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Industry Brief

Anadarko Petroleum Corp.agreed to sell its Chinese subsidiary to a unit of Brightoil Petroleum (Holdings) Ltd. for $1.075 billion worth of stock. The subsidiary being sold owns The Woodlands, TX-based producer's interests in the Bohai Bay field. In 2013 Anadarko's net sales volumes from Bohai Bay averaged 11,000 b/d of oil. CEO Al Walker said the sale demonstrated a commitment to "active portfolio management." The sale should close by the end of 2014.

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