CNOOC Forms JV In Argentina
By Pan Xiaoyi |
May 6, 2010, Thursday
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Print Edition
Print Edition
CHINA National Offshore Oil Corp, the country's biggest offshore oil explorer, said yesterday it agreed to pay US$3.1 billion to set up an equally owned joint venture with Argentina's Bridas Energy Holdings.
"The deal will play a vital role for the company to become an international player," said Fu Chengyu, chairman and CEO of CNOOC.
The joint venture has world-class oil and gas assets with proven reserves of 636 million barrels of oil equivalent (boe) and an average daily production of 92,000 boe at the end of 2009.
The agreement, signed in March, will help CNOOC seek exploration and production activities in Argentina, Bolivia and Chile.
"The deal will play a vital role for the company to become an international player," said Fu Chengyu, chairman and CEO of CNOOC.
The joint venture has world-class oil and gas assets with proven reserves of 636 million barrels of oil equivalent (boe) and an average daily production of 92,000 boe at the end of 2009.
The agreement, signed in March, will help CNOOC seek exploration and production activities in Argentina, Bolivia and Chile.
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