Herbert Smith Freehills has advised Hong Kong’s Brightoil Petroleum on its $1.05 billion purchase of Kerr-McGee China Petroleum, the China unit of Texas-based Anadarko Petroleum Corporation.
Vinson & Elkins acted for Anadarko on the sale.
The deal means that Brightoil will acquire Anadarko’s 40 and 29 percent stake in two oil-mining blocks in Bohai Bay, in Northeast China.
A Reuters report said that Brightoil had agreed earlier this year to pay $1.08 billion for the Bohai blocks, and on Aug. 10 confirmed the final price at $1.05 billion.
HSF said the two blocks produced about 32,000 barrels of crude oil a day in 2013.
Brightoil, whose international oil trading and bunkering businesses have been hit hard by the global financial crisis, has been searching for upstream investment opportunities in China and overseas for several years.
The company said last month it expected its upstream business to be the key long-term growth driver for the group following the acquisition.
The Herbert Smith Freehills team was led by Hong Kong energy partner Hilary Lau, and Beijing-based M&A partner Tom Chau.
Vinson & Elkins was led by energy partner Jay Cuclis and M&A partner Xiao Yong, who are both based in Hong Kong, and London-based tax partner Jenny Doak.
