Back To The Future

The China National Offshore Oil Company (CNOOC) waded back into the overseas M&A market with its 2010 acquisition of 50 percent of Argentina's Bridas Corp. for US$ 3.1 billion, This was followed by the purchase of a 60 percent stake in Pan American Energy from BP--made through Bridas--following the BP oil leak. The deal gave Bridas complete control of Pan American.

Fang Fenglei

Behind CNOOC in the transaction was Hopu Investment Management. Hopu not only acted as CNOOC's adviser for that deal, but also helped the company purchase a 33.3 percent stake in Chesapeake Energy Corporation's Eagle Ford Shale oil and gas project in southern Texas. The transaction was valued at US$ 1.08 billion in cash.