BP Unit Sues Bridas Over Failed $7B Pan American Deal

Law360, New York (April 23, 2012, 5:27 PM EDT) -- BP Argentina Exploration Co. on Monday sued Argentinean oil and gas company Bridas Corp. over the terms of a failed $7 billion deal in which Bridas had agreed to take over oil and natural gas exploration company Pan American Energy LLC.

In a complaint filed in New York federal court, BP said that after Bridas nixed the deal in November, BP paid it $700 million to obtain an Area of Mutual Interest waiver, which would allow BP to compete with Bridas in areas including the southern...
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