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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