CNOOC International interests in Argentina stem from the company’s stake in Pan American Energy Group (PAEG), which was formed through the merger of BC Energy Investments Corp. – a 50-50 joint venture of CNOOC International and Bridas Energy Holding – and British Petroleum (BP). BC Energy Investments Corp. and BP each hold 50% ownership of PAEG.
PAEG is the largest private oil company in Argentina with activities from upstream to downstream. Its upstream interests are in Argentina’s four main hydrocarbon basins, the Tarija basin in Bolivia, and in the shallow water Mexican area of the Gulf of Mexico. It also owns the Campana refinery approximately 75 kilometres north of Buenos Aires and more than 750 retail sites in Argentina, Uruquay and Paraguay.
