CNOOC, Bridas Abandon $7bn PAE Purchase

Nov 7, 2011

A joint venture between China’s CNOOC and Bridas Energy Holdings (BEH) has decided against purchasing a 60% equity interest in Argentina’s Pan American Energy (PAE) from BP. Earlier this month, talks had been extended with BP to acquire the British oil company’s stake in PAE...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management