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CNOOC closes $3.1 bln deal to buy 50% of Bridas Energy subsi
Release time£º2010-11-15 10:45 Source£º

ChinaNational Offshore Oil Company Limited (CNOOC Ltd.) said Wednesday it has closeda 3.1 billion U.S. dollar deal with Argentina-based Bridas Energy Holdings(BEH) to buy a 50 percent stake in Bridas Corporation, a wholly ownedsubsidiary of BEH before the deal.

BridasCorporation, with oil and gas exploration and production operations inArgentina, Bolivia and Chile, is now a 50-50 joint venture between CNOOC Ltd.and BEH.

CNOOCLtd. said it signed the deal on March 13, using its internal funding resources.

Thetransaction will increase CNOOC Ltd.¡®s proven reserves and average dailyproduction by 318 million barrels of oil equivalent (BOE) and 46,000 BOE,respectively, based on 2009 figures.