Overview:

Summary

The China National Offshore Oil Corporation (CNOOC) completed the acquisition of a 50% interest stake in Bridas Corporation (Bridas) from Bridas Energy Holdings Ltd. (BEH) for a purchase consideration of $3.1 billion in cash.

The transaction was funded from the internal resources of CNOOC. As a result of the transaction, CNOOC and BEH each hold 50% interest in Bridas, and now jointly make management decisions. In connection with this transaction, CNOOC International Limited, a wholly-owned subsidiary of the CNOOC, signed the relevant transaction documents with BEH on March 13, 2010.

In this transaction, JPMorgan Chase & Co. acted as financial advisor and Baker & McKenzie LLP acted as legal advisor to CNOOC, and Hopu Investments acted as financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal advisor for Bridas.

The transaction implied deal values of $67,391.3 per barrel of oil equivalent (boe) of daily production and $9.75 per boe of proved reserves.

Scope

- Rationale behind CNOOC acquiring Bridas,
- Strategic Benefits for CNOOC to look for exploration assets in South and Central America,
- Geography covered -Argentina

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in South and Central American industry,
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Argentina's oil & gas market,
- Get a detailed analysis of a deal to enable you to take better decisions.

1 Table of Contents 1
1.1 List of Tables 1
1.2 List of Figures 1
2 CNOOC Acquires Bridas 1
2.1 Deal Overview 1
2.2 Deal in Brief 1
2.3 This Deal Was an Important Step in CNOOC’s Business Globalization Plan as it Marked its Entry Into South America 1
2.4 CNOOC Acquired 50% Stake in Bridas at a Discount as Compared to Other E&P Asset Transactions in South America 3
2.5 Deal Financials and Valuations 4
3 Appendix 6
3.1 Methodology 6
3.2 Contact Us 7
3.3 Disclaimer 7

1.1 List of Tables
Table 1: CNOOC, Asset Transactions, Acquisitions and Partnership Details, January 2010 – March 2011 2
Table 2: South America, E&P Asset Transactions and Acquisitions Details, March 2009 – March 2010 4
Table 3: Companies Involved 4
Table 4: Financials of the Deal 4
Table 5: Target’s Production and Reserves Information 4
Table 6: Company Valuation Multiples 5
Table 7: Commodity Prices in $, Last Close 5
Table 8: Advisor Information 5
Table 9: Target Information 5
Table 10: Vendor Information 5
Table 11: Acquirer Information 6

1.2 List of Figures
Figure 1: CNOOC, Key Assets, March 2010 2
Figure 2: Ownership Structure of Pan American Energy Before and After the BP – Bridas Deal 3
Figure 3: CNOOC’s Deals, Contribution to Proved Reserves Addition 3
Figure 4: CNOOC’s Deals, Contribution to Daily Production Addition 3