CNOOC pays Devon $515MM for its share of Block 15/34, Panyu oil field in the South China Sea

Source: CNOOC

CNOOC Limited (CEO) has agreed to acquire 24.5% participation interests in Block 15/34 from Devon Energy Corporation for a consideration of US $515 million. 

Block 15/34 is located in the Pearl River Mouth Basin of South China Sea. It is approximately 200 kilometers south of Hong Kong, with a water depth of 100 meters. Panyu 4-2/5-1 is the major producing oil field in Block 15/34 and started production in 2003. Currently gross production from the block is 49,000 barrels of oil per day.
Completion of the transaction is subject to necessary government and regulatory approvals of People's Republic of China. 

"This is a mutually beneficial deal for CNOOC Ltd. and Devon. I believe the transaction will help further strengthen our solid position in offshore China and create more value for our shareholders”, commented Mr. Yang Hua, President of CNOOC Ltd. 

CNOOC, the operator, will increase its stake to 75.5% in Block 15/34 after Devon's transfer. The other partner ConocoPhillips holds the remaining 24.5% interests.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs