Devon Ties Up Sumitomo Joint Venture

BMI View: Devon Energy has secured Sumitomo Corporation as a partner on its Cline and Midland-Wolfcamp acreage. The joint venture will help to spread costs and speed the development of Devon's 650,000 net acres of leasehold. BMI expects further consolidation in the Permian Basin and other emerging tight oil plays across the US with Asian companies likely to supply a big chunk of the capital required to power the country's unconventional oil boom.

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