CNOOC Ltd. Closes Joint Venture Deal with BEH

time2010/05/07

On May 5, CNOOC Limited ("CNOOC Ltd.") and Bridas Energy Holdings ("BEH") announced that both parties have completed the formation of a 50/50% joint venture in Bridas Corporation ("Bridas").

The transaction was signed on March 13, 2010. Upon completion, CNOOC Ltd. paid a consideration of approximately USD $3.1 billion.

Mr.Fu Chengyu, Chairman and CEO of CNOOC Ltd.commented, "This transaction with BEH is of significance in our globalization plan. Completing the transaction in such an expedited timeframe highlights the superb execution abilities of both CNOOC Ltd. and BEH."

Mr. Carlos Bulgheroni, Chairman and Chief Executive Officer of BEH said, "With the Joint Venture with CNOOC Ltd., Bridas has made another step forward in the process started with Amoco Corporation that resulted in the creation of Pan American Energy LLC."

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