November 4, 2013 / 2:41 AM / in 4 years

Anadarko eyes $1 billion sale of China oil and gas project stakes: sources

HONG KONG (Reuters) - Anadarko Petroleum Corp (APC.N) 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 (0883.HK) as part of an earlier agreement.

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

    Anadarko declined to comment.

    Additional reporting by Chen Aizu in BEIJING; Reporting by Denny Thomas; Editing by Michael Flaherty and Ryan Woo

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