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Anadarko looking to exit from oil and gas ownership stakes for USD1 billion - sources

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November 4
9:10 AM 2013

According to sources who had knowledge with the process, Anadarko Petroleum Corp had been toying the idea of a sale of its ownership stakes in oil and gas projects located in China. The sale, added the sources, could be worth USD1 billion.

Anadarko reportedly had a 35% ownership stake in several production and development projects. These projects were all located at Bohai Bay. The Houston-based company had planned to raise significant cash in order to invest in more gas properties back in the US.

Last year, Anadarko had transferred its daily operations of its Chinese projects to its joint venture partner China National Offshore Oil Corporation. The transfer was reportedly part of its earlier agreement with the state-backed oil company.

When asked for comment by Reuters, Anadarko refused to provide a statement. The sources declined to be named as the matter had not been made public.

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