Newspaper article THE JOURNAL RECORD

Devon Energy Inks Deal with Chinese National Offshore Oil Corp

Newspaper article THE JOURNAL RECORD

Devon Energy Inks Deal with Chinese National Offshore Oil Corp

Article excerpt

Devon Energy officials on Tuesday announced they have signed another production sharing contract with the Chinese National Offshore Oil Corp.

The contract covers block 11/34 offshore eastern China. The block is composed of about 4,200 square miles in the Southern Yellow Sea Basin, about 250 miles northeast of Shanghai, and Devon will have a 100-percent working interest.

Devon shares gained $1.48 Tuesday and closed at $62.19.

Devon officials said the water depths for the block range from 50 feet to 125 feet.

Stephen J. Hadden, Devon senior vice president, exploration and production, said Devon production in offshore China dates back to 2003. CNOOC officials said the contract is the 11th between the companies.

Block 11/34 further expands Devon's exploration acreage inventory offshore China, Hadden said. The excellent working relationship we established with CNOOC in developing the Panyu project continues as we begin the exploration phases on the recent acquired blocks. …

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