Greater China

Brightoil spending $1.08bn to buy out Anadarko’s China assets

Hong Kong: Brightoil Petroleum Holdings is buying Anadarko Petroleum’s China business for $1.08bn, making good on Brightoil’s boss claims to SinoShip last year that the company would focus more on upstream.

"The acquisition is an important step for the group" to turn itself into an integrated oil and gas company with both upstream producing business as well as oil trading, Brightoil said in a filing with the Hong Kong stock exchange. Brightoil is best known as a bunker supplier. It also owns a number of tankers.

The two blocks in Bohai Bay that Brightoil is buying into have been in steady production and had daily gross oil production of 32,000 barrels in 2013, Brightoil said.

Brightoil already has stakes in two gas fields in the northwest of China.

Brightoil chairman Dr Sit Kwong Lam told SinoShip last year “We will continue to further develop oil and gas fields to deploy our strategy with a focus on upstream business. The upstream sector will be the major driver for Brightoil’s future growth and value adding.”  [18/02/14]

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