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Herbert Smith Freehills Advises Brightoil On Acquisition Of China Offshore Blocks.

12 August, 2014

 

Herbert Smith Freehills has announced that the firm has taken the lead in advising Hong Kong-based energy and resources company Brightoil Petroleum (Holdings) Limited on its successful USD 1.1bn cash acquisition of Kerr-McGee China Petroleum Ltd., the China unit of Texas-based Anadarko Petroleum Corporation, an independent exploration and production company.

 
The deal will give Brightoil Anadarko’s entire 40% and 29% interests in two blocks in Bohai Bay, northeast China. Additionally Brightoil will gain a 40% interest in of the offshore block of 04/36, which covers an area of 124 square kilometres, and also a 29% stake in the area labeled as 05/36, which covers an area of 88 square kilometres.  
 

The Herbert Smith Freehills team advising Brightoil was led by partner Hilary Lau, who was supported by  Beijing Office head Tom Chau and partners Monica Sun and Alexander Aitken.

 

Hilary Lau commented: “This is certainly an important milestone for our client as its latest acquisition represents its major push into the upstream segment, in which we have the expertise and deep experience in. We are pleased to have assisted Brightoil on such a strategic business venture, advising them on their first steps diversifying into an integrated oil and gas company with both upstream producing business as well as oil trading.”  

 

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