China’s CNOOC in Argentine deal

China National Offshore Oil Corp (CNOOC), China's biggest offshore oil explorer, plans a joint venture with Argentina's Bridas Energy Holdings, paying $3.1bn to take a 50 per cent stake in a subsidiary, Bridas Corporation, the company said. Bridas Corp, currently wholly-owned by Bridas Energy, will become equally owned by the partners and could have its name changed once the deal is completed, CNOOC said