November 4, 2013 / 2:35 AM / 5 years ago

Anadarko eyes $1 bln sale of China oil and gas project stakes-sources

HONG KONG, Nov 4 (Reuters) - Anadarko Petroleum Corp is considering the sale of its holdings in oil and gas projects in China, in a deal that could be valued at about $1 billion, sources familiar with the matter told Reuters.

Anadarko owns about a 35 percent interest in production and development projects in China’s Bohai Bay. The planned sale is part of Houston-based Anadarko’s strategy to raise cash to plough money back into gas properties in the United States.

Last year, it transferred day-to-day operations of the projects to its joint venture partner CNOOC Ltd as part of an earlier agreement.

The sources declined to be identified as they were not authorised to speak to media.

Anadarko declined to comment.

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