China’s state-owned oil and gas company has been on a worldwide shopping spree, buying up oil and gas assets. Earlier this week it was announced that Cnooc will invest $3.1 billion in a joint venture with Bridas Energy Holdings to develop exploration and production in Argentina, Bolivia, and Chile.
“The deal highlights China’s growing thirst for energy resources globally,” wrote The Wall Street Journal, which notes that in the last four months Cnooc has committed to major investments in Venezuela, Uganda, and Iraq.
Bridas Energy Holdings’ energy assets include 636 million barrels of proven reserves of oil equivalent with average daily production of 92,000 barrels of oil equivalent.
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