Brightoil com­pletes Bo­hai Bay fuel as­sets takeover

China Daily (Canada) - - BUSINESS -

Brightoil Pe­tro­leum Hold­ings, a Shen­zhen-based pri­vate en­ergy com­pany, said it has com­pleted the ac­qui­si­tion of two oil-pro­duc­ing blocks in Bo­hai Bay from the United States-based oil and gas com­pany Anadarko Pe­tro­leum Corp with a con­tract value of $1.046 bil­lion. The ac­qui­si­tions give Brightoil a 40.09 per­cent stake in a 124 square kilo­me­ter block and a 29.18 per­cent in­ter­est in an 88 sq km block. Brightoil will co­op­er­ate with China’s largest off­shore oil and gas com­pany — China Na­tional Off­shore Oil Co — to de­velop these two blocks. The com­pany said its oil and nat­u­ral gas re­sources now ex­tend to off­shore op­er­a­tions, and the pur­chase will en­hance its stor­age and pro­duc­tion ca­pac­ity.

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