CNPC is eyeing gas liquefaction and deep sea drilling as well as building on its record of producing more from aging wells
A Chinese national flag flutters between CNPC flags at the oil producer's headquarters in Beijing, on Aug. 28, 2013.CNPC, Asia’s top oil producer, is reviewing its global strategy as it looks to revive deal making, eyeing gas liquefaction and deep sea drilling as well as building on its record of producing more from aging wells, the head of its research arm said.
The shift in strategy for Asia’s biggest oil producer would be a return to the more acquisitive 1990s and 2000s when it moved into Sudan and Chad and carried out the Kazakh and Indonesian deals. CNPC has the firepower to make an impact on the oil and gas deals landscape, with PetroChina alone holding $37.5-billion in cash equivalents in 2023.
PetroChina produces more than Exxon Mobil but its share of output from global operations shrank to 11 per cent last year, according to company data, from a peak of nearly 14 per cent in 2019. Chinese companies limited their global acquisitions after the 2014/15 oil price collapse. Analysts at Wood Mackenzie predict a revival in international acquisitions by national oil companies after last year’s two-decade low as the industry refocuses on oil and gas amid a slowdown in energy transition activity.
Chinese companies have refrained from new investments in Russia as other global firms exited following Russia’s war with Ukraine, although China is one of Russia’s biggest oil clients and a fast growing buyer of natural gas.
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