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. It's 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.
CNOOC International holds assets in both shale gas and conventional oil in Colombia and was one of the first companies to explore for shale gas in the country.
In 2012, three gas wells were drilled on two of four blocks that CNOOC International holds close to Bogota. The four blocks occupy a total area of approximately 600,000 hectares, or 1.5 million acres.
Over the last 20 years, CNOOC International has drilled seven conventional oil exploratory wells in Colombia. One of these wells resulted in an oil field that is operated by our partner Petrobras. CNOOC International has a 50% working interest.
CNOOC International has 100% working interest in two deepwater exploration blocks – Block 1 and Block 4 – in the Gulf of Mexico’s Cinurón Plegado Perdido, located in the offshore segment of the Burgos geological province, containing mostly oil.
In 2017, CNOOC International entered a 35-year licensing contract for the exploration and production of the block. The exploration period has been divided into three stages, for a total of ten years. Over the next few years, CNOOC International will complete the commitment of the voluntary workload in accordance with the requirements of the contract and will strive to obtain commercial discovery through drilling activities.
CNOOC International holds 12.5% working interest in the 2C block and a 17.12% working interest in the 3A block in the Greater Angostura field, located in the eastern Trinidadian sector of the Eastern Venezuela basin. BHP is the operator.