EOG Resources sells China subsidiary to ROC in US$140 million transaction

2 minute read
17 May 2021

On May 17, 2021, EOGI International Company, a subsidiary of EOG Resources, Inc. (NYSE: EOG), completed the divestiture of EOG Resources China Limited (EOG China) to a wholly owned subsidiary of Roc Oil Company Pty Limited (ROC) for a base purchase price of US$140 million plus working capital adjustment. 

EOG China holds a 100% participating interest and operatorship of the Bajiaochang Field (BJC) and associated facilities located in the Chuanzhong Block, Sichuan Basin, to the north-east of Chengdu, China. The development of the Chuanzhong Block is governed by a Petroleum Contract with PetroChina. Current EOG China share of production and revenue after revenue split is 72%.

ROC is one of Australia's leading independent upstream oil and gas companies with a presence in China, South East Asia and Australia. 

EOG Resources, together with its subsidiaries, explores for, develops and produces crude oil and natural gas and is headquartered in Houston, Texas.

Lorne Rollheiser and Adriana Da Silva Bellini of Gowling WLG (working alongside White & Case's offices in Houston and Shanghai) advised EOG Resources with respect to this divestiture.  

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