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BP Sues Bridas Over Collapsed Pan American Energy Deal

LONDON -(Dow Jones)- BP PLC (BP.LN) Tuesday confirmed it has filed a suit with a U.S. federal court asking it to uphold the termination clauses of its collapsed deal with Argentina's Bridas Corp. BP has also asked a judge to rule that Bridas isn't entitled to a $700 million termination fee if the deal is deemed invalid, according to a U.S. court filing. BP in 2010 agreed to sell its 60% stake in Pan American Energy LLC to Bridas, which holds the other 40% of the company, for $7.1 billion. The deal collapsed in November after Bridas pulled out. According to the court papers, Bridas accused BP of failing to disclose certain "facts" and that it considered the original purchase agreement "null and void." According to BP, the $700 million compensation fee paid to Bridas when the deal collapsed was returned by Bridas, which claimed the "area of mutual interest" clause in the original deal--an agreement that seeks to define which geographical lands the parties are allowed to extract oil and gas from--was still in force and the mutual release wasn't effective. However, Bridas now wants the $700 million to be paid to it and is also demanding that the "area of mutual interest clause" remains in effect, said BP, describing this as "a completely inconsistent position." "Bridas's claim of fraud is groundless and BP is confident that its case against Bridas is sound," said BP. Attempts to reach Bridas for comment were unsuccessful. -By Alexis Flynn, Dow Jones Newswires; +44 207842 9471, alexis.flynn@dowjones.com

Stock News for Cnooc (CEO)
DateTimeHeadline
08/18/201409:59:19Uganda Plans 250-Kilometer Oil Pipeline
08/04/201410:20:16Tanzania to Invest $1.2 Billion to Revamp Power Utility
08/04/201405:48:16Tanzania to Invest $1.2 Billion to Revamp State Power Utility
07/16/201401:00:49China Moves Oil Rig From Contested Waters
06/17/201419:14:07Canadian Government Approves Enbridge's Northern Gateway Pipeline...
05/28/201408:28:15Uganda Says 11 Oil Field Appraisals Are Complete
05/22/201411:30:11Cnooc, Gazprom Eye Tanzania Oil and Gas Blocks
05/22/201411:06:16China's Cnooc, Russia's Gazprom Eye Tanzania Oil and Gas Blocks
05/08/201409:35:06Uganda to Get $140 Million Infrastructure Loan For Oil Region
05/05/201407:00:12Cnooc Rig Fuels Vietnam-China Tensions
04/30/201408:00:03China's Cnooc Sees First Ugandan Crude Oil Output in 2018
04/24/201417:35:36ADR Shares End Mixed; Unilever, AstraZeneca Shares Active
04/23/201422:30:29Cnooc Sells Multibillion-Dollar Bonds
04/23/201419:04:11Cnooc Sells Multibillion-Dollar Bonds -- 2nd Update
04/23/201417:37:59ADR Shares End Lower; Ericsson, ARM Holdings Shares Active
04/22/201406:00:15Cnooc Revenue Up 6.9% on Year
03/28/201416:51:17ADR Shares End Higher; Aviva Shares Active
02/27/201418:18:37Western Potash Threatened with Legal Action
02/21/201401:59:43Noble Plans China Oil-Field Stake Sale -- Update
02/18/201405:15:06Anadarko Sells China Assets to Brightoil for $1.075 Billion--Update

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