CNOOC has been a long-standing blog favorite.
China will continue to use CNOOC to buy assets abroad so the JV with Bridas Energy Holding should come as no surprise. CNOOC has learned quickly from its failed bid for Unocal and has structured this deal as JV.
As detailed in the Business Week -
" The offer values Bridas’s proven reserves around $10 a barrel, about half of what BP Plc paid Devon Energy Corp. last week for assets in Brazil, the Gulf of Mexico and Azerbaijan, according to Sanford C. Bernstein & Co. analyst Neil Beveridge.
Cnooc estimates the Bridas investment will add 318 million barrels of reserves, an increase of about 12 percent, and also boost its average daily production by 46,000 barrels."
This will not be the last time we see CNOOC make a bid for foreign oil assets and there should be more deals in the future.
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