CNOOC seeks JV with Argentine oil firm

China National Offshore Oil Corp. (CNOOC) has released a statement announcing that it has proposed establishing a 50-50 joint venture (JV) with Argentine oil company Bridas Energy Holdings. CNOOC will pay around US$3.1 billion in cash for the 50% stake, making it the largest acquisition announced by CNOOC to date. CNOOC said that it expects to complete the transaction in the first half of 2010, subject to regulatory approval in China and Argentina. Bridas’ main asset is a 40% interest in Pan American Energy—a JV with BP (60%)—which has interests in oil and gas blocks in Argentina, Chile and Bolivia. (March 15, 2010)