CNOOC, Bridas Abandon $7bn PAE Purchase

CNOOC, Bridas Abandon $7bn PAE Purchase

Argentina Brazil China M&A

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 for $7.06bn in cash, and a final closing date had been expected sometime next year. This comes shortly after the Argentine government’s mandate in October calling for oil and mining companies to repatriate export earnings. I

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