Further divesting its international and offshore portfolio to focus on onshore North America plays, Devon Energy Corp., Oklahoma City, (NYSE: DVN) has agreed to sell its producing Panyu Field offshore China to China National Offshore Oil Corp., or CNOOC, for $515 million.
The after-tax proceeds amount to approximately $370 million.
Production from the Panyu Field averaged approximately 12,000 bbl. of oil per day in 2009.
The divestiture process is ongoing for exploration assets in China and Angola, as well as other minor international assets. Devon expects all divestitures to be ...