CNOOC Builds Panyu Stake

Panyu 30-1 gas field
(Click to Enlarge)

CNOOC completed its acquisition of acquiring an additional 24.5% interest in Block 15/34 from Devon Energy, bringing the company's interest to a total of 75.5%. CNOOC, serving as the operator of the block, paid a total amount of US $515 million, approximately $370 million after taxes. Block 15/34 is located in the Pearl River Mouth Basin of South China Sea, roughly 124 miles (200 kilometers) south of Hong Kong, in a water depth of 328 feet (100 meters). Panyu 4-2/5-1 is the major producing oil field in the block, which came online in 2003. The block produces about 49,000 bopd.

continue reading the full article


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
EU Business Development Manager - Refining/Maintenance Services
Expertise: Business Development
Location: Houston, TX
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
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