Anadarko Petroleum Corporation announced it has entered into a stock purchase agreement with a wholly owned subsidiary of Brightoil Petroleum (Holdings) Limited, whereby Anadarko will divest its Chinese subsidiary for $1.075 billion.

"This transaction accelerates the recognition of value from a non-operated legacy asset and continues to demonstrate our commitment to active portfolio management," said Anadarko Chairman, President and CEO Al Walker. "We value our long-term relationship with CNOOC, wish them continued success and look forward to future partnering opportunities."

The subsidiary to be divested owns Anadarko's non-operating interest in the Bohai Bay field. During 2013, Anadarko's net oil sales volumes from Bohai Bay averaged approximately 11,000 barrels per day.

The transaction is expected to close later this year subject to preferential rights, regulatory approvals and other customary closing conditions.

About Anadarko

Anadarko Petroleum Corporation's (NYSE: APC) mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2013, the company had approximately 2.79 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.

About Brightoil Petroleum

Brightoil Petroleum (Holdings) Limited is principally engaged in the International Trading and Bunkering Business, Oil Storage and Terminal Facilities, Marine Transportation as well as Upstream Business. The Group entered into a US$4 billion Strategic Cooperation Agreement with China Development Bank in January 2011 to support current business development and potential M&A projects.