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Cnooc to Buy Half of Argentina’s Bridas for $3.1 Bln (Update

Bloomberg.com -- Cnooc Ltd., China’s biggest offshore oil explorer, said it will invest $3.1 billion for a 50 percent share of Bridas Corporation, giving it a stake in Argentina’s largest oil exporter.

Excerpts

Bridas, controlled by the Bulgheroni family, has exploration and production operations in Argentina, Bolivia and Chile.

“Given China’s increasing reliance on imported crude oil and the nation’s robust demand in fuel driven by the rapid growth in automobile sales, it is a priority for the Chinese government and its companies to secure resources globally,”

PetroChina Co. in December won approval from the Canadian government to buy a stake in two Alberta oil-sands projects for C$1.9 billion ($1.86 billion

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Submitted Mar 14, 2010 By: UncleCurt

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bumpygas Champion Author Nebraska Posts:5,958 Points:1,454,285 Joined:Oct 2007	Message Posted: Mar 14, 2010 8:15:34 PM Ignore bumpygas Report Abuse And this is what they are doing with the profits they stole from the American consumer. Now I'll be forced to speak Chinese as well as Spanish.
jimgraham Champion Author Akron Posts:7,976 Points:1,515,970 Joined:Oct 2007	Message Posted: Mar 14, 2010 8:11:14 PM Ignore jimgraham Report Abuse My thoughts too Goatroper.
Goatroper Champion Author Dallas Posts:4,689 Points:914,495 Joined:Apr 2004	Message Posted: Mar 14, 2010 8:08:15 PM Ignore Goatroper Report Abuse China seems to be buying up the world with the money we spent on junk.
divebomber Champion Author Nebraska Posts:3,724 Points:1,347,365 Joined:Jun 2007	Message Posted: Mar 14, 2010 7:03:41 PM Ignore divebomber Report Abuse We pay no matter what!
cuspid All-Star Author Michigan Posts:570 Points:396,205 Joined:Jun 2008	Message Posted: Mar 14, 2010 6:55:45 PM Ignore cuspid Report Abuse I dont trust china
DustyHorse Champion Author Virginia Posts:4,026 Points:980,415 Joined:Oct 2008	Message Posted: Mar 14, 2010 6:09:47 PM Ignore DustyHorse Report Abuse Another reason for speculators to raise crude oil prices.
suzyq2007 Champion Author Dallas Posts:5,031 Points:1,222,095 Joined:Oct 2007	Message Posted: Mar 14, 2010 6:04:48 PM Ignore suzyq2007 Report Abuse and the big get bigger.
murdershewrote Champion Author Riverside Posts:7,272 Points:2,146,710 Joined:Mar 2005	Message Posted: Mar 14, 2010 6:02:05 PM Ignore murdershewrote Report Abuse 25/50 years..start learning chinese
ops3 Champion Author Cincinnati Posts:1,229 Points:737,025 Joined:Dec 2007	Message Posted: Mar 14, 2010 4:31:26 PM Ignore ops3 Report Abuse China is going to use the money from WalMart to buy up control of the world's oil; which is how they will conquer us without ever using those ballistic missile submarines parked off our West Coast. Our grandchildren thank you WalMart!!!
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Mar 14, 2010 3:12:00 PM Ignore mmene Report Abuse The Chinese are using their dollar surpluses to gobble up commodity resources from all over the world. There soon won't be anything left for anyone else.
LanguageMan1 Champion Author Tampa Posts:9,150 Points:1,199,210 Joined:Apr 2008	Message Posted: Mar 14, 2010 3:04:12 PM Ignore LanguageMan1 Report Abuse China is indeed a major player now. Too bad we're not doing more in and out of this country of ours.
ByGuy Champion Author Dallas Posts:5,664 Points:1,271,355 Joined:Nov 2005	Message Posted: Mar 14, 2010 2:59:40 PM Ignore ByGuy Report Abuse Yes, it would be nice if the US had a energy plan...that made sense.
silvolvo Veteran Author Twin Cities Posts:258 Points:877,125 Joined:Apr 2008	Message Posted: Mar 14, 2010 2:57:12 PM Ignore silvolvo Report Abuse it is obvious where China is focusing its development, good for them to actually be pursuing an energy plan - we need one in the US
caddilac Champion Author Ontario Posts:13,799 Points:1,674,755 Joined:Apr 2007	Message Posted: Mar 14, 2010 2:48:30 PM Ignore caddilac Report Abuse DAK1960, I think you already are behind China. Just go to any store and look to see where most of the products are made. southjerseyal, the US borrows money from China, not the other way around, so basically they already own you. Bud122CA, the reason that there is not as much drilling in the US is because too many people there want the oil but they don't want the wells anywhere near them. NIMBY [Edited by: caddilac at 3/14/2010 3:52:39 PM EST]
Bud122CA Champion Author California Posts:5,228 Points:1,148,885 Joined:Jul 2008	Message Posted: Mar 14, 2010 2:47:02 PM Ignore Bud122CA Report Abuse Why aren't we (AMERICA) drilling our own wells here??? We have to get out from under outside investors.
southjerseyal Champion Author New Jersey Posts:11,474 Points:1,512,515 Joined:Mar 2005	Message Posted: Mar 14, 2010 2:45:03 PM Ignore southjerseyal Report Abuse Not long from now I bet China will own most of US...
Bert2010 Veteran Author Columbus Posts:431 Points:184,095 Joined:Feb 2010	Message Posted: Mar 14, 2010 2:41:40 PM Ignore Bert2010 Report Abuse China is certainly moving up in the world.
RocketmanC99 Champion Author Missouri Posts:1,341 Points:669,365 Joined:Jan 2007	Message Posted: Mar 14, 2010 2:36:20 PM Ignore RocketmanC99 Report Abuse That's a lot of money.
DAK1960 Champion Author Illinois Posts:2,014 Points:424,680 Joined:Nov 2008	Message Posted: Mar 14, 2010 2:34:06 PM Ignore DAK1960 Report Abuse china china china if we arent careful we will be second behind them soon
BWD Champion Author Charleston Posts:3,116 Points:1,760,940 Joined:May 2004	Message Posted: Mar 14, 2010 2:33:06 PM Ignore BWD Report Abuse Not good.
DJRIO Champion Author Miami Posts:5,500 Points:962,290 Joined:Jan 2008	Message Posted: Mar 14, 2010 2:25:48 PM Ignore DJRIO Report Abuse really
MiniFan Champion Author California Posts:2,223 Points:749,050 Joined:Nov 2008	Message Posted: Mar 14, 2010 2:24:53 PM Ignore MiniFan Report Abuse more control for China
915Chief Champion Author San Diego Posts:6,066 Points:1,204,220 Joined:Aug 2008	Message Posted: Mar 14, 2010 2:21:48 PM Ignore 915Chief Report Abuse Sooner or later their economy will implode and it will be sold for a song.
Buck_on_Bass Champion Author Tennessee Posts:5,190 Points:1,042,340 Joined:Jul 2007	Message Posted: Mar 14, 2010 2:19:49 PM Ignore Buck_on_Bass Report Abuse BlueVanGroup is correct.
Mr.Dirt Champion Author Albany Posts:6,771 Points:2,166,740 Joined:Mar 2004	Message Posted: Mar 14, 2010 2:16:26 PM Ignore Mr.Dirt Report Abuse they will end up over here taking our oil off shore
esorsd Champion Author St. Louis Posts:3,508 Points:1,187,790 Joined:May 2005	Message Posted: Mar 14, 2010 2:10:44 PM Ignore esorsd Report Abuse one more example of China flexing their muscles towards world dominance.
2granny Champion Author Michigan Posts:7,160 Points:1,001,530 Joined:Apr 2009	Message Posted: Mar 14, 2010 1:54:14 PM Ignore 2granny Report Abuse Not only does China have our money, now they will own most of the oil.
PetroPedro All-Star Author Florida Posts:753 Points:163,590 Joined:May 2007	Message Posted: Mar 14, 2010 1:53:52 PM Ignore PetroPedro Report Abuse Probably tired of buying up all of bad U.S. debt
MahopacJack Champion Author New York Posts:5,904 Points:1,182,605 Joined:Feb 2008	Message Posted: Mar 14, 2010 1:53:35 PM Ignore MahopacJack Report Abuse China sure has been on a spending spree of buying up companies and making very long term contracts to buy energy.
JerryBx7 Champion Author Virginia Beach Posts:5,686 Points:850,975 Joined:Oct 2008	Message Posted: Mar 14, 2010 1:53:31 PM Ignore JerryBx7 Report Abuse and it's referred to as a "beach head" as in war?
rugbyphil Champion Author Las Vegas Posts:19,137 Points:3,056,450 Joined:Apr 2003	Message Posted: Mar 14, 2010 1:49:27 PM Ignore rugbyphil Report Abuse China rules
YLHandyman Champion Author Orange County Posts:5,009 Points:931,010 Joined:Feb 2008	Message Posted: Mar 14, 2010 1:47:51 PM Ignore YLHandyman Report Abuse China grabs another 50% of a company.
Sam195 Champion Author San Bernardino Posts:5,765 Points:1,116,950 Joined:Oct 2008	Message Posted: Mar 14, 2010 1:46:57 PM Ignore Sam195 Report Abuse The Chinese have to spend their money somewhere.
bluenvoy Champion Author Nashville Posts:11,578 Points:1,502,465 Joined:Oct 2005	Message Posted: Mar 14, 2010 1:39:20 PM Ignore bluenvoy Report Abuse Meanwhile all the left wing zealots in this country stop us from becoming energy independent.
tazdriver Champion Author Huntsville Posts:4,913 Points:1,558,395 Joined:Jan 2007	Message Posted: Mar 14, 2010 1:36:17 PM Ignore tazdriver Report Abuse Big oil has set a path that energy independence could overcome
Kato51 Champion Author Atlanta Posts:5,342 Points:1,773,400 Joined:Jul 2005	Message Posted: Mar 14, 2010 1:35:23 PM Ignore Kato51 Report Abuse What will we do when China takes control of the oil market? Won't be long and China will replace out position in he world.
Kent54 Rookie Author Albuquerque Posts:71 Points:57,615 Joined:Aug 2005	Message Posted: Mar 14, 2010 1:33:13 PM Ignore Kent54 Report Abuse China staking big claim in Latin America. Smart commies plan ahead!
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Mar 14, 2010 1:30:07 PM Ignore janctx Report Abuse Is this going to help us or just them
ARROWHEAD Veteran Author Detroit Posts:453 Points:1,019,125 Joined:Mar 2004	Message Posted: Mar 14, 2010 1:22:03 PM Ignore ARROWHEAD Report Abuse There looking ahead!
cptjames Veteran Author Dallas Posts:375 Points:110,195 Joined:Apr 2006	Message Posted: Mar 14, 2010 1:21:36 PM Ignore cptjames Report Abuse Good point, ziyulu.
Star Cruise Champion Author Toronto Posts:1,145 Points:296,565 Joined:Sep 2004	Message Posted: Mar 14, 2010 1:20:48 PM Ignore Star Cruise Report Abuse China is becoming the "New USA"
snewwee Champion Author Detroit Posts:6,181 Points:1,250,000 Joined:Sep 2007	Message Posted: Mar 14, 2010 1:19:45 PM Ignore snewwee Report Abuse Unbelieveable how some countries will go to such extremes to buy oil when the country itself has more than enough oil to sustain their population. (U.S. as an example)
bell05 Champion Author Atlanta Posts:6,889 Points:1,411,660 Joined:Jun 2005	Message Posted: Mar 14, 2010 1:18:01 PM Ignore bell05 Report Abuse Not a pretty picture with China owning the world.
RochBear Champion Author Minnesota Posts:8,466 Points:1,439,505 Joined:May 2006	Message Posted: Mar 14, 2010 1:17:55 PM Ignore RochBear Report Abuse China already has all our Money, they will soon have all the oil too.
hybridaholic Champion Author Appleton Posts:5,996 Points:1,096,240 Joined:Dec 2008	Message Posted: Mar 14, 2010 1:17:54 PM Ignore hybridaholic Report Abuse China is trying to corner the market
Cruiser340 Champion Author Grand Rapids Posts:10,313 Points:2,329,240 Joined:May 2004	Message Posted: Mar 14, 2010 1:16:48 PM Ignore Cruiser340 Report Abuse China seems to be buying lots of oil products with our money lately
my2002m Champion Author Tulsa Posts:3,789 Points:1,206,570 Joined:Jul 2008	Message Posted: Mar 14, 2010 1:15:15 PM Ignore my2002m Report Abuse They will raise the price of oil by themselves as they buy up reserves left and right to fuel their future increase in demand. Just wait and see the impact we will feel at the pumps in the future.
swrestler Champion Author Grand Rapids Posts:3,790 Points:1,106,450 Joined:Oct 2008	Message Posted: Mar 14, 2010 1:06:05 PM Ignore swrestler Report Abuse China will own the oil all over the world....
rimpyCA Champion Author Los Angeles Posts:1,550 Points:665,025 Joined:Aug 2009	Message Posted: Mar 14, 2010 12:59:30 PM Ignore rimpyCA Report Abuse china all over
Duallyman All-Star Author Columbus Posts:930 Points:159,225 Joined:Oct 2009	Message Posted: Mar 14, 2010 12:56:24 PM Ignore Duallyman Report Abuse I guess I just want to know what language I should be learning Japanese, Chinese, Spanish.. It will certainly will not be english.