Brightoil completes Bohai Bay fuel assets takeover
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.