EMP International Buys CNOOC ONWJ for $212M

CNOOC Limited announced Thursday its subsidiary, CNOOC Southeast Asia Limited, sold CNOOC ONWJ Ltd. to EMP International Limited for consideration of approximately US $212 million.

CNOOC ONWJ Ltd. holds a 36.7205 percent working interest in Offshore Northwest Java Production Sharing Contract in Indonesia.

The Operator of the ONWJ PSC is PT Pertamina Hulu Energi ONWJ. As at the end of 2010, the Company’s share of net proved reserves in ONWJ PSC was 22.26 million barrels of oil equivalent, and the daily average production of oil and gas from ONWJ PSC for the first nine months of 2011 was approximately 62,000 BOE while the net entitlement to the Company was approximately 14,000 BOE per day.

"The sale of CNOOC ONWJ Ltd. is consistent with the Company's value-driven M&A strategy, which rebalances and optimizes the Company's portfolio from three perspectives: resources, return and risk," said Mr. Li Fanrong, Chief Executive Officer of the Company.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours