Brightoil Bidding to Buy Newfield Exploration Chinese BlocksTina Davis
Brightoil Petroleum Holdings Ltd. said it’s bidding to acquire a Newfield Exploration Co. subsidiary that holds stakes in two Chinese offshore oil and natural gas blocks.
The purchase would add to its holdings in the Bohai Bay and give it a stake in another block scheduled to start producing at the end of the month, Hong Kong-based Brightoil said in a release today. The marine-fuel trader is looking to spend $1 billion a year in China in the next three to four years as it transforms into an owner of oil and gas assets, Chief Executive Officer Bruce Yung said in an August interview.
Newfield holds a 12 percent stake in Bohai Bay Block 05/36 and a 49 percent stake in Pearl River Block 16/05. Brightoil bought Anadarko Petroleum Corp.’s assets in China for $1.05 billion earlier this year.
Brightoil said if its bid is sucessful it expects to enter into a definitive purchase agreement next month.