China's CNOOC completes $3.1bn JV with Bridas

05 May 2010 05:21  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s CNOOC Limited said on Wednesday it has completed a joint venture (JV) with Argentina’s Bridas Energy Holdings (BEH) in a $3.1bn (€2.4bn) deal that would give CNOOC a 50% stake in BEH’s subsidiary Bridas Corporation.

The transaction was signed on 13 March this year, CNOOC said in a statement.

“Upon completion, CNOOC Limited paid a consideration of approximately $3.1bn,” the statement added.

CNOOC Limited is China’s largest listed offshore oil and gas producer.

“This transaction with BEH is of significance in our globalization plan,” said chairman and CEO of CNOOC Limited, Fu Chengyu.

“With the JV with CNOOC Limited, Bridas has made another step forward in the process started with Amoco Corporation that resulted in the creation of Pan American Energy LLC,” added chairman and CEO of BEH, Carlos Bulgheroni.

Bridas, through its affiliates (including a 40% stake in Pan American Energy LLC), currently has oil and gas exploration and production activities in Argentina, Bolivia and Chile.

($1 = €0.77)

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By: Nurluqman Suratman

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