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.