Devon Energy Sells Indonesian Operations to PetroChina
Devon Energy Corp. has entered into an agreement to sell its Indonesian operations to PetroChina Company Limited for total cash consideration of $262 million, including working capital. Devon will receive approximately $250 million upon closing plus an additional $12 million upon successful completion of certain events. The transaction is expected to close in April.
As of December 31, 2001, Devon's Indonesian oil and gas properties had estimated proved reserves of approximately 80 million equivalent barrels, of which approximately 20 percent were classified as proved developed producing. These properties produced approximately 1.1 million barrels of oil equivalent net to Devon's interest during the first quarter of 2002.
"With the sale of the Indonesian operations we have now largely accomplished our goal of bringing focus to Devon's asset base by eliminating non-core properties," said J. Larry Nichols, Devon's chairman, president and chief executive officer.