Devon to drill wells in Brazil, betting on new discovery

Devon Energy Corp. (DVN) said Thursday it will drill three new exploration wells in Brazil starting in October and is betting on new oil discoveries in the South American country.
The main purpose for drilling the new wells is to gain further knowledge about the limits of Devon’s Polvo field in the BM-C-8 block of Brazil’s Campos Basin, said Murilo Marroquim, president of Devon’s Brazilian unit Devon Energy do Brasil Ltda.