» This Story:Read +| Comments

Chinese oil giant to buy stake in Argentine firm

Network News

X Profile
View More Activity
By Associated Press
Monday, March 15, 2010

HONG KONG -- Leading offshore-oil producer China National Offshore Oil Corp. said Sunday that it has agreed to pay $3.1 billion to form a joint venture with a major Argentine energy firm, helping to expand China's access to natural resources in South America.

This Story
View All Items in This Story
View Only Top Items in This Story

The investment would give CNOOC a 50 percent stake in Bridas, a subsidiary of Argentina's Bridas Energy Holdings, the Chinese firm said in a statement to the Hong Kong stock exchange.

The venture would be managed by CNOOC and Bridas Energy Holdings. The Bridas subsidiary has exploration and production operations for oil and gas in Argentina, Bolivia and Chile.

The deal fits CNOOC's plan to broaden its reach into Latin America and grow overseas, the company said. "Bridas, with a world-class oil and gas asset portfolio, is a very good beachhead for us to enter Latin America," CNOOC President Yang Hua said in a statement. CNOOC said its average daily production is expected to climb by 46,000 barrels.

The cash transaction, if approved by China's government and regulators, will be completed by June.

» This Story:Read +| Comments

More South America Coverage


Connect Online

Share and comment on Post world news on Facebook and Twitter.

Colombia's Coca Battle

Colombia's Coca Battle

New tactics in use to prevent crop's growth, but problem is increasingly widespread.

Green Page

Green: Science. Policy. Living.

Full coverage of energy and environment news.

© 2010 The Washington Post Company

Network News

X My Profile
View More Activity