CNOOC Closes $3.1B JV Deal

CNOOC and Bridas Energy have completed the formation of a 50/50% joint venture in Bridas Corporation ("Bridas").

The transaction was signed on March 13, 2010. Upon completion, CNOOC Ltd. paid a consideration of approximately USD $3.1 billion.

Chairman and Chief Executive Officer of CNOOC Ltd., Mr. Fu Chengyu commented, "This transaction with BEH is of significance in our globalization plan. Completing the transaction in such an expedited timeframe highlights the superb execution abilities of both CNOOC Ltd. and BEH."

Chairman and Chief Executive Officer of BEH, Mr. Carlos Bulgheroni said, "With the Joint Venture with CNOOC Ltd., Bridas has made another step forward in the process started with Amoco Corporation that resulted in the creation of Pan American Energy LLC."