SINGUR, – China National Petroleum Corp, Asia’s largest oil and gas producer, has built a global portfolio with assets in 33 countries over the past three decades.

According to the company’s Economic and Technological Research Institute, the company’s overseas production exceeded 100 million tons, or two million barrels of oil equivalent per day, for the first time in 2019 and has maintained that level since then.

CNPC and its listed company PetroChina have invested an estimated $38.6 billion in upstream assets outside China since 2002, according to management consultancy Wood Mackenzie, compared with $49.7 billion for Sinopec and $36 billion for CNOOC Ltd.

The national champion’s strongest acquisition period was between 2009 and 2013. According to LSEG transaction documents, 29 deals worth almost $28 billion were completed.

Below are some of CNPC and PetroChina’s key investments, including refineries, according to company websites and data from LSEG and Rystad Energy.

Central Asia:

Kazakhstan – In 2005, CNPC paid $4.1 billion for Canadian company PetroKazakhstan, which is engaged in oil production, refining and fuel distribution.

CNPC AktobeMunaiGas was the Company’s first oil and gas investment in Central Asia and remains an important source of equity production and cash flow.

CNPC and KazMunaiGaz each hold 50 percent of the shares in MangistauMunaiGas, Kazakhstan’s fourth-largest oil company. The two companies also each own half of the Shymkent refinery.

In 2013, CNPC bought an 8.33 percent stake in the giant Kashagan field for $5.4 billion.

Turkmenistan – Full owner of the Amu Darya project, CNPC’s first overseas natural gas investment, which began production in 2007. Turkmenistan is China’s largest gas supplier.

Russia

Owns 20% of Yamal LNG and 10% of Arctic-2 LNG, both managed by Russia’s largest LNG producer Novatek.

Middle East

Iraq – The largest investor produces under service contracts in the major oil fields of Rumaila, West Qurna, Hafayi and Ahdab with a total production of about 900,000 barrels per day.

UAE – In 2018, the company acquired 10% stakes in two of ADNOC’s offshore oilfield concessions in a 40-year deal worth $1.2 billion. In 2017, the company acquired an 8% stake in Abu Dhabi’s massive onshore oilfield concession for $1.8 billion.

Qatar – Deal in 2023 for a 5 percent stake in a liquefied natural gas export train, coupled with a 27-year offtake agreement.

Iran – Signed a production sharing agreement at the MIS oil field in 2005 and drilled the first exploration well in 2007.

The company has spent billions of dollars developing the North Azadegan oil field, which began producing about 80,000 bpd of crude oil and natural gas in 2016. However, the company halted production there after the U.S. reimposed sanctions on Iran in 2018.

Air conditioning:

Australia – PetroChina bought Arrow Energy in 2010 for $2.5 billion through a joint venture with Shell. It was its first investment in Australia’s coal seam gas sector. In 2013, the company bought BHP’s share of Browse, Australia’s largest untapped gas resource, for $1.63 billion.

Indonesia – In April 2002, Devon Energy acquired the Indonesian assets, including an oil and gas production sharing contract for the Jabung block in Sumatra, for US$249.9 million.

Singapore – Through its wholly-owned Singapore Petroleum Corp, CNPC controls half of the Singapore Refining Company in a joint venture with Chevron.

Japan – owns 49% of a 115,000 bpd refinery in Chiba

Europe:

In 2011, PetroIneos formed two joint ventures with British company INEOS: PetroIneos Trading and PetroIneos Refining. The joint ventures operate the 210,000 bpd Lavera refinery in France and the 200,000 bpd Grangemouth refinery in Scotland.

America:

Canada – The wholly-owned MacKay River Oilsands and Dover Oilsands projects in Canada, which process tar-like fuel into bitumen, and the Duvernay and Groudbirch Tight Gas shale gas projects.

Own a 15 percent stake in Shell-led LNG Canada, based in Kitimat, British Columbia, which has an annual gas export capacity of 7 million tonnes and is scheduled to deliver its first gas in 2025.

Brazil – Holds a 10 percent stake in the Libra field, located deep in the salt lake, in a consortium led by Petrobras.

Peru – CNPC’s first investment destination, where the company became operator of three oil blocks in the Talara oil field in 1993. In 2002, it bought 45% of Pluspetrol for around US$200 million.

Venezuela – CNPC began investing in the South American country three decades ago with the aim of developing the vast resources in the Orinoco Belt, which contains the largest heavy oil reserves in the world.

These investments were financed by $50 billion in loans that China had granted to Venezuela since 2007 under former President Hugo Chávez. However, CNPC stopped new investments in 2009 and instead focused on maintaining a small number of existing projects.

CNPC owns 40% of Sinovensa, a joint venture with PDVSA that produces tar-like crude oil from the Orinoco.

Relations between the two countries began to deteriorate in 2015 when Venezuela demanded a change in the terms of payment of its debt in the face of a collapse in oil prices and falling oil production.

Africa

Sudan and South Sudan – one of CNPC’s first investment locations since 1996.

In 2009, CNPC purchased 41% of Block 3/7, which produces Dar Blend crude oil, and 40% of Field 1/2/4, which produces Nile Blend crude oil.

Is also active in Block 6 and owns half of the Khartoum refinery with a capacity of 100,000 bpd.

Chad – controls Block H and owns a 60 percent stake in the 20,000 bpd N’Djamena refinery

Niger – Start of oil production in the Agadem field in 2011; construction of a 1,950 km pipeline transporting crude oil from the Agadem Basin to the port of Seme in Benin for export.

Mozambique – In 2013, bought a 20 percent stake in gas-focused Rovuma for $4.2 billion, which is developing offshore Block 4 in the Rovuma offshore basin in partnership with Eni and Exxon Mobil.

CNPC also owns a 20% stake in Eni’s Coral South floating liquefied natural gas project, which sources its gas from Rovuma.

Libya – signed an exploration and production sharing agreement with Libya National Oil Co for Block 17-4 in the offshore Pelagic Basin in 2005.

This article was generated from an automated news agency feed without any modifications.