Devon Energy Acquires Block 42/05 in South China Sea

abarrelfullabarrelfull wrote on 20 Jul 2015 11:58

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Dec. 6 2005

Devon Energy Corporation (NYSE: DVN) today announced that it has signed a production sharing contract with the Chinese National Offshore Oil Corporation (CNOOC) covering deepwater block 42/05 offshore China. Subject to final government approvals, Devon will operate the block with a 100 percent working interest. CNOOC has the option to participate with a 51 percent working interest in the event of a commercial discovery. Within the exploration period, Devon is committed to conduct a 3-D seismic survey and to drill exploratory wells.

Block 42/05 covers approximately 2,700 square miles in the Pearl River Mouth Basin of the South China Sea. Water depths on the block range from 650 feet to more than 6,500 feet.

Devon also holds a 24.5 percent working interest in Pearl River Mouth Basin block 15/34. Devon made the first of three oil discoveries on block 15/34 in 1998. The resulting Panyu project has produced 50 million barrels of oil since production began in 2003. Devon operated Panyu during the exploration and development phases and will continue to operate additional exploratory acreage in block 15/34.

"We brought the Panyu oil project to first production less than two years after project approval," said Stephen J. Hadden, senior vice president, exploration and production. "Our fast-track success at Panyu and an outstanding working relationship with CNOOC encourages us to pursue other offshore opportunities in China."

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