Block 42/05 covers approximately 2,700 square miles in the Pearl River Mouth Basin of the South China Sea. Water depths on the block range from 650 feet to more than 6,500 feet.
Devon also holds a 24.5 percent working interest in Pearl River Mouth Basin block 15/34. Devon made the first of three oil discoveries on block 15/34 in 1998. The resulting Panyu project has produced 50 million barrels of oil since production began in 2003. Devon operated Panyu during the exploration and development phases and will continue to operate additional exploratory acreage in block 15/34.
"We brought the Panyu oil project to first production less than two years after project approval," said Stephen J. Hadden, senior vice president, exploration and production. "Our fast-track success at Panyu and an outstanding working relationship with CNOOC encourages us to pursue other offshore opportunities in China."
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