Name: CNOOC Ltd to acquire 50% of Bridas Corporation
Brand: Wood Mackenzie
SKU: 14541
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 14 March 2010

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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 ...

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

Tables and charts

This report includes the following images and tables:

Executive summary: Table 1Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2

Upstream assets: Table 1Wood Mackenzie NPV estimates under a range of export tax assumptions and oil price realisationsEscalante blend oil price realisations under a range of export tax assumptions (as used in valuation scenarios)