3/14/2010-Cnooc Ltd. (NYSE:CEO) said Sunday it has agreed to form an oil-production joint venture with Argentina's Bridas Energy Holdings Ltd. for $3.1 billion to boost its oil production and reserves, the Wall Street Journal reported.
The Beijing-based oil company's Cnooc International unit and Bridas Energy will each hold a 50% stake in the joint venture, which has exploration and production activities in Argentina, Bolivia and Chile through its 40% interest in Pan American Energy LLC.
As of the end of 2009, the assets held by the joint venture included proven reserves of 636 million barrels of oil equivalent and an average daily output of 92,000 barrels of oil equivalent.
Cnooc said it will use internal resources to fund the investment and expects the deal will be completed by the first half of this year.