CNOOC Finds A Willing Argentinian Bridas

Via Energy Daily, a report that China’s overseas hydrocarbon acquisition activities continue, this time in Argentina.  As the article notes:

“…China’s state-owned energy giant Cnooc said Sunday it would pay 3.1 billion US dollars for a 50-percent stake in an Argentinian-owned energy company , the latest in a string of acquisitions.

Cnooc said the deal, which must still be approved by regulators whom it did not identify, would see it strike a joint venture agreement for a stake in Bridas Corp. with the South American company’s parent, Bridas Energy Holdings.

Cnooc — the Hong-Kong-listed arm of China National Offshore Oil Corp. — said Bridas has oil and gas assets in Argentina, Bolivia and Chile.

The Chinese firm said it expected the cash deal, which would be funded by “the internal resources of the company,” to be completed by mid-2010.

“The transaction is aligned with (Cnooc’s) growth strategy by expanding the company’s reach into Latin America and establishes a foundation for future growth in the region and other countries,” it said in a statement posted to the Hong Kong Stock Exchange on Sunday.

Last month, media reports said Cnooc would pay 2.5 billion US dollars for a stake in Tullow Oil Plc’s Ugandan oil assets, underlining China’s push to gain a foothold in Africa’s energy sector.

That announcement came just one day after the Baghdad government said Cnooc had signed an initial deal to develop the 2.5-billion-barrel Missan oil field complex in southern Iraq, along with Chinese partner, Sinochem International Corp., Dow Joneswswires said.

In November, Norwegian energy group Statoil said it was selling some of its US offshore oil assets to Cnooc, the first step by a Chinese energy major into the US market.”

This entry was posted on Tuesday, March 16th, 2010 at 4:56 am and is filed under Argentina, China, China National Offshore Oil Corporation.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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