In a deal that will increase its global oil production and reserves, the Chinese state-owned energy company, Cnooc Ltd., will purchase half of Bridas Corp., Argentina's second-largest oil producer. Cnooc announced plans Sunday to pay $3.1 billion for a 50 percent stake in Bridas, which has oil fields in Argentina, Bolivia and Chile. Cnooc turned to Baker & McKenzie for counsel, with a team led by partner Bee Chun Boo in Shanghai.
March 19, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In a deal that will increase its global oil production and reserves, the Chinese state-owned energy company, Cnooc Ltd., will purchase half of Bridas Corp., Argentina’s second-largest oil producer.
Cnooc announced plans Sunday to pay $3.1 billion for a 50 percent stake in Bridas. Bridas is currently a wholly owned subsidiary of Bridas Energy Holding Ltd. and could have its name changed once the deal is complete.
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