Brightoil gains $1.04b offshore capability in Bohai Bay

August 14, 2014

Brightoil Petroleum Holdings, a Shenzhen-based private energy company, announced that it has acquired two oil-producing blocks in Bohai Bay from the US oil and gas company Anadarko Petroleum Corp with a contract value of $1.046 billion.

The acquisitions give Brightoil a 40.09 percent stake in a 124 square kilometers block and a 29.18 percent interest in an 88 square kilometers block.

Brightoil will cooperate with China's largest offshore oil and gas company -- China National Offshore Oil Company -- to develop these two blocks.

Brightoil's oil and natural gas resources now extend to offshore operations.

The purchase also increases the company's storage and production capacity.

Together with its Dina and Tuzi natural gas fields in Xinjiang Uygur autonomous region, the company's reserves are expected to amount to approximately 86 million barrel of oil equivalent.

When all these three areas are in operation, Dina and Tuzi and Bohai Bay will reach a daily net production of 25,000 BOE, and an annual net production of 9 million BOE.

Copyright, China Daily, 2014.