Anadarko divests Chinese subsidiary

Anadarko Petroleum Corp has entered into a stock purchase agreement with a wholly owned subsidiary of Brightoil Petroleum (Holdings) Ltd., whereby Anadarko will divest its Chinese subsidiary for US$1.075 billion.

"This transaction accelerates the recognition of value from a non-operated legacy asset and continues to demonstrate our commitment to active portfolio management," Anadarko chairman, president and CEO Al Walker said. "We value our long-term relationship with CNOOC, wish them continued success and look forward to future partnering opportunities."

The subsidiary to be divested owns Anadarko's non-operating interest in the Bohai Bay field. During 2013, Anadarko's net oil sales volumes from Bohai Bay averaged about 11,000bbls/d. The transaction is expected to close later this year subject to preferential rights, regulatory approvals and other customary closing conditions.

Current News

Navantia Seanergies Delivers Second Substation Jacket for French OW Farm

Navantia Seanergies Delivers S

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Keyfield Ventures into Indones

EU: 44 Oil and Gas Firms Asked to Provide CO2 Storage Solutions

EU: 44 Oil and Gas Firms Asked

Norway Grants Permit for Equinor’s Drilling Plan in North Sea

Norway Grants Permit for Equin

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine