China’s state-run Sinochem Corp. has decided not to bid for Egyptian oil blocks offered by U.S. firm Devon Energy Corp. <DVN.N>, said a senior Sinochem upstream official.
According to earlier reports, Sinochem was to submit a bid before the March 1 deadline.
“After studying the project, we have decided not to bid for it,” the official from Sinochem’s overseas investment operation told Reuters.
Devon, an Oklahoma-based independent oil and gas producer, announced in November that it would sell its Egyptian oil and natural gas operations, including eight oil blocks.
Sinochem in February said it had completed the $228 million acquisition of a stake in an offshore Chinese oilfield from a U.S. firm, its largest upstream takeover to date in its drive to boost its small upstream profileBottom of Form.