Amoco to Divest Liuhua Field Offshore China

abarrelfullabarrelfull wrote on 09 Aug 2012 05:25

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01 June 1998
Amoco Orient Petroleum Company, a unit of Amoco Corporation, is to offer for sale its 24.5 per cent working interest in the Liuhua field partnership in the South China Sea.

Liuhua is Amoco's only upstream oil and gas production asset in China. The company's share of Liuhua is being offered for sale as part of an ongoing review of Amoco's worldwide exploration and production portfolio.

Amoco's operations in China are focused principally on petrochemicals, including construction of a $300 million plus petrochemical facility in Zhuhai, Guangdong province.

The Liuhua field, brought onstream in 1996, was the largest oilfield so far discovered in the South China Sea. It was developed using highly innovative technology including the use of floating production and storage vessels, a unique subsea manifold system with diverless intervention, and the use of advanced electrical submersible pump systems. The technical accomplishments of the development won the Offshore Technology Conference award for outstanding technology achievement in 1997, and also received recognition from the Chinese government.

Ed Medley, President of Amoco Orient Petroleum, said : "Liuhua is a great technical and partnership success story but no longer fits Amoco's international exploration and production portfolio. Our decision to divest is part of our ongoing portfolio management process through which we seek to optimise our operations through economies of scale and effective deployment of capital and human resources."

Partners and the Chinese authorities have been advised of Amoco's decision to divest.

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