Brightoil Petroleum has completed a $1.05 billion deal to acquire interests in two offshore oil producing blocks in Bohai Bay from Anadarko.
Brightoil has completed the acquisition of interests in Contract Area 04/36 covering 124 sq km (47.86 sq miles) where it now holds 40.09% and a further 29.18% in area 05/36 encompassing another 88 sq km (34 sq miles). Both shallow water blocks are operated by CNOOC. Brightoil originally signed an agreement for the acquisition with Anadarko China in February.
CNOOC began production from the Caofeidian 11-6/12-1S fields in blocks 04/36 and 05/36 with three wellhead platforms and a 13.1 km (8.1 mile) oil export line to an FPSO at an initial rate of 15,000 bbl/d in 2006.
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