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.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected