Devon Energy Corp. agreed to sell its producing Panyu field offshore China to China National Offshore Oil Corp. for $515 million ($370 million after tax). Since Devon announced in late 2009 that it would reposition itself as a North American onshore producer, it has sold almost $10 billion ($7.9 billion after tax) Gulf of Mexico and international assets, exceeding its initial expectations of $4.5-7.5 billion (see NGI, Nov. 23, 2009). Still to be sold are assets in China and Angola; all of the sales are expected to be completed by year’s end.
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Industry Brief
Devon Energy Corp. agreed to sell its producing Panyu field offshore China to China National Offshore Oil Corp. for $515 million ($370 million after tax). Since Devon announced in late 2009 that it would reposition itself as a North American onshore producer, it has sold almost $10 billion ($7.9 billion after tax) worth of Gulf of Mexico and international assets, exceeding its initial expectations of $4.5-7.5 billion (see Daily GPI, Nov. 17, 2009). Still to be sold are assets in China and Angola; all of the sales are expected to be completed by year-end.
May 3, 2010
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