Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Anadarko To Divest Its Chinese Subsidiary For $1.08 Bln - Update

RELATED NEWS
Trade APC now with 

Oil and natural gas producer Anadarko Petroleum Corp. (APC: Quote) late Monday said it has entered into a stock purchase agreement with a wholly-owned subsidiary of Brightoil Petroleum (Holdings) Limited (BRTPF.PK), whereby Anadarko would divest its Chinese subsidiary for $1.075 billion.

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

The transaction is expected to close later this year. It is subject to preferential rights, regulatory approvals and other customary closing conditions.

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

Earlier this month, the company reported a fourth quarter net loss, hurt by a contingent loss related to the ongoing Tronox case as well as losses on divestitures.

Separately, Brightoil said in a filing with the Hong Kong Stock Exchange that the target company, Kerr-McGee China Petroleum Ltd., is a corporation formed under the laws of the Commonwealth of the Bahamas. It is principally engaged in gas and oil exploration, development and production.

The target company's major assets are a 40.09 percent participating interest in the Contract Area 04/36 and a 29.18 percent participating interest in the Unit Area which are two offshore blocks in Bohai Bay, North East China, from which oil and gas is currently produced.

The company also holds a 50 percent interest in the Excluded Asset, which is an exploration block where no commercial production has commenced.

APC closed nearly unchanged on Friday at $81.54.

Register
To receive FREE breaking news email alerts for Anadarko Petroleum and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.