Independent oil and gas exploration and production company Devon Energy Corp. has completed the sale of its Panyu field located offshore China to China National Offshore Oil Corporation (CNOOC) for $515 million, or approximately $370 million after tax.
During 2009, Devon's production from the Panyu field was approximately 12 thousand barrels of oil per day.
In November 2009, the Oklahoma City-based company announced plans to divest its Gulf of Mexico and international assets to allow the company to focus on its North American onshore assets.