China National Petroleum Corporation – $440.44bn

An integrated oil and gas company, China National Petroleum Corporation (CNPC) operates primarily through four divisions: Exploration and Production, Natural Gas and Pipelines, Refining and Chemicals, Oilfield Services, Engineering & Construction, and Equipment Manufacturing. CNPC also provides services in capital management, finance and insurance.

Headquartered in Beijing, CNPC has a presence across Africa, South America, Central Asia-Russia, the Middle East and Asia-Pacific. Major overseas oil and gas assets of CNPC comprise Lanea Block in the Bongor Basin, Bilma and Agadem blocks in Niger, Hope Oilfield in Kazakhstan, Block 4 and 6 in Ecuador and Sudan, and assets in Turkmenistan and Australia.

CNPC’s latest expansion plans include the drilling of a new well at Block X in Peru and acquiring a stake in Eni East Africa. The company has assets in theoil producing provinces of Liaohe, Xinjiang, Tarim, Huabei, Dagang, Jilin, Tuha, Qinghai, Jidong and Yumen, and oil and gas provinces of Southwest and Changqing.

CNPC is also exploring unconventional oil and gas prospects in China that include coal bed methane (CBM) and shale gas with a reported 1.37 billion cubic metre (bcm) of commercial CBM supplied in 2014 from its two producing assets.

The company produced 113.67 million metric tonne (MMT) of oil from its Chinese assets in 2014 compared to 112.6MMT in 2013. Natural gas production from domestic assets was 95.46bcm compared to 88.84bcm in 2013. Its oil and gas reserves in China yielded 689.8MMT and 484bcm respectively in 2014. Its overseas assets accounted for 107.62MMT of crude oil and 24.9bcm of natural gas production in 2014.

"CNPC reported revenue of $440.44bn in 2014."

Financial Performance

CNPC reported revenue of $440.44bn in 2014, witnessing a steady growth in major production indices and improving its financial standing despite a 21% decline in CAPEX and a 5.6% drop in the realised oil prices. Overseas business accounted for a major share of the company’s revenue in 2014.

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Key Competitors

The key competitors of CNPC are BP, Chevron Corporation, CPC Corporation, ExxonMobil Corporation, National Company "KazMunayGas", Royal Dutch Shell, and Total.

Latest Developments

CNPC entered an agreement with Gazprom in December 2015 for the design and construction of the cross-border section of the Power of Siberia gas pipeline.

BP entered a framework agreement with CNPC in October 2015 for shale gas exploration and production in the Sichuan Basin, and to co-operate on future fuel retailing ventures in China.

Production started at the CNPC-operated Tan-401D gas well in Block B of the Tangiguyi Field in Turkmenistan in September 2015.

The deepest onshore well in China, Well Keshen-902, was completed by CNPC in January 2015.

A $1.6bn contract was signed in July 2014 to build equipment for a liquefied natural gas project in Siberia.

CNPC acquired a 28.57% stake in Eni East Africa for $4.21bn in July 2014. Plans to invest $2bn in Peru after the Petrobras deal were announced in May 2014.