Deal Insight
BP sells its 60% stake in Pan American Energy to Bridas Corporation for US$7 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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 ...
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Argentina
- Chile
- Deal analysis
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Upsides and risks
- Domestic crude prices
- Increases in regulated gas prices
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Organic upside
- Improved performance at Cerro Dragón
- Petróleo Plus programme
- Exploration opportunities
- Non-upstream interests
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Strategic rationale
- BP
- CNOOC Ltd
- Bridas Energy Holdings
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2
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Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1
What's included
This report contains:
