China, thirsty for oil, has turned to an entirely new land mass in an attempt to slake itself. Its new target is Argentina, specifically the Argentine company Bridas in which CNOOC, China’s nationally-owned oil and gas company, has just taken a 50% stake worth $3.1bn. CNOOC prez Yang Hua described the deal as being a “good beachhead for us to enter Latin America”, but it’s actually the second front in their Latin American adventures, having previously paired up with Venezuela on new exploration projects.

Bad Idea’s Ben Beaumont-Thomas writes more here.


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