Abstract
China is aggressively looking worldwide for oil. The major Chinese state oil companies: China National Petroleum Corporation (CNPC), and the China Petrochemical Corporation (Sinopec) are the leaders behind such initiatives. The other state sector firm in China is the China National Offshore Oil Corporation (CNOOC), supported by its “forward scout” PetroChina. CNOOC accounts for more than 10% of China’s domestic crude oil production. The State Energy Administration (SEA) is responsible for regulatory oversight of the industry.
CNPC, Sinopec, and CNOOC/PetroChina are vigorously pursuing oil supply contracts with foreign firms. To this end, the Chinese oil majors have acquired a variety of holdings in Angola, Azerbaijan, Canada, Chad, Indonesia, Iraq, Iran, Kazakhstan, Myanmar (Burma), Nigeria, Peru, Russia, Singapore (pending), Saudi Arabia, Sudan, Turkmenistan, Uzbekistan, and Venezuela.
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