BUSINESS WEEK/ Chinese oil firm CNOOC is buying a 50% stake in Argentina's Bridas Holdings giving it a foothold in Latin America's potential oil reserves. Cnooc believes the purchase will add 318 million barrels of reserves, an increase of about 12 percent, and also boost its average daily production by 46,000 barrels. Oil expert Neil Beveridge says "the assets Cnooc is buying are relatively mature, which will lower the price. But I estimate the fields could be in production for about 18 years, which isn’t bad.”
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