Brightoil Petroleum to buy Anadarko’s China subsidiary for $1.075 billion

Brightoil Petroleum Holdings Ltd. of China plans to buy Anadarko Petroleum Corp.'s subsidiary in China for $1.075 billion. Anadarko owns minority stakes in two offshore oil fields in northeastern Bohai Bay, which are operated by majority owner CNOOC Ltd.

Anadarko’s 2013 share of production from those fields averaged 11,000 b/d.

Closing, subject to regulatory approvals, is expected later this year. Brightoil is expanding its upstream oil and gas operations. It also has oil storage assets and trades marine bunker fuel.

Anadarko continues to divest its international projects to raise cash as the company focuses on US unconventional oil assets.

Al Walker, Anadarko chairman, said, "This transaction accelerates the recognition of value from a non-operated legacy asset and continues to demonstrate our commitment to active portfolio management."

As of Dec. 31, 2013, Anadarko reported an estimated 2.8 billion boe of proved reserves.

Brightoil, based in Shenzhen, already is involved with two natural gas field projects in the Xinjiang Tarim basin in northwestern China.

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