Caixin Online > Business & Industry > Top Stories Industry > CNOOC Raises Stake in Offshore Oil Block
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CNOOC Raises Stake in Offshore Oil Block
CNOOC has agreed to pay US$ 515 million for a majority stake in a South China Sea oil block from Devon Energy
(Beijing) - The third-largest national oil company in China, China National Offshore
Oil Company Limited (CNOOC Ltd), said it will pay US$ 515 million to buy a 24.5
percent stake in an oil block in the South China Sea from U.S. oil and gas
producer Devon Energy Corp.
The deal will raise CNOOC's stake in the area known as Block 15/34 to 75.5 percent.
Block 15/34, located 200 kilometers from Hong Kong, includes the Panyu oil field which CNOOC began operating in 2003 and has a production capacity of 49,000 barrels of crude oil per day.
CNOOC's partner, ConocoPhillips holds the remaining 24.5 percent stake in the area.
According to CNOOC, the transaction is still pending for regulatory approval from the Chinese government.
Yang Hua, president of CNOOC, said that the transaction will further strengthen CNOOC's position in offshore oil in China and create value for its shareholders.
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