China's biggest offshore oil explorer, ia reported to have paid $3.1 billion to take a 50 percent stake in a subsidiary for a joint venture with Argentina's Bridas Energy Holdings.

The press release is quoted as saying:

Bridas Corp had proven reserves of 636 million barrels of oil equivalent (BOE) and an average daily production of 92,000 boe at the end of 2009, CNOOC said in its statement. The new joint venture company will have exploration and production activities in Argentina, Bolivia and Chile. The partners expect to complete the deal in the first half of this year.

Click here to access the entire press release ^[1]

Click here to access Bridas Corporation Corporate Site ^[2]