Everything about the China National Petroleum Corporation totally explained
The
China National Petroleum Corporation (CNPC),, (
Simplified Chinese: 中国石油天然气集团公司,
Traditional Chinese: 中國石油天然氣集團公司,
Hanyu Pinyin: Zhongguo Shiyou Tianranqi Jituan Gongsi) is a state-owned
fuel-producing corporation in the
People's Republic of China. It is
China's largest integrated oil and gas company. As of 2006, it was the second largest company in the world in terms of number of employees.
CNPC holds proved reserves of 3.7 billion barrels of oil equivalent. CNPC spun off most of its domestic assets into a separate company,
PetroChina, during a restructuring. CNPC has 30 international exploration and production projects with operations in
Azerbaijan,
Canada,
Indonesia,
Myanmar,
Oman,
Peru,
Sudan,
Thailand,
Turkmenistan, and
Venezuela.
In October 2004, CNPC began construction of a
pipeline from Middle East to
Xinjiang.
In August 2005 it was announced that CNPC agreed to buy
PetroKazakhstan for US$4.18 billion. This would be the largest overseas acquisition by a Chinese company. The acquisition was successfully completed
26 October 2005 after a Canadian court turned down an attempt by
LUKoil to block the sale.
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A common shortname for the corporation in Chinese,
Zhongguo Shiyou (中国石油), formerly shared the same name as the
Chinese Petroleum Corporation, the
Republic of China (Taiwan)'s state-owned fuel corporation.
History
CNPC can be traced from the beginning as a governmental department of the
PRC government. In 1949, the Chinese government formed a Fuel Industry Ministry dedicated to the management of
fuel. In January 1952 a sub department of the fuel ministry was formed to manage petroleum exploration and mining, it was called the Chief Petroleum Administration Bureau. In July 1955 a new ministry was created to replace the Fuel Industry Ministry, it was called the Ministry of Petroleum. From 1955 to 1969, approximately 4 oil fields were found in 4 areas in
Qinghai,
Heilongjiang (
Daqing oilfield),
Bohai Bay and
Songliao basin. CNPC was finally created in 17 September 1988 when the government decided to disband the Ministry of Petroleum and created a state owned company to handle all Petroleum activities in China.
1993 marks the beginning of CNPC international operation. CNPC sign a service contract with the government of
Peru to manage the
Talara oilfield. It was followed by an oil contract with the government of
Sudan to manage Block 1/2/4 in the
Muglad oilfield. Then in June 1997 the company bought a 60.3% stake in the
Aktobe Oil Company of
Kazakhstan, the next month CNPC won an oil contract for the
Intercampo oilfield and
East Caracoles oilfield in
Venezuela.
Further In July 1998, the company was restructurized by the government in accordance with the
upstream and
downstream principle of oil industry.
On 5 November 2007, CNPC was listed as
A share in the
Shanghai Stock Exchange.
Development of the Aral Sea
Ergash Shaismatov, the Deputy
Prime Minister of Uzbekistan, announced on
August 30,
2006 that the
Uzbek government and an international consortium consisting of state-run
Uzbekneftegaz, China National Petroleum Corporation,
LUKoil Overseas,
Petronas, and
Korea National Oil Corporation signed a production sharing agreement to explore and develop oil and gas fields in the
Aral Sea, saying, “The Aral Sea is largely unknown, but it holds a lot of promise in terms of finding oil and gas. There is risk of course but we believe in the success of this unique project." The consortium was created in September 2005.
Industrial Disaster
Further Information
Get more info on 'China National Petroleum Corporation'.
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