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In a filing with the Hong Kong stock exchange, CNOOC said Bridas Energy sent to BP a letter on Nov. 5 to terminate the deal, which was initially signed in November last year. It gave no further details.
On Oct. 25, CNOOC said Bridas Corp had not obtained the necessary regulatory approvals to complete the $7 billion bid, without giving further information. It had said Nov 1.was the deadline after which either party would have the right to terminate the agreement.
In a report dated Oct. 27, Jefferies Group said CNOOC may have developed cold feet over the agreement because of the arbitrary and heavy handed nature of Argentina's government that has seen Western oil and gas companies exit the country.