Anadarko Selling Off Chinese Holdings For $1.08 Billion
by: Andrew Schneider, February 19, 2014 5:02:00 am
Chinese energy company Brightoil Petroleum (Holdings) is buying the unit, which owns Anadarko’s stake in the Bohai Bay Field, off the northeast coast of China.
Anadarko is shedding some international assets, as it focuses more on activities in North America. Michelle Foss is chief energy economist at the University of Texas’ Bureau of Economic Geology.
“"t will give them more leverage that they need to be able to execute on onshore plays in the U.S., which are very challenging, but even more so to be able to look back to the Gulf of Mexico, which is generally speaking the trend right now, as companies look to where they can get the best results in terms of strong growth in reserves and production."
Last year, Anadarko said it that it was selling part of its stake in a property off Mozambique for roughly $2.6 billion. The Woodlands-based company said it expects to close the China sale later this year.