Date
23 September 2017

CNOOC mulls Argentina stake sale, Bloomberg says

CNOOC Ltd. (00883.HK), China’s biggest offshore oil and gas explorer, is considering selling its stake in Argentina’s Bridas Corp. to free up money for other projects, Bloomberg News reported Sunday, citing people with knowledge of the matter. The state-owned firm bought 50 percent of Bridas for US$3.1 billion in 2010, while the rest is owned by Argentina’s billionaire Bulgheroni brothers. CNOOC is under pressure to cut operating costs, after raising planned capital spending for 2014 by 31 percent to 120 billion yuan (US$19.3 billion) while output is only expected to grow 5.6 percent, the report said.

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