China Makes Another Huge Oil Bet In South America


While the US dithers in Iraq, and boots away its opportunity to reap the spoils of war, China continues to make big gains among our neighbours.


Cnooc Ltd. said Sunday it has agreed to form an oil-production joint venture with Argentina’s Bridas Energy Holdings Ltd. for US$3.1 billion to boost its oil production and reserves.

The Beijing-based oil company’s unit Cnooc International Ltd. and Bridas Energy Holdings will each hold a 50% stake in the joint venture, which has exploration and production activities in Argentina, Bolivia and Chile through its 40% interest in Pan American Energy LLC, the statement said.

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