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 total9 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.”