Cnooc Acquires Argentina Oil Assets

WSJ On-Line ^ | MARCH 14, 2010 | YVONNE LEE and NISHA GOPALAN

[Pontiac]

Chinese state-owned oil company Cnooc Ltd. said it will pay $3.1 billion for a 50% stake in a unit of Argentina's Bridas Energy Holdings Ltd. in a move to boost its production and reserves.

The deal highlights China's growing thirst for energy resources globally. The Chinese government is encouraging state-owned energy companies to buy assets abroad to power the country's booming economy.

The deal is structured as an oil and gas production joint venture. The Beijing-based oil company's unit, Cnooc International Ltd., and Bridas Energy Holdings will each hold a 50% stake in Bridas Corp., which has exploration and production activities in Argentina, Bolivia and Chile, mostly through its 40% interest in Pan American Energy LLC.

The plan is the latest in a string of international expansion moves by Cnooc, including elsewhere in Latin America. In December, Cnooc initialed a pact in Caracas to develop the Boyaca 3 oil block in the Orinoco belt, a large heavy-crude basin in Eastern Venezuela.

"Cnooc takes a first large step into southern South America, and Bridas consolidates its international presence and its interests in Central Asia, Africa and the Far East," said Mr. Bulgheroni, Bridas Energy president.

"This joint venture is aligned with our philosophy of seeking partnerships to expand our global footprint," Chairman Fu Chengyu said.

Cnooc has said it wants to increase its oil and gas output by 6%-10% between 2011 and 2015.

[Pontiac]

China continues to lok up more and more oil fields while Obama and the DemicRats spend us in to oblivion.

China continues to grow in world influence while Obama works hard at diminishing US prestige in the world.

With leadership like the Dims we will soon be a third world has been.

[neodad]

Wait till the fight over the Falklands is China v. Britain. Then who are we going to support?

[Frantzie]

Argentina ia bankrupt socialist state. The statnadrd of living there has been dropping since the 1950s thanks to Peronism.

[SunkenCiv]

Thanks Pontiac.

[Glenn]

Then who are we going to support?

Palestine. As usual.

[Indy Pendance]

This admin? China. Obama is a Maoist. We’re dissing all our allies. God help us.

[Ramius]

Woah. yah... this throws a whole new light on the Falklands.

Yikes.

[Pontiac]

WSJ ping

[myknowledge]

This is done by design by the globalist elite, with Obama as their hand-picked frontman.

They believe the United States has served its purpose and intentionally diminish its prestige and world standing, because the People's Republic of China would sooner or later be the world's last superpower.

Sadly, the once-great United States will never be the same again, and lose its status as a first-world nation.

If there was an alternative to crude oil to power our vehicular means of transportation, synthetic fuels would be the best option, and it truly is the alternative fuel.

To break U.S. overdependence on imported oil, it's time to make the incremental switch to synthetic fuels.

Synthetic fuels.

If the United States Air Force can do it, so can the rest of America.

[Pontiac]

Sure they need the money.

But if the US was not in such a financial mess thanks to years of progressive mismanagement of our economy and Liberal foreign policy it would be US companies investing in South American oil reserves not China.

[Pontiac]

Sorry there are no good choices available.

[GOP_Lady]

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