Indonesia: CNOOC Sells Stake in ONWJ PSC for USD 212 Million

CNOOC Limited’s subsidiary, CNOOC Southeast Asia Limited, sold CNOOC ONWJ Ltd. to EMP International (BVI) Limited (“EMPI”) for consideration of approximately US$212 million. CNOOC ONWJ Ltd. holds a 36.7205% working interest in Offshore Northwest Java Production Sharing Contract (the “ONWJ PSC”) in Indonesia.

The Offshore North West java (ONWJ) PSC was awarded in 1967 with first oil production commencing in 1968 and first gas production commencing in 1977. This PSC is located along the coastline of the Java Sea, North East of the Indonesian capital city of Jakarta. ONWJ covers a large area of approximately 11,000 sq. km and extends offshore approximately 75 km. ONWJ includes material oil and gas production and on-going development projects to a maximum water depth of 60m.

The Operator of the ONWJ PSC is PT Pertamina Hulu Energi ONWJ. As at the end of 2010, the Company’s share of net proved reserves in ONWJ PSC was 22.26 million barrels of oil equivalent (“BOE”), and the daily average production of oil and gas from ONWJ PSC for the first nine months of 2011 was approximately 62,000 BOE while the net entitlement to the Company was approximately 14,000 BOE per day.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, “The sale of CNOOC ONWJ Ltd. is consistent with the Company’s value-driven M&A strategy, which rebalances and optimizes the Company’s portfolio from three perspectives: resources, return and risk. “

Offshore Energy Today Staff, December 22, 2011; Image:Riscoenergy

 

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