CNOOC Sells Stake in Indonesian ONWJ PSC

CNOOC Limited said that its subsidiary, CNOOC Southeast Asia Limited, sold CNOOC ONWJ Ltd. to EMP International (BVI) Limited (EMPI) for consideration of approximately US$212 million.

CNOOC ONWJ Ltd. holds a 36.7205% working interest in Offshore Northwest Java Production Sharing Contract (ONWJ PSC) in Indonesia.

The Operator of the ONWJ PSC is PT Pertamina Hulu Energi ONWJ. As at the end of 2010, the Company’s share of net proved reserves in ONWJ PSC was 22.26 million barrels of oil equivalent (BOE), and the daily average production of oil and gas from ONWJ PSC for the first nine months of 2011 was approximately 62,000 BOE while the net entitlement to the Company was approximately 14,000 BOE per day.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, “The sale of CNOOC ONWJ Ltd. is consistent with the Company’s value-driven M&A strategy, which rebalances and optimizes the Company’s portfolio from three perspectives: resources, return and risk.”

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LNG World News Staff, December 28, 2011; Image:Risco Energy