China National Petroleum Corp (CNPC) is revising its global strategy to boost deal-making, targeting gas liquefaction, deep-sea drilling, and aging well production.

China National Petroleum Corp (CNPC) is revising its global strategy to boost deal-making, targeting gas liquefaction, deep-sea drilling, and aging well production. As the largest Asian oil producer faces stagnant oil output at home and scarce new projects, CNPC may rekindle investing in large oil and gas assets as an operator, as it did two decades ago with its $4-billion PetroKazakhstan purchase. With $37.5B in cash equivalents, CNPC plans to target Qatar for LNG investments and South American deep sea acreage, while facing potential geopolitical hurdles.

August 27, 2024
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