Deal insight

CNOOC buys Devon interests in South China Sea

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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

  • Document

    CNOOC buys Devon interests in South China Sea

    PDF 529.19 KB

Table of contents

  • Executive summary
  • Upstream assets
  • Deal analysis
    • 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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