HONG KONG Feb 18 Brightoil Petroleum Holdings Ltd has agreed to buy Anadarko Petroleum Corp's China unit for $1.08 billion, giving Brightoil access to oil and gas fields in Bohai Bay in northeast China.
Hong Kong-listed Brightoil has been searching for upstream investment opportunities in China and overseas for several years. Trading in Brightoil's shares were suspended last week pending an announcement of a substantial acquisition. The shares will resume trading later on Tuesday.
The acquisition will strengthen the Brightoil's upstream capacity and boost the company's production volumes, Brightoil said in a statement.
Reuters reported in November that Anadarko was considering the sale of its holdings in oil and gas projects in China as it eyes bring its money back to the U.S. market.
Kerr-McGee China Petroleum Ltd, as the Anadarko unit is called, earned a net profit after tax of $80.1 million for fiscal year ended Dec. 31, 2013.
Brightoil, which has a market value of $2.5 billion, is the third-largest marine fuel supplier by volume in Singapore, which is the largest bunkering port in the world.
Last year, the firm's trading and bunkering business expanded into crude oil, diesel and petrochemicals, expanding on its shipping fuel trading roots.