CNOOC takes $3.1b stake in Bridas

China's largest offshore oil producer China National Offshore Oil Corp (CNOOC) (0883.HK) announced Sunday it will pay US$3.1 billion to create a joint venture with Bridas Energy, a major Argentine energy produced, the AP reported. According to a statement by CNOOC, the investment would give CNOOC a 50% share of Bridas Corp, currently controlled by Bridas Energy Holdings. Bridas currently has oil and gas exploration and production operations in Argentina, Chile and Bolivia. "Bridas, with a world-class oil and gas asset portfolio, is a very good beachhead for us to enter Latin America," said CNOOC's president, Yang Hua. The cash transation is expected to be completed by June, assuming regulatory approval.

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