- Devon Energy Corporation has agreed to sell its oil and gas business located in Gabon offshore to Oranje-Nassau Energie B.V., a subsidiary of Oranje-Nassau Groeup B.V.
The assets will be sold at US $205.5 million, with Devon expecting to incur no taxes on the transaction.
Devon's divestiture assets in Gabon include an interest in the Kowe block, currently producing approximately 3,750 barrels of oil per day. Its interests are also found in the Agali exploration block and got an option to earn an interest in the Gryphon Marin exploration block.
An approval by the Gabonese government will seal the deal before the end of the 2007.
"The properties in Gabon are a part of the West African divestiture package we announced early this year," John Richels, Devon's President, said in a statement.
"We received bids for various combinations of the assets, and are very pleased to have reached an agreement on Gabon with Oranje-Nassau. 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."
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. It is one of the world's leading independent oil and gas producers.
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