CNOOC Acquires Bridas - CNOOC Enters South America Through the Deal - Deal Analysis from GlobalData

Date: April 1, 2011
Pages: 7
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US$ 500.00
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Publisher: GlobalData
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: C682323A368EN
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CNOOC Acquires Bridas - CNOOC Enters South America Through the Deal - Deal Analysis from GlobalData
CNOOC Acquires Bridas - CNOOC Enters South America Through the Deal - Deal Analysis from GlobalData

Summary

The China National Offshore Oil Corporation (CNOOC) completed the acquisition of a 50% interest stake in Bridas Corporation (Bridas) from Bridas Energy Holdings Ltd. (BEH) for a purchase consideration of $3.1 billion in cash.

The transaction was funded from the internal resources of CNOOC. As a result of the transaction, CNOOC and BEH each hold 50% interest in Bridas, and now jointly make management decisions. In connection with this transaction, CNOOC International Limited, a wholly-owned subsidiary of the CNOOC, signed the relevant transaction documents with BEH on March 13, 2010.

In this transaction, JPMorgan Chase & Co. acted as financial advisor and Baker & McKenzie LLP acted as legal advisor to CNOOC, and Hopu Investments acted as financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal advisor for Bridas.

The transaction implied deal values of $67,391.3 per barrel of oil equivalent (boe) of daily production and $9.75 per boe of proved reserves.

Scope
  • Rationale behind CNOOC acquiring Bridas,
  • Strategic Benefits for CNOOC to look for exploration assets in South and Central America,
  • Geography covered -Argentina
Reasons to buy
  • Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in South and Central American industry,
  • Identify the most lucrative segments to leverage on the growth oppurtunities available in the Argentina's oil & gas market,
  • Get a detailed analysis of a deal to enable you to take better decisions.
1 TABLE OF CONTENTS

1.1 List of Tables
1.2 List of Figures

2 CNOOC ACQUIRES BRIDAS

2.1 Deal Overview
2.2 Deal in Brief
2.3 This Deal Was an Important Step in CNOOC’s Business Globalization Plan as it Marked its Entry Into South America
2.4 CNOOC Acquired 50% Stake in Bridas at a Discount as Compared to Other E&P Asset Transactions in South America
2.5 Deal Financials and Valuations

3 APPENDIX

3.1 Methodology
3.2 Contact Us
3.3 Disclaimer

LIST OF TABLES

Table 1: CNOOC, Asset Transactions, Acquisitions and Partnership Details, January 2010 – March 2011
Table 2: South America, E&P Asset Transactions and Acquisitions Details, March 2009 – March 2010
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Target’s Production and Reserves Information
Table 6: Company Valuation Multiples
Table 7: Commodity Prices in $, Last Close
Table 8: Advisor Information
Table 9: Target Information
Table 10: Vendor Information
Table 11: Acquirer Information

LIST OF FIGURES

Figure 1: CNOOC, Key Assets, March 2010
Figure 2: Ownership Structure of Pan American Energy Before and After the BP – Bridas Deal
Figure 3: CNOOC’s Deals, Contribution to Proved Reserves Addition
Figure 4: CNOOC’s Deals, Contribution to Daily Production Addition

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