cascade field.

After finalizing the transaction in about 60 days, Petrobras will hold 100% interest in Cascade.

Petrobras is developing Cascade together with Chinook field. The development includes the use of the first floating production, storage, and offloading vessel in the US portion of the Gulf of Mexico.

Petrobras expects the FPSO to be in operation in mid-2010.

Petrobras has a 66.7% interest in Chinook with the remaining 33.3% held by Total SA.

Maersk Oil had planned to acquire Devon's interest in Cascade prior to Petrobras exercising its preferential rights (OGJ Online, Jan. 26, 2010).

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