Anadarko Nets $1B In Sale Of China Operations

Law360, New York (February 18, 2014, 1:14 PM EST) -- Chinese oil trader Brightoil Petroleum Holdings Ltd. has inked a deal to buy the Chinese subsidiary of Anadarko Petroleum Corp. for $1.08 billion, Texas-based Anadarko announced Monday.

A unit of Brightoil entered into a stock purchase agreement to snatch up Anadarko subsidiary Kerr-McGee China Petroleum Ltd., which owns Anadarko's nonoperating interest in two blocks in the offshore Bohai Bay field in northeast China, Anadarko said in a statement. Anadarko's net oil sales volumes from Bohai Bay averaged approximately 11,000 barrels per day in 2013, the company...
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