CNOOC is buying a 50% stake in Argentina’s Bridas Energy in a deal worth $3.1 billion, The Wall Street Journal reports. The Beijing-based oil company’s unit, CNOOC International, and Bridas Energy will each hold a 50% stake in a joint venture, Bridas.

CNOOC, which expects the deal to be completed by the first half 2010, will fund the investment through internal resources. CNOOC is being advised by JPMorgan, while Beijing-based Hopu is advising the seller, adds Reuters.

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