Anadarko to sell Chinese unit for $1.1 billion

HOUSTON — Anadarko Petroleum Corp. said late Monday that it has inked a stock purchase agreement with Brightoil Petroleum to sell its Chinese subsidiary for $1.1 billion.

“This transaction accelerates the recognition of value from a non-operated legacy asset and continues to demonstrate our commitment to active portfolio management,” Anadarko Chairman, President and CEO Al Walker said in a statement. “We value our long-term relationship with CNOOC, wish them continued success and look forward to future partnering opportunities.”

The subsidiary to be divested owns Woodlands-based Anadarko’s non-operating interest in the Bohai Bay field. During 2013, Anadarko’s net oil sales volumes from Bohai Bay averaged approximately 11,000 barrels per day.

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