CNOOC formed the Bridas venture last year by paying $3.1 billion for half of Argentina's Bridas Corporation -- which operates in Argentina, Bolivia, and Chile -- along with 40% of Pan American. In November, the venture announced that it would pay $7.06 billion for the majority share in Pan American that it didn't already own. Also, speculation has emerged that CNOOC will apply some of the funds to a Canadian oil-sands project this year.