China National Petroleum Corp (CNPC) is conducting due diligence on oil and gas assets worth an estimated US$5 billion that have been put up for sale by Argentine energy producer Bridas, Reuters reported. However, CNPC is thought to be unwilling to meet the price demand because part of the portfolio is low-value Bolivian natural gas. Bridas, which has oil and gas interests mainly in Latin America and central Asia, holds a 40% stake in Pan American. Its total net production for 2004 was 78.1 million barrels of oil equivalent.
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