Noble Energy is in talks with potential bidders to offload its stake in an offshore field located in the Bohai Bay, China.
According the Wall Street Journal, the U.S. based exploration and production company is looking to gain around $300 million from the potential transaction.
Australia’s Roc Oil has been touted as the most likely buyer for Noble’s Cheng Dao Xi (CDX) oil field, the WSJ said, citing sources familiar with the matter. Roc Oil already owns shares in four offshore blocks in the Bohai Bay (Zhao Dong, Zhanghai, Chenghai and 09/05 fields). However, Roc is not the only company interested in the acquisition, the WSJ said, without disclosing who the other oil firms were.
The CDX field is located on the south side of Bohai Bay in approximately 25 feet of water. A five-mile pipeline connects the production platform to existing onshore processing and pipeline infrastructure located in the Shengli oil field.
First oil from the field was produced in January 2003.
Noble Energy has a 57 percent working interest in the CDX field. China Petro-chemical Corporation (SINOPEC) is Noble Energy’s partner with a 43 percent working interest.