Bloomberg: Cnooc mulls sale of $3.1B Argentina holding

|By:, SA News Editor

Cnooc (CEO) is thinking about selling its 50% holding in Argentina's Bridas Corp, which the Chinese offshore oil and gas explorer bought for $3.1B in 2010, Bloomberg reports.

Cnooc would divest the stake if it can make a profit and would use the money for other projects. Hong Kong analyst Neil Beveridge would welcome a deal. "The contribution from Argentina is minimal, and the investment as a whole puts Cnooc in a passive position."

The owners of the other 50% in Bridas are Argentina's billionaire Bulgheroni brothers.