Hong Kong-listed Brightoil Petroleum Holdings said Friday that it has completed the acquisition of Anadarko Petroleum Chinese unit for a consideration of $1.046bn as part of the company's efforts to boost its upstream business. The two companies had signed a deal involving two Bohai Bay blocks controlled by CNOOC in February this year.
Dr Sit Kwong Lam, chairman of Brightoil Petroleum, said, "We believe that the closing of the acquisition marks the successful transformation of the group in its aim to become a resource-based energy enterprise. The group will continue to strengthen its development in the upstream business, aiming to achieve sustainable growth of its reserves, production volume and revenue in the long run." [11/08/14]