Asia/Pacific News
Brightoil Completes $1.05B Upstream Acquisition
Hong Kong listed Brightoil Petroleum (Holdings) Limited [HKG:0933] (Brightoil) today said it has completed a major push into the upstream segment with the acquisition of Anadarko Petroleum Corp's (Anadarko) China operations for $1.046 billion.
The deal sees Brightoil gain a participating interest in two oil producing blocks in Bohai Bay, an area Retuers reports is a proven production ground.
The oil trader said as a result of the move, its oil and natural gas resources now "extend from the ground to offshore" and its oil and natural gas storage and production "will increase immensely."
"We believe that the closing of the acquisition marks the successful transformation of the Group in its aim to become a resource-based energy enterprise," said Brightoil Petroleum Chairman Dr. Sit Kwong Lam.
"The Group will continue to strengthen its development in the upstream business, aiming to achieve sustainable growth of its reserves, production volume and revenue in the long run.
"This will accelerate the Group's development into an international integrated oil & gas conglomerate and at the same time enhance our returns to investors and create further shareholders' value."
Brightoil's interest in Anadarko's China operations was first announced in February, and the August 8, 2014 completion of the deal followed the signing of an agreement on February 18, 2014.
