Devon Energy has sold its oil and gas business in Equatorial Guinea for $2.2 billion before taxes or $1.7 billion after taxes to the country's national oil company GEPetrol.
The divested properties in Equatorial Guinea include estimated proved reserves of 55 million barrels of oil. Devon’s share of production from the properties was about 20,000 barrels of oil per day.
John Richels, president of Devon Energy, said: Equatorial Guinea was the most significant asset in our $3 billion African divestiture program. We are very pleased with the results of the program and expect to complete the remaining approximately $250 million in transactions in the third quarter.