Devon said the sale will see it realise about $370 million after tax.
Last year, Devon's production from Panyu came in at 12,000 barrels of oil per day.
Devon is selling a 24.5% stake in Block 15/34, which hosts Panyu.
Block 15/34 øies in the Pearl River Mouth basin in the South China Sea.
It lies about 200 kilometres south of Hong Kong, in water depths of 100 mettrs.
Panyu
