Nov 11 - Cnooc Still In Talks With BP On Pan American Stake Acquisition

Source Press
Company CNOOC LtdBP Plc.Bridas Corporation 
Tags Deals, Upstream Activities
Date November 01, 2011

(Dow Jones) China's state-owned Cnooc Ltd. (CEO) Tuesday said its joint venture with Bridas Energy Holding Ltd. is continuing talks with BP PLC (BP) to buy the U.K. oil giant's controlling stake in Argentine crude producer Pan American Energy LLC, in a deal valued at US$7.06 billion. "We are still working on the deal," a Cnooc official who declined to be named told Dow Jones Newswires. The official declined to comment further on the progress of the talks and regulatory approvals.

The comments by China's biggest offshore oil producer come a day after the deadline for securing approvals for the acquisition expired. Cnooc last week said it still hadn't received "certain regulatory approvals" for the deal

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