Anadarko Petroleum Corporation 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."