CNOOC forms joint venture in South America

    April 16, 2010 | BY

    clpstaff &clp articles

    China National Offshore Oil Coorporation (CNOOC) has paired with Argentine oil and gas company Bridas Energy Holdings (BEH) to form a 50/50 joint venture.…

    China National Offshore Oil Coorporation (CNOOC) has paired with Argentine oil and gas company Bridas Energy Holdings (BEH) to form a 50/50 joint venture. CNOOC has paid a cash consideration of US$3.1 billion.

    Upon completion of the deal, CNOOC and BEH each will hold a 50% interest in the joint venture company, Bridas and jointly make management decisions. At the moment, Bridas is a wholly-owned subsidiary of BEH. BEH has oil and gas exploration, and production activities across South America.

    Acting for CNOOC was Baker & McKenzie. Its Beijing partners Stanley Jia and Bee Chun Boo led a multi-jurisdictional team. Akin Gump Strauss Hauer & Feld counselled BEH.

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