Deal Insight
PetroChina sells down UAE stakes to CNOOC Ltd
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
CNOOC Ltd has acquired a 40% stake in PetroChina's Abu Dhabi subsidiary for an undisclosed amount. The acquisition gives CNOOC Ltd an effective 4% stake in two Abu Dhabi offshore concessions at Lower Zakum and Umm Shaif & Nasr in the United Arab Emirates. PetroChina's interest is reduced from 10% to 6% in each. The transaction received approval from Abu Dhabi's Supreme Petroleum Council on 27 July 2020. Read on for an in-depth explanation of the assets acquired, including our valuation, and the implications for both PetroChina and CNOOC.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Lower Zakum
- Umm Shaif & Nasr
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- CNOOC Limited
- PetroChina
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Map
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Acquired net production
- Upstream assets: Table 1
What's included
This report contains:
