CNOOC Builds Panyu Stake



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.

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