E&P A&D - Africa

Equatorial Guinea national oil company GEPetrol plans to acquire the Equatorial Guinea assets of Devon Energy Corp., Oklahoma City, (NYSE: DVN) for $2.2 billion ($1.7 billion after taxes).

Devon's principal asset in the country is its 23.75% participating interest in the Zafiro offshore oil field on Block B. Other assets include interests in the undeveloped offshore blocks C and P. Net production is 20,000 barrels of oil per day. Proved reserves as of year-end 2007 were approximately 55 million barrels.

Devon president John Richels says, "This transaction represents the largest piece of our African divestiture program. With aggregate pre-tax proceeds of the ...