Cnooc Ltd., China’s biggest offshore oil explorer, is believed to be in plans to acquire Argentina’s Bridas Group from Carlos Bulgheroni under a deal worth more than $3 billion, reveals two people familiar with the discussions.

The transaction would grant Beijing-based Cnooc a 40 percent stake in Pan American Energy, a joint venture between Bridas and BP Plc, said who asked for anonymity prior to the announcement.

In addition, he informed that the companies may under the deal on the sale as early as today. Cnooc Chairman Fu Chengyu revealed today the company may soon have an announcement on foreign cooperation.

Cnooc’s growth in the overseas market is hoped to prove advantageous to local governments, local economies, local companies and also our partners, Fu said. However, he declined to comment on specific projects.

A purchase by Cnooc would contribute at least $13 billion of energy acquisitions by Chinese companies since December 2008 as the nation searches for resources to feed the world’s fastest-growing major economy.