Deal insight

BP sells its 60% stake in Pan American Energy to Bridas Corporation for US$7 billion

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Report summary

BP is to sell its 60% stake in Pan American Energy (PAE) to Bridas Corporation for a cash consideration of $7.1 billion. Bridas Corporation is owned 50% by Bridas Energy Holdings Ltd. and 50% by CNOOC Ltd, the latter having acquired its share in March 2010 for US$3.1 billion. Bridas Corporation already holds the remaining 40% in PAE. We value the assets transferred at US$7.0 billion (NPV10). However, given the fiscal, regulatory and operational uncertainties associated with the ...

What's included

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    BP sells its 60% stake in Pan American Energy to Bridas Corporation for US$7 billion

    PDF 405.91 KB

Table of contents

  • Executive summary
  • Transaction details
    • Argentina
    • Chile
  • Deal analysis
    • Domestic crude prices
    • Increases in regulated gas prices
      • Improved performance at Cerro Dragón
      • Petróleo Plus programme
      • Exploration opportunities
    • Non-upstream interests
    • BP
    • CNOOC Ltd
    • Bridas Energy Holdings
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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