Anadarko Looking to Sell Chinese Oil, Gas Assets

Anadarko Petroleum is mulling selling its Chinese oil and gas assets, news agency Reuters reported Monday.

According to the news agency, Anadarko’s holdings in oil and gas projects in China could be valued at about $1 billion.

CNOOC is seen a potential buyer of Anadarko's interests, one of the sources told Reuters.

Anadarko owns about a 35 percent interest in production and development projects in China's Bohai Bay.

Last year, Anadarko transferred day-to-day operations of the projects to its joint venture partner CNOOC Ltd as part of an earlier agreement, Reuters added.

The company's Chinese fields produced about 32,300 BOPD (barrels of oil per day) in the second quarter and are expected to average between 32,000 to 35,000 BOPD for the remainder of 2013, according to the company's second-quarter production report.

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