CNOOC Pays $3.1b, Closes Latin American JV

May 05, 2010
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China National Offshore Oil Corporation (CNOOC) (NYSE:CEO, 0883.HK) has completed the formation of a 50/50 joint venture with Bridas Energy Holdings' oil and gas exploration and production subsidiary Bridas Corporation, the companies announced May 5. The transaction was signed on March 13, and CNOOC paid consideration of about $3.1 billion upon the deal's completion.

Bridas Corporation has exploration and production activities in Argentina, Bolivia and Chile, said previous reports.

Tags: 0883.hk, bridas corporation, bridas energy holdings, ceo, china national offshore oil corporation, cnooc, commodities

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CNOOC Pays $3.1b, Closes Latin American JV
May 05, 2010: China National Offshore Oil Corporation (CNOOC) (NYSE:CEO, 0883.HK) has completed the formation of a 50/50 joint venture with Bridas Energy Holdings' oil and gas exploration and production subsidiary Bridas Corporation, the companies announced May 5. The transaction was signed on March 13, and CNOOC paid consideration of about $3.1 billion upon the deal's completion. Bridas Corporation has exploration and production activities in Argentina, Bolivia and Chile, said previous reports.

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CNOOC Pays $3.1b, Closes Latin American JV

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