Explore CNPC’s extensive global portfolio with key investments in 33 countries. From Central Asia to Africa, see how China’s largest oil and gas producer has expanded its influence over the past three decades.
Bollywood Fever: China National Petroleum Corp (CNPC), Asia’s largest oil and gas producer, has established a formidable global presence over the past three decades, building a diverse portfolio of assets across 33 countries. With its international production exceeding 100 million metric tons (approximately 2 million barrels per day of oil equivalent) since 2019, CNPC has become a key player in the global energy landscape.
According to data from CNPC’s Economics and Technology Research Institute, the company’s aggressive expansion has been marked by significant investments in upstream assets. Since 2002, CNPC and its listed subsidiary, PetroChina, have invested an estimated $38.6 billion outside of China, making strategic acquisitions across multiple regions. This places CNPC alongside other Chinese energy giants such as Sinopec ($49.7 billion) and CNOOC Ltd ($36 billion) in terms of global investments, as noted by consultancy Wood Mackenzie.
Central Asia Investments:
Kazakhstan:
- In 2005, CNPC made headlines by acquiring Canadian firm PetroKazakhstan for $4.1 billion, gaining assets in oil production, refining, and fuel marketing.
- The company’s first significant oil and gas venture in Central Asia, CNPC AktobeMunaiGas, continues to be a major contributor to CNPC’s equity production and cash flow.
- In a partnership with KazMunaiGaz (KMG), CNPC holds a 50% stake in MangistauMunaiGas and the Shymkent Refinery. Additionally, CNPC acquired an 8.33% stake in the giant Chevron-led Kashagan field for $5.4 billion in 2013.
Turkmenistan:
- CNPC’s fully owned Amu Darya project, initiated in 2007, marked its first overseas natural gas investment, making Turkmenistan China’s largest gas supplier.
Russian Ventures:
- CNPC owns a 20% stake in the Yamal LNG project and a 10% stake in Arctic-2 LNG, both led by Russia’s largest LNG producer, Novatek.
Middle East Projects:
Iraq:
- CNPC is the largest investor in Iraq under service contracts at major oilfields like Rumaila, West Qurna, Hafayi, and Ahdab, with a combined output of approximately 900,000 barrels per day (bpd).
United Arab Emirates:
- In 2018, CNPC secured a 10% stake in two ADNOC offshore oilfield concessions for $1.2 billion under a 40-year deal. The previous year, it acquired an 8% interest for $1.8 billion in Abu Dhabi’s giant onshore oilfield concession.
Qatar:
- In 2023, CNPC signed a deal for a 5% stake in one LNG export train, coupled with a 27-year offtake agreement.
Iran:
- CNPC’s ventures in Iran include a production-sharing contract at the MIS oilfield, first explored in 2007, and the North Azadegan oilfield, which began production in 2016. However, operations ceased following U.S. sanctions in 2018.
Asia-Pacific Expansion:
Australia:
- CNPC’s investment in Arrow Energy in 2010 marked its first foray into Australia’s coal-seam gas sector. In 2013, it further expanded by purchasing BHP’s stake in the Browse gas resource for $1.63 billion.
Indonesia:
- In 2002, CNPC acquired Devon Energy’s assets in Indonesia for $249.9 million, including the Jabung block in Sumatra.
Singapore:
- Through its fully controlled Singapore Petroleum Corp, CNPC controls half of the Singapore Refining Company in a joint venture with Chevron.
European Assets:
- CNPC formed two joint ventures with British firm INEOS in 2011, managing France’s 210,000-bpd Lavera Refinery and Scotland’s 200,000-bpd Grangemouth refinery.
Americas Footprint:
Canada:
- CNPC owns significant stakes in the MacKay River Oilsands and Dover Oilsands projects, along with other shale gas and tight gas projects. It also holds a 15% interest in the Shell-led LNG Canada project, slated for first gas production in 2025.
Brazil:
- CNPC holds a 10% stake in the deepwater Libra field, a major oil project led by Petrobras.
Venezuela:
- Despite initially robust investments in Venezuela’s Orinoco belt, CNPC halted new investments in 2009, focusing on maintaining existing projects amid a complex political and economic landscape.
African Ventures:
Sudan and South Sudan:
- CNPC’s long-standing investments in these regions include significant stakes in the Dar Blend and Nile Blend crude fields and the Khartoum refinery.
Mozambique:
- In 2013, CNPC invested $4.2 billion for a 20% stake in the Rovuma offshore block 4, partnering with Eni and Exxon Mobil on gas projects.
Libya:
- CNPC has been active in Libya since 2005, exploring and producing oil from the offshore Pelagian basin.
CNPC’s global strategy has positioned the company as a key player in the international energy market, with a diversified portfolio that spans continents. As the company continues to navigate the complex dynamics of the global energy sector, its investments reflect a commitment to maintaining a significant role in the world’s oil and gas production.
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