Navigate this market better. Subscribe for FREE stock alerts and information.

Sunday, August 10, 2014

Brightoil Petroleum buys Anadarko's China unit for $1.05 bln, (NYSE: APC)

Hong Kong-listed oil trader Brightoil Petroleum Holdings Ltd has completed its acquisition of Anadarko Petroleum Corp's China unit for $1.05 billion in a major push into the upstream segment. The deal means that Brightoil will hold participating interests in a number of oil fields at two blocks in Bohai Bay, a proven production ground, the company said in a filing with the Hong Kong Stock Exchange on Sunday.Brightoil, whose international oil trading and bunkering businesses have been hit hard by the global financial crisis, has been searching for upstream investment opportunities in China and overseas for several years.The company said last month it expected its upstream business to be the key long-term growth driver for the group following the acquisition.Brightoil said earlier this year that it had agreed a price of $1.08 billon on the Bohai blocks, and on Sunday confirmed the final price at $1.05 billion. (Reporting By Grace Li; Editing by Lynne O'Donnell)

Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 1.97% or $2.11/share to $109.23. In the past year, the shares have traded as low as $73.60 and as high as $113.00. On average, 3701860 shares of APC exchange hands on a given day and today's volume is recorded at 3376865.