CNOOC Offloads Indonesian Stake - Analyst Blog
29 12월 2011 - 10:00PM
Zacks
Chinese oil giant CNOOC
Limited (CEO) announced the sale of its 36.7205% working
interest in Offshore Northwest Java Production Sharing Contract
(ONWJ PSC) in Indonesia to EMP International (BVI) Limited, an
affiliate of PT Energi Mega Persada.
CNOOC’s subsidiary – CNOOC
Southeast Asia Limited – will receive a consideration of $212
million from the divesture.
PT Pertamina Hulu Energi – a unit
of state-owned oil and gas firm PT Pertamina owns the operating
rights of ONWJ PSC. As of 2010, the company had net proved reserves
of 22.26 million barrels of oil equivalent (BOE) in ONWJ PSC. The
block generated 62,000 BOE daily in the first nine months of
2011.
The ONWJ oil and gas block is
located in the Java Sea near Cirebon and Indonesia's Pertamina
controls a 53.2% interest. Other minority stake holders include
Risco Energy Pte Ltd and Talisman Energy
(TLM).
This disposition underlines CNOOC’s
strategy of shedding low profit driven assets and acquiring
high-return properties. Recently, CNOOC acquired Canadian oil sands
operator OPTI Canada Inc for a total consideration of $2.1 billion
and took over 33.3% undivided interest in Chesapeake Energy
Corporation's (CHK) Niobrara project in the Eagle Ford
Shale play.
CNOOC is the largest producer of
offshore crude oil and natural gas in China. It is a dominant
producer of offshore crude oil and natural gas and engages in
exploration, development, production, and sale of crude oil,
natural gas, and other petroleum products.
We remain positive on CNOOC’s
performance over the coming quarters, reflecting its premium assets
portfolio, excellent execution strategy, unique position as a pure
oil player and potential transactions in the merger and acquisition
space.
However, CNOOC remains exposed to
oil and gas prices, which are inherently volatile and subject to
complex market forces. Realized prices could differ significantly
from our estimates, thereby affecting the company’s revenues,
earnings and cash flow.
Hence, we foresee limited upside
potential for the stock and maintain our Neutral
recommendation. CNOOC holds a Zacks #3 Rank, which is
equivalent to a Hold rating for a period of one to three
months.
CNOOC LTD ADR (CEO): Free Stock Analysis Report
CHESAPEAKE ENGY (CHK): Free Stock Analysis Report
TALISMAN ENERGY (TLM): Free Stock Analysis Report
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