Deal Insight
CNOOC buys Devon interests in South China Sea
This report is currently unavailable
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 ...
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:
- Executive summary: Table 1
- Upstream assets: Table 1
- Map of Block 15-34
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
Other reports you may be interested in
Asset Report
Lufeng Fields
The Lufeng oil complex is located in the Pearl River Mouth Basin in the South China Sea. Haiyangshiyou 121 FPSO serves the cluster.
$3,100
Asset Report
Wenchang Area
The Wenchang Area complex, including several oil and gas fields, is located in the Western South China Sea.
$3,100
Insight
Future of Exploration Survey results 2024: explorers emboldened and disciplined
Our 2024 Future of Exploration Survey results show greater internal support for exploration while pressures on budget and headcount grow.
$1,300