Hong Kong: Brightoil Petroleum Holdings plans to submit a formal bid to acquire Newfield Exploration’s wholly-owned subsidiary Newfield Global.
Newfield Global holds interests in two upstream oil and gas blocks in China, including a 12% interest in Bohai Bay Block 05/36 and a 49% interest in Pearl River Block 16/05.
The Bohai Bay Block is currently in production and the company already owns a 29% interest, while the Pearl River Block is currently under development and production is expected to commence by end of November 2014. [04/11/14]
