CNOOC Makes $3 Billion Argentine Splash

摘要

China National Offshore Oil Corp. (CNOOC) has made its biggest overseas acquisition to date with a $3.1 billion investment in a joint venture to be formed with Argentina-focused Bridas Energy. Bridas has stakes in projects in Argentina, Bolivia and Chile. But the prize is its 40% stake in Pan American Energy, the second largest oil and gas producer in Argentina, in which the remaining 60% is held by UK supermajor BP.