On 22 May 2017, Newfield Exploration Co completed the sale of its 12.005% interest in Block 05/36 PSC in the offshore Bohai Bay Basin after having entered in the purchase and sale agreement in February 2017. Under the terms of the agreement, Newfield sold its 12.005% participating interest for approximately US$ 32 million (previously reported as US$ 39 million). The block contains the producing 11-6/12-1S oil fields for which CNOOC is planning to carry out a new overall development and appraisal plan to increase the current production of approximately 40,000 boe/d to 60,000 boe/d. Following the completion of the deal, rightholders of Block 05/36 PSC are CNOOC (63.005%, operator), Brightoil Petroleum Holdings Ltd (29.1773%) and Singapore Petroleum Co (7.8177%). <P />
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