Noble Energy Inc. is planning to sell the majority stake of an oilfield off of northeastern China, according to The Wall Street Journal.
The company has retained investment bank Lazard Ltd. to assist in the sale of the oilfield that it owns with Beijing-based Sinopec.
The sale could raise up to $300 million for Noble if it sells off its 57 percent share of the offshore oilfield, which is known as the Chengdaoxi field, the report said.
State-controlled Sinopec holds the other 43 percent of the field.
The field — classified as an onshore play because it is in less than 16 feet of water — produces about 4,000 barrels of crude per day.
Australian oil and gas producer Roc Oil Co. was named as a prospective bidder for Houston-based Noble’s stake, the WSJ said.
The field is located in the southern Bohai Bay. It began producing oil in 2003.
Noble also is selling part of its stake in the Leviathan natural gas project in Israel to Australia’s Woodside Petroleum Ltd. for $1 billion, the Houston Business Journal reported.