By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Chinese oil giant once known for acquisitions aims to restart global dealmaking – News
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Chinese oil giant once known for acquisitions aims to restart global dealmaking – News
Business

Chinese oil giant once known for acquisitions aims to restart global dealmaking – News

News Room
Last updated: 2024/08/27 at 9:21 PM
News Room
Share
3 Min Read
SHARE

CNPC, Asia’s top oil producer, is facing challenges with stagnant oil output at home and a scarcity of new projects globally to boost reserves. In order to address these concerns, the company is considering reviving its dealmaking strategy. This strategy includes exploring options such as gas liquefaction and deep-sea drilling, as well as focusing on producing more from aging wells. This shift in strategy marks a return to the more acquisitive approach CNPC took in the 1990s and 2000s, when it made significant investments in countries like Canada, Sudan, and Chad.

Lu Ruquan, director of CNPC’s Economics and Technology Research Institute (ETRI), emphasized the importance of global acquisitions for the company’s future growth. He compared CNPC’s overseas investment history to a vessel sailing midstream and stressed the need to continue paddling forward to avoid retreating backward. CNPC has the financial resources to make a significant impact on the oil and gas deals landscape, with PetroChina alone holding $37.5 billion in cash equivalents.

One area of potential expansion for CNPC is liquefied natural gas (LNG) investments in Qatar, building upon a deal made last year with QatarEnergy. Additionally, the company is looking at opportunities in South American deep-sea acreage adjacent to fields where significant oil discoveries have been made. Despite facing geopolitical hurdles in key regions like Venezuela, Iran, and Russia, CNPC is exploring practical options such as extending existing contracts in countries like Kazakhstan and Indonesia.

Analysts predict a revival in international acquisitions by national oil companies (NOCs) after a two-decade low last year, as the industry refocuses on oil and gas amid a slowdown in energy transition activity. CNPC, one of China’s largest NOCs, is prioritizing international business development but is taking a cautious approach to deal-making in recent years. The company is facing significant geopolitical challenges in regions like Russia and the United States, where strained relations have hindered investment opportunities.

Despite challenges, CNPC remains focused on leveraging its strength in extracting oil from aging fields to drive future growth. The company’s alliances with oil majors have also been instrumental in its operations, such as the partnership at the Kashagan field in Kazakhstan with Chevron. However, Lu emphasized the challenges of safeguarding interests and accessing operational information as a small investor, highlighting the need for strong commercial and legal skills. Moving forward, CNPC will continue to evaluate opportunities for global acquisitions to drive its growth strategy and expand its presence in the international oil and gas market.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room August 27, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article UAE: Temperature exceeds 50℃; is peak summer coming to an end?
Next Article Maresca says Chelsea’s main goal is to sell players – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Tech

Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World

July 1, 2025
Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?