Brightoil to acquire Anadarko's China assets in $1.08bn dealBrightoil to acquire Anadarko's China assets in $1.08bn deal

The acquisition, which is subject to approval from the Ministry of Commerce and the obtaining of a loan facility by Brightoil by 10 July, will add to Brightoil's upstream business, where it already has gas production operations in northwest China.

“The acquisition is an important step towards the implementation of the group’s strategy to expand the upstream business … to develop progressively into an integrated petroleum [and] gas company,” Brightoil said.

The assets include a 40.09% stake in one oilfield and a 29.17% stake in the other. Other assets include a 50% interest in an exploration project, which did not yield exploitable quantities of oil.

China’s main offshore oil player, CNOOC, owns a majority 51% stake in both oilfields, which are in Bohai Bay about 100 km southeast of Tianjin.