Anadarko Petroleum to sell Bohai Bay stake

Anadarko Petroleum has signed a deal to divest its non-operating interest in the Chinese Bohai Bay field for $1.08bn to a wholly-owned subsidiary of Brightoil Petroleum.

Bohai Bay is a maturing oil province located in northern China. Anadarko’s net oil sales volumes averaged around 11,000 barrels a day in 2013.

Anadarko chairman, president and CEO Al Walker said that the transaction accelerates the recognition of value from a non-operated asset, and demonstrates the company’s commitment to active portfolio management.

"We value our long-term relationship with CNOOC, wish them continued success and look forward to future partnering opportunities," Walker added.

Reuters reported that Brightoil’s international oil trading and bunkering businesses have been hit hard following the global financial crisis, and the company has been on look out for upstream investment opportunities in China and overseas. Brightoil reported a loss of HK$721m ($92.97m) for the financial year ending June 2013.

The company is the third-largest supplier of marine fuel by volume in Singapore, and owns interests in two small natural gas fields in northwestern China at present.

The transaction is expected to close later this year.