The Oklahoma firm said last week that it is disposing of its African portfolio to concentrate on projects in the US.

The assets being put on the block have reserves equivalent to 90 million barrels of oil and are this year expected to produce the equivalent of about 11 million barrels. While Devon Energy put no value on the assets, analysts expect them to fetch more than $1bn and possibly close to $2bn.

Tullow chief executive Aidan Heavey told the Sunday Tribune last week that the company "always looks at any assets for sale in Africa" and said Tullow will be assessing the portfolio Devon is selling.

Tullow has just completed an almost Euro900m acquisition of Australian outfit Hardman Resources, doubling its exploration pipeline. Among the assets it acquired in that deal was a 50% interest in a block in Uganda. Two weeks ago Tullow's stock soared after it said additional reserves had been found that are likely to make the Ugandan block commercially viable.

Tullow has significant interests in Africa following its purchase of Energy Africa in 2004 for over $500m, effectively doubling the size of the firm that Heavey founded.

Heavey added that, despite the acquisition of Hardman, Tullow could comfortably afford to purchase the Devon Energy portfolio. Assessment of the assets is likely to take some months and the price will depend on the quality and accessibility of reserves as well as other factors. Goldman Sachs and Scotia Waterous are handling the sale which should be completed in the second half of this year.

Sources close to Burren Energy also confirmed to the Sunday Tribune last week that the company would almost certainly be examining the Devon portfolio. However, for Burren, any potential acquisition of the complete portfolio would be a significant move.

Founded by Irishman Finian O'Sullivan, Burren Energy has a market capitalisation of £1.07bn (Euro1.62bn), while Tullow is worth almost £2.9bn (Euro4.4bn). However, Devon may split the portfolio and sell parts of it to different buyers, making the assets more accessible to smaller firms.

Burren has interests in Congo and Egypt, and a major production base in Turkmenistan. Two weeks ago it forecast that output would rise 2.3% in 2007 to 35,000 barrels a day. Analysts said production appeared to be flattening.

More African acquisitions could therefore be attractive.