Deal insight
CNOOC buys Devon interests in South China Sea
Report summary
CNOOC Ltd is to acquire Devon's 24.5% stake in Block 15/34, offshore China, for a consideration of US$515 million. The PSC contains three producing oil fields: Panyu 4-2, 5-1 and 11-6. CNOOC Ltd already holds a 51% operating interest. Our base case valuation of the acquired stake is US$413 million (NPV10, discounted to May 2010), which equates to an Implied Long-term Oil Price of US$93/bbl. Although this is at the top end of the market, there is scope for upside. Output from the ...
What's included
This report contains
Table of contents
- Executive summary
- Upstream assets
- Deal analysis
-
Strategic rationale
- Devon
- CNOOC Ltd
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
Images
- Map of Block 15-34
Tables
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
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