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Pan American Energy Group

Company Summary

Description

BP today announced that it has agreed with Bridas Corporation (Bridas) to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy (PAE) and the refiner and marketer Axion Energy (Axion) in a cash-free transaction. The new company, Pan American Energy Group (PAEG), will be the largest privately-owned integrated energy company operating in Argentina. PAEG will be owned equally by BP and Bridas Corporation, itself a 50:50 joint venture of Bridas Energy Holdings of Argentina and CNOOC Limited of China. PAE is currently owned 60% by BP and 40% by Bridas, while Axion is wholly-owned by Bridas. There will be no payments for the equity exchange. The combination of PAE and Axion under unified ownership will align the PAEG shareholders’ interests across the upstream and downstream value chains in Argentina, Uruguay and Paraguay. PAEG is expected to benefit from BP’s global upstream technical and downstream marketing experience as well as Bridas’ deep operating knowledge. The combination may also offer further integration synergies; the Axion refinery is already the primary customer for PAE’s Argentine crude oil production.

Operational Regions

  • South America

Related Entities

Recent news

  • 9/12/2017 - BP & Bridas Combining... (subscriber access)

Company Transactions

Date: 3/31/2018
Type: Merger

BUYERS:
  • Pan American Energy
  • Pan American Energy Group
    • SELLERS:
  • Axion Energy
    • DETAILS:
    NOTES:
    BP has entered into a deal with Bridas Corporation to form an integrated energy company through the combination of Pan American Energy (PAE) and Axion Energy. The combined entity will be named Pan American Energy Group and will be the largest privately owned integrated energy company in Argentina. The Company will be owned 50/50 by BP and Bridas. Completion of the deal is set for early 2018.
    REGIONS:
  • South America