Brightoil Petroleum Holdings Limited (SEHK:933) said it is looking to buy oil and gas resource assets worth over $1 billion despite its heavy debt load, after posting a sharp drop in annual profit and making a surprise reversal in asset impairments booked earlier. “We will only consider buying assets worth over $1 billion, preferably $2 billion to $3 billion,” Chairman Sit Kwong-lam told reporters. “We are mostly looking at natural gas projects as oil prices have been on a roller coaster ride, while gas is a cleaner energy with good demand growth prospects.”