Drilling firms race to discover oil in deep water

Oklahoma City-based Devon Energy Corp. and its partners this month unveiled the newest armament in the race to tap what many energy industry observers say is the greatest oil field find in at least three decades.

Devon has said its share of the four proven fields so far could yield 900 million barrels of oil equivalent. The company has proven reserves of about 2.4 billion barrels worldwide. The lower tertiary oil has not yet met the stringent requirements for being considered “proven.” Devon has identified 13 additional possible fields in the lower tertiary.

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