China National Offshore Oil Company has successfully concluded a joint venture deal with Bridas Energy Holdings to acquire a 50% stake in Bridas Corporation for $3.1bn.
Bridas Corporation has oil and gas exploration and production operations in Argentina, Bolivia and Chile.
The 50 / 50 joint venture will increase CNOOC’s proven reserves and average daily production by 318 million barrels of oil equivalent and 46,000boe, respectively, on 2009 figures, according to Xinhua news agency.
The deal is part of CNOOC’s growth strategy and expands its reach into Latin America, paving the way for future growth in the region and other countries.
