Brightoil Petroleum completes acquisition of Bohai Bay offshore oil fields from US company Anadarko
Brightoil Petroleum (Holdings) Limited announced the closing of a stock purchase agreement with Anadarko China Holdings 2 Company Limited, a wholly-owned subsidiary of Anadarko Petroleum Corporation, to acquire a participating interest in two oil producing blocks in Bohai Bay at a consideration of USD 1.046 billion, the company said in its press release.
Following the signing of the agreement on 18 February, the acquisition was successfully completed on 8 August after six months of efforts put together by both parties. After the closing of the Agreement, the Group now holds a 40.09% participating interest in the 124km 2 offshore block and a 29.18% participating interest in the 88 km 2 offshore block.
The operator of both blocks is CNOOC China Limited (“CCL”). As a result of this, the Company's oil and natural gas resources extend from the ground to offshore, and the Company's oil and natural gas storage and production will increase immensely. Together with its originally owned Dina1 and Tuzi natural gas field, the Company's interest in 2P storage is expected to reach approximately 86 million boe. When all the se three areas are in operation, Dina1 and Tuzi and Bohai will reach a daily net production of approximately 25,000 boe, and an annual net production of approximately 9 million boe. Upon this successful Closing, the Company will reach a solid step-out and broaden its activities into energy resources supply and operation.
About Brightoil Petroleum
Brightoil Petroleum (Holdings) Limited is a resource -based energy enterprise focusing on upstream oil and gas resources exploration, along with further developm ents downstream. The Group is principally engaged in the Exploitation and Production of Upstream Oil and Gas Fields, Marine Transportation, Oil Storage and Terminal Facilities and International Trading and Bunkering Business. The Group has three oil and gas field projects in its portfolio, including Dina1 Gas Field, Tuzi Gas Field and Caofeidian Field in Bohai Bay. The Company's interest in 2P storage is expected to reach approximately 86 million boe. When all these three areas are in oper ation, Dina1 and Tuzi and Bohai will reach a daily net production of approximately 25,000 boe , and an annual net production of approximately 9 million boe. The Group currently operates four Aframax Oil Tankers and five VLCCs, and has a marine transportation capacity that will exceed 2 million tonnes. The Group’s oil storage facility on Waidiao Island in Zhoushan, with a total capacity of 3.16 million cubic meters, is under construction.
