China: CNOOC Ltd. Completes Acquisition of Stake in Block 15/34


CNOOC Limited announced that the Company has completed its acquisition of 24.5% participation interests in Block 15/34 from Devon Energy Corporation (“Devon”) for a total consideration of US$515 million.

The transaction was signed on April 30, 2010. CNOOC Ltd. acts as the Operator in Block 15/34. Currently gross production from the block is 49,000 barrels of oil per day. After this transfer, CNOOC Ltd. will increase its stake to 75.5% in Block 15/34.

About Devon Energy

Devon Energy Corporation , is the largest U.S.-based independent natural gas and oil producer. Based in Oklahoma City, Oklahoma, the company’s operations are focused primarily in the United States and Canada. However, Devon also explores and produces oil in select international areas such as China, Brazil, and Azerbaijan. Devon is one of North America’s larger processors of natural gas liquids and owns natural gas pipelines and treatment facilities in many of the company’s producing areas.

The company is ranked among Fortune’s 500 largest corporations in America, and is also included on the publication’s 100 Best Companies to Work For and Most Admired Companies lists. Devon is also included in in the S&P 500 Index and trades on the New York Stock Exchange under the ticker symbol DVN.

About CNOOC

China National Offshore Oil Corporation is the third-largest National Oil Company (NOC) in the People’s Republic of China next to CNPC, Sinopec. It focus on the exploitation, exploration and development of crude oil and natural gas offshore of China. Its listed arm CNOOC Ltd shares are traded in Hong Kong and New York. China Oilfield Services (COSL) is a fellow subsidiary of CNOOC Limited listed in Hong Kong.

CNOOC is a state-owned oil company, 70% of whose shares are owned by the Government of the People’s Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council performs the rights and obligations of shareholder on behalf of the government.

Source: Cnooc, June 21, 2010:

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