China CNPC's global oil, gas investment
Corrects AUG 27 story to remove erroneous "Chevron-led" in paragraph 9
By Chen Aizhu
SINGAPORE, Aug 27 (Reuters) -China National Petroleum Corp (CNPC), Asia's largest oil and gas producer, has over the past three decades built a global portfolio with assets in 33 countries.
The company's overseas production exceeded 100 million metric tons, or 2 million barrels per day of oil equivalent, for the first time in 2019 and has since maintained that level, according to its Economics and Technology Research Institute.
CNPC and its listed vehicle PetroChina has since 2002 invested an estimated $38.6 billion in upstream assets outside China, versus Sinopec's $49.7 billion and CNOOC Ltd's $36 billion, according to consultancy Wood Mackenzie.
The national champion's most acquisitive period was between 2009 and 2013 with 29 deals clinched worth nearly $28 billion, according to LSEG's deal records.
Below lists some of the main investments CNPC and PetroChina 0857.HK have made including refineries, according to company websites, data from LSEG and Rystad Energy.
Central Asia:
Kazakhstan - In 2005, CNPC paid $4.1 billion for Canadian firm PetroKazakhstan that is engaged in oil production, refining and fuel marketing.
CNPC AktobeMunaiGas was the company's first oil and gas investment in Central Asia and remains a major source of equity production and cash flow.
CNPC and KazMunaiGaz (KMG) each holds a 50% stake in MangistauMunaiGas, Kazakhstan's fourth-largest oil firm. The two firms also each own half of the Shymkent Refinery.
In 2013, CNPC bought an 8.33% stake in the giant Kashagan field for $5.4 billion.
Turkmenistan - Fully owns the Amu Darya project, CNPC's first overseas natural gas investment that began production in 2007. Turkmenistan is China's largest gas supplier.
Russia
Owns 20% of Yamal LNG, and 10% in Arctic-2 LNG，both led by Russia's largest LNG producerNovatek.
Middle East
Iraq - The largest investor producing under service contracts at major oilfields Rumaila, West Qurna, Hafayi and Ahdab with combined output of roughly 900,000 barrels per day (bpd).
UAE- In 2018 won 10% stake each in two ADNOC offshore oilfield concessions under a 40-year deal that cost $1.2 billion. That followed an 8% interest won in 2017 for $1.8 billion in Abu Dhabi's giant onshore oilfield concession.
Qatar- Deal in 2023 for 5% stake in one export train of liquefied natural gas (LNG), chained with a 27-year offtake deal.
Iran- Entered production sharing contract at MIS oilfield in 2005 and drilled first exploration well in 2007.
Spent billions of dollars developing the North Azadegan oilfield, which began production in 2016 of about 80,000 bpd of crude along with natural gas. Company however halted production there after U.S. reimposed sanctions on Iran in 2018.
APAC:
Australia - PetroChina bought Arrow Energy in 2010 for $2.5 billion via a joint venture with Shell, in its first investment in Australia's coal-seam gas sector. In 2013 purchased BHP's stake in Browse, Australia's largest untapped gas resource, for $1.63 billion.
Indonesia- In April 2002, acquired Devon Energy's Indonesia assets for $249.9 million, including oil and gas production sharing contract of Jabung block in Sumatra.
Singapore - Via fully controlled Singapore Petroleum Corp CNPC controls half of Singapore Refining Company in a joint venture with Chevron.
Japan - Owns 49% of a 115,000-bpd refinery in Chiba
Europe:
Formed two joint ventures in 2011 with British firm INEOS, PetroIneos Trading and PetroIneos Refining. The joint ventures run France's 210,000-bpd Lavera Refinery and Scotland's 200,000-bpd Grangemouth refinery.
Americas:
Canada - Wholly-owned MacKay River Oilsands and Dover Oilsands projects in Canada that process tar-like fuel into bitumen, as well as Duvernay shale gas and Groudbirch tight gas projects.
Own 15% interest in Shell-led LNG Canada, located in Kitimat, British Columbia, that has an annual gas export capacity of 7 million tons due for first gas in 2025.
Brazil- Holds 10% stake in sub-salt deepwater Libra field in a consortium led by Petrobras.
Peru- CNPC's first investment destination where in 1993 the company became operator of three oil blocks in the Talara oilfield. In 2002 bought 45% stake in Pluspetrol for about $200 million.
Venezuela - CNPC began investing in the South American nation three decades ago with an aim to develop vast resources in the Orinoco belt which holds the world's largest heavy oil reserves.
These investments were financed by $50 billion in loans China extended to Venezuela since 2007 under former President Hugo Chavez, but CNPC halted fresh investments in 2009, focusing instead on maintaining a small number of existing projects.
CNPC holds 40% in Sinovensa, a joint venture with PDVSA that
produces tar-like crude from the Orinoco.
Relationship between the two nations began to fray in 2015 as Venezuela requested a change in payment terms on its debts amid a rout of oil prices and declining oil production.
Africa
Sudan and South Sudan -One of CNPC's first investment spots beginning in 1996.
In 2009 CNPC purchased 41% of block 3/7 that produces Dar Blend crude and 40% of the 1/2/4 field which produces Nile Blend crude.
Also operates in block 6 and owns half of the 100,000-bpd Khartoum refinery.
Chad -Controls Block H and owns 60% stake in 20,000-bpd N'Djamena refinery
Niger - Began producing oil at Agadem field in 2011; built a 1,950-km pipeline that carries crude from Agadem basin to Port Seme of Benin for export.
Mozambique - Bought in 2013 a 20% stake for $4.2 billion in gas-focused Rovuma venture developing offshore block 4 in the offshore Rovuma basin in partnership with Eni and Exxon Mobil.
CNPC also holds a 20% stake in Eni-operated Coral South floating liquefied natural gas project that sources gas from Rovuma.
Libya - signed in 2005 an exploration and production sharing agreement with Libya National Oil Co for block 17-4 in offshore Pelagian basin.
Reporting by Chen Aizhu; Editing by Christian Schmollinger
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