Anadarko sells Chinese subsidiary for $1 billion

Anadarko Petroleum Corporation today announced it has entered into a stock purchase agreement with a wholly owned subsidiary of Brightoil Petroleum (Holdings) Limited, whereby Anadarko will divest its Chinese subsidiary for $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,” said Anadarko Chairman, President and CEO Al Walker. “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 approximately 11,000 barrels per day.

The transaction is expected to close later this year subject to preferential rights, regulatory approvals and other customary closing conditions.