China's CNOOC sells interest in Indonesia's ONWJ for $212m

23 December 2011 04:08  [Source: ICIS news]

GUANGZHOU (ICIS)--China National Offshore Oil Corp (CNOOC) announced late on Thursday that it has sold its Indonesia-based CNOOC ONWJ for approximately $212m (€163m) to EMP International.

CNOOC owned CNOOC ONWJ through its subsidiary CNOOC Southeast Asia, according to its statement.

CNOOC ONWJ holds a 36.72% interest in Indonesia’s Offshore North West Java (ONWJ) block under a production sharing contract, it said.

As at the end of 2010, CNOOC’s share of net proved reserves in the block was 22.26m barrels of oil equivalent (boe).

The average production of oil and gas from the block for the first nine months of 2011 was about 62,000 boe/day while the net entitlement to CNOOC was approximately 14,000 boe/day, CNOOC added.

($1 = €0.77)

By: Fanny Zhang
+65 6780 4359

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