Brightoil Petroleum has announced the closing of a stock purchase agreement with Anadarko China Holdings 2 Company Limited (Anadarko China), a wholly-owned subsidiary of Anadarko Petroleum Corporation (Anadarko Petroleum), to acquire a participating interest in two oil producing blocks in Bohai Bay (Contract Area 04/36 and Unit Area 05/36) at a consideration of USD 1.046bn
“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 Sit Kwong Lam, chairman of Brightoil Petroleum. “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 and gas conglomerate and at the same time enhance our returns to investors and create further shareholders’ value.”
Following the signing of the agreement on 18 February, the acquisition was successfully completed on 8 August after six months of efforts put together by both parties. After the closing of the agreement, Brightoil now holds a 40.09 per cent participating interest in the 124 square kilometre offshore block (Contract Area 04/36) and a 29.18 per cent participating interest in the 88 square kilometre offshore block (Unit Area 05/36).
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