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(news.flanders-china) -- The expansion blueprints of
Chinese oil companies overseas are currently facing "unprecedented challenges',
which means they should prepare for the unexpected, according to Chen Geng, a
Deputy to the National People’s Congress (NPC) and the former General Manager of
CNPC.
"It is now a good time to launch mergers and acquisitions
overseas," he said. In 2011, the total mergers and acquisition value of China’s
three biggest oil companies – CNPC, Sinopec and CNOOC – reached about USD20
billion. Wu Mouyuan, Researcher with the CNPC Economics and Technology Research
Institute, predicted that China’s total overseas equity-based oil and gas
production volume may increase by 5% to 10% this year.
Last year, the
offshore equity-based oil output of Chinese companies was 90 million tons, 20
million tons more than in 2010, said Wu. "Globally, 11% of oil production came
from Chinese producers in 2011." Currently, some oil construction and production
projects have ceased in Sudan, CNPC’s biggest overseas oil exploration base, and
there is no sign of them restarting because of political issues.
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