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

Feb. 18, 2014
Brightoil Petroleum Holdings Ltd. of China plans to buy Anadarko Petroleum Corp.'s subsidiary in China 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.

About the Author

Paula Dittrick | Senior Staff Writer

Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.

Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.