China Cashes In On Overseas Shopping Spree

The second largest energy consumer, China is quickly becoming one of the most significant energy players in the world.

Increasingly in need of fossil fuels to power its burgeoning economy, China’s state-owned oil companies have sought to acquire oil and gas access rights beyond its borders, snapping up additional reserves that span both hemispheres.

Already this year both offshore oil and gas producer China National Offshore Oil Corp. (CNOOC) and refining heavyweight China Petrochemical Corp. (Sinopec) have purchased international assets that will bulk up its already hefty cache of petroleum resources. Respectively, the two companies have acquired stakes in overseas portfolios that include blocks in West Africa and the Middle East.

In addition to these eastern interests, Chinese oil firms have been reportedly eyeing investments in hydrocarbon prospects that lie in Brazilian waters, as well as in the Gulf of Mexico — two western sweet spots brimming with potential pay.

Rigzone