Brightoil’s Bid for Newfield Assets Could Run to $800 Million
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Brightoil Petroleum Holdings Ltd.’s bid for Newfield Exploration Co.’s offshore business in China would be worth around $800 million, according to analysts.
Brightoil said yesterday it planned to bid for the assets, which Newfield has said are up for sale, without disclosing financial details. It follows the marine fuel trader’s acquisition of similar operations from Anadarko Petroleum Corp. for $1.05 billion in August.