CNOOC Limited has issued a press release to announce 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 (the “ONWJ PSC”) in Indonesia.
The Operator of the ONWJ PSC is PT Pertamina Hulu Energi ONWJ. As at the end of 2010, CNOOC Limited’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 CNOOC Limited was approximately 14,000 BOE per day.
The Singapore office of Herbert Smith LLP advised CNOOC Limited on the deal, led by senior associate Philip Morgan and partner Lewis McDonald, both of the firm’s Southeast Asian energy team. Herbert Smith’s associated firm in Indonesia, Hiswara Bunjamin & Tandjung, provided advice on all Indonesian aspects of the transaction.
Lewis McDonald commented:
“We are delighted to have assisted CNOOC Limited on this deal, which builds on the upstream acquisition work we have executed for them in other parts of the world.”
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