Asia/Pacific News
Brightoil Looking to More Upstream Activity
Brightoil Petroleum (Holdings) Ltd. Chief Financial Officer Danny Tan said Wednesday that the company sees its upstream business as a major growth area in the long-term, Reuters reports.
The company is in the process of acquiring states in two oil blocks in Bohai Bay, China from Anadarko Petroleum Corp. for $1.08 billion.
Brightoil said it is negotiating to buy oil production assets of several other foreign companies that are exiting the business, as the company's current production-sharing contracts with foreign partners are expiring, industry news site Seatrade Global reports.
Bruce Yung, who replaced company founder Sit Kwong-lam as CEO yesterday, said that discussions over one potential new acquisition are in the advanced stages, while others are more preliminary.
