
The deal is likely to foretell other similar deals by CNOOC in South America. On Sunday CNOOC president Yang Hua characterized the deal as representing a "good beachhead for us to enter Latin America," according to the Financial Times ("CNOOC to Pay $3.1 Billion for Argentine Stake," March 14, 2010).
In a statement, CNOOC said, "The transaction is aligned with the company's growth strategy by expanding the company's reach into Latin America and establishes a foundation for future growth in the region and other countries."
Proven reserves of CNOOC will increase by 318 million barrels of oil equivalent when the transaction is completed.
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