Devon Could Sell Stake in Azerbaijan Field - TheStreet

OKLAHOMA CITY (

TheStreet

) --

Devon Energy

(DVN) - Get Report

is mulling the sale of a 5.6% stake in an Azerbaijan oil field that may fetch as much as $3 billion, a report says.

China's

Cnooc

(CEO) - Get Report

and

China Petroleum & Chemical

(SNP) - Get Report

, which is known as Sinopec, are said to be bidding for this stake,

Bloomberg

reports, citing two sources familiar with the matter.

Other bidders include Japan's

Itochu

and

Inpex

, several sources told

Bloomberg

.

The interest from the Chinese companies reflects China's "big appetite for oil assets worldwide," Hirofumi Kawachi, an analyst at Mizuho Investors Securities in Tokyo, told

Bloomberg

. "The U.S. is gradually shifting investment to unconventional energy sources, such as shale gas reserves at home."

China already has made $18 billion worth of energy acquisitions since December 2008,

Bloomberg

notes.

Existing partners in the Azeri-Chirag-Gunashli field, which include among others

Exxon Mobil

(XOM) - Get Report

,

Chevron

(CVX) - Get Report

and

BP

(BP) - Get Report

, have a right of first refusal to buy Devon's stake, the sources told

Bloomberg

.

A Devon spokesman declined to comment for

Bloomberg

.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.