The FINANCIAL — Anadarko Petroleum Corporation 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, according to ANADARKO PETROLEUM CORPORATION.
"This transaction accelerates the recognition of value from a non-operated legacy asset and continues to demonstrate our commitment to active portfolio management," said Al Walker, Anadarko Chairman, President and CEO. "We value our long-term relationship with CNOOC, wish them continued success and look forward to future partnering opportunities," Walker added.
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, according to ANADARKO PETROLEUM CORPORATION.
The transaction is expected to close later this year subject to preferential rights, regulatory approvals and other customary closing conditions.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2013, the company had approximately 2.79 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies, according to ANADARKO PETROLEUM CORPORATION.
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