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8 Pages

CNOOC Ltd to acquire 50% of Bridas Corporation

CNOOC Ltd to acquire 50% of Bridas Corporation

Report summary

CNOOC has announced its intention to acquire a 50% stake in Bridas Corporation for a consideration of US$3.1 billion. Bridas has upstream interests across the Southern Cone of Latin America through its 40% stake in Pan American Energy, a Buenos Aires-based Joint Venture in which BP holds the balance. The deal pertains only to Pan American Energy's assets in Argentina, which accounts for the vast majority of the value in its portfolio, and an exploration block in Chile. The deal is ...

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  • CNOOC Ltd to acquire 50% of Bridas Corporation PDF - 454.45 KB 8 Pages, 4 Tables, 2 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Argentina
    • Chile
  • Deal analysis
  • Upsides and risks
    • Export tax reductions
    • Increases in regulated gas prices
    • Organic upside
      • Improved performance at Cerro Dragón
      • Petróleo Plus programme
      • Exploration opportunities
    • Pan American Energy
    • Non-upstream interests
  • Strategic rationale
    • CNOOC
    • Bridas
  • Oil & gas pricing and assumptions

In this report there are 6 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
  • Upsides and risks
    • Wood Mackenzie NPV estimates under a range of export tax assumptions and oil price realisations
    • Escalante blend oil price realisations under a range of export tax assumptions (as used in valuation scenarios)
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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