China’s state-owned oil producer CNOOC said on Sunday it has entered into an agreement to buy 50% of Bridas, Argentina’s second-biggest oil producer, for US$ 3.1 billion. The companies formed a joint-venture, Bridas Corporation, to produce and explore oil prospects in Argentina, Bolivia and Chile. It is another move in CNOOC’s overseas expansion plan, and the company said it is still looking at other opportunities around the world.