The only misgiving I've ever had about Devon Energy
But wait: With everyone from Statoil
The answer is because it has its hands full with Jackfish, an oil sands project that uses in-situ extraction. This process involves heating and pumping hard bitumen straight out of the ground, rather than by open-pit excavation. The roughly 100,000-acre land package Devon is looking to divest constitutes less than one-tenth of the firm's oil sands position.
I'm glad to see Devon honing its focus this way. I'm equally curious about who will be looking to pick up the acreage. Everyone seems busy prognosticating the Fed's interest rate cut move tomorrow, so I'm putting on my swami cap and divining two contenders who are most likely to scoop up the McMullen land.
There's also Eni