Deal Insight
CNOOC Ltd to acquire 50% of Bridas Corporation
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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
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 ...
Table of contents
- 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 1
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- 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)
What's included
This report contains:
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