Brightoil completes $1.046-billion acquisition of Bohai Bay assets

Brightoil Petroleum Ltd. has closed on its acquisition of interest in two oil producing blocks in Bohai Bay from Anadarko China Holdings 2 Co. Ltd., a wholly owned subsidiary of Anadarko Petroleum Corp., for $1.046 billion (OGJ Online, Feb. 18, 2014).

Brightoil now holds 40.09% interest in the 124-sq km contract area 04/36 and 29.18% interest in the 88-sq km unit area 05/36. CNOOC China Ltd. operates both blocks.

Combining the assets with the company’s Dina1 and Tuzi natural gas field, Brightoil’s interest in 2P storage is expected to total 86 million boe. When all three areas come online, net production will total 25,000 boe/d. Annual net production will total 9 million boe.

Sit Kwong Lam, Brightoil chairman, said the deal “marks the successful transformation of the group in its aim to become a resource-based energy enterprise” with aspirations to develop “into an international integrated oil and gas conglomerate.”

Related Articles

CNPC, Rosneft advance Tianjin refinery project

10/13/2014 China National Petroleum Corp. (CNPC) and OAO Rosneft have signed an agreement for the extension of strategic cooperation on the Tianjin joint vent...

BlueGreen Alliance calls for strong US methane reduction strategy

10/13/2014 The BlueGreen Alliance, a coalition of 10 national labor unions and 5 environmental organizations, urged the Obama administration to adopt a strong...

Petronas purchases share in Shah Deniz for $2.2 billion


Malaysia’s Petronas has purchased a 15.5% share in the Shah Deniz production-sharing agreement in Azerbaijan from Statoil ASA.

MARKET WATCH: November crude prices buck trend, end week up slightly

10/13/2014 The New York Mercantile Exchange November crude oil contract gained 5¢ on Oct. 10, closing at $85.82/bbl. The December contract, meanwhile, dropped...

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