Anadarko Petroleum Corp may sell oil and gas projects in China for about $1 billion and reinvest the money in the U.S. market, sources told Reuters.

Houston-based Anadarko owns 35 percent in production and development projects in Bohai Bay.

“CNOOC is seen a potential buyer of Anadarko’s interests, one of the sources told Reuters. CNOOC was not immediately available for comment,” Reuters said.

Anadarko didn’t comment on the report.

The company’s China fields produced 32,300 BOPD (barrels of oil per day) in the second quarter and are expected to average about that through 2013.

The China fields have the smallest production among Anadarko’s international operations, Reuters said.

Newfield Exploration Co Ltd and Hess Corp are also selling Asian oil and gas assets.

In August, Anadarko divested a 10 percent interest in a gas field offshore Mozambique for $2.64 billion. It still holds 26.5 percent of the field and is the operator of the block in Mozambique’s deepwater Rovuma Basin.


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