China Boosts Argentina Oil Holding

China Boosts Argentina Oil Holding

Argentina

Argentina-based Bridas, which is 50% owned by China’s CNOOC, is paying $7.06bn in cash for BP’s 60% stake in Pan American Energy (PAE), excluding its Bolivia assets. “After the transaction and with the world-class oil and gas asset portfolio and existing excellent management team of PAE, we’ll be able to enhance our presence in the region, which will benefit us in the short-term and long run,” says Yang Hua, vice chairman and CEO of CNOOC Limited. PAE is an Argentina-based oil and gas company ow

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