Brightoil Petroleum Holdings Ltd has agreed to purchase Anadarko Petroleum Corp's China unit for $1.08 billion, giving Brightoil access to oil and gas fields in Bohai Bay in northeast China.Hong Kong-listed Brightoil has been searching for upstream investment opportunities in China and overseas for several years. Trading in Brightoil's shares were suspended last week pending an announcement of a substantial acquisition. The shares will resume trading later on Tuesday.The acquisition will strengthen the Brightoil's upstream capacity and boost the company's production volumes, Brightoil said in a statement.Reuters reported in November that Anadarko was considering the sale of its holdings in oil and gas projects in China as it eyes bring its money back to the U.S. market.
Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 0.02% or $0.02/share to $81.54. In the past year, the shares have traded as low as $73.60 and as high as $98.47. On average, 4808810 shares of APC exchange hands on a given day and today's volume is recorded at 4299893.
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