Over the past five years, China’s three National Oil Companies - China National Petroleum Company (CNPC), Sinopec and China National Offshore Oil Company (CNOOC) - have invested somewhere between $80 billion and $100 billion in oil and gass assets overseas (at least $40 billion of that in North America).
According to the Energy Intelligence Agency (EIA), the overall figure for 2011 was $18 billion - with a massive $12 billion of that devoted to unconventional gas and LNG projects. Clearly the international gas sector has become an attractive investment target for Chinese companies, but what is it that they are hoping to achieve - gas supply? upstream expertise? or simply a good return on investment? The answer seems to be a mixture of all three.
The beginnings
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When it comes to deal making, Chinese companies have learned a lot in a relatively short time
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| Contracted Australian LNG exports to China | ||||||
|---|---|---|---|---|---|---|
| Source: Gas Strategies | ||||||
| Seller | Liquification Plant | Agreement type | Buyer name | Volume MTPA | Volume BCMA | Start year |
| Northwest Shelf | North West Shelf | SPA | CNOOC | 3.3 | 4.55 | 2006 |
| BG | Queensland Curtis LNG | HoA | CNOOC | 3.6 | 4.96 | 2014 |
| Icon Energy | SPA | SinoGas | 2.0 | 2.75 | 2016 | |
| Australia Pacific LNG | Australia Pacific LNG | SPA | Sinopec | 4.3 | 5.92 | 2015 |
| Australia Pacific LNG | Australia Pacific LNG | SPA | Sinopec | 3.3 | 4.55 | 2016 |
Dash for gas
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Downloads
Pie chart of LNG imports into China
Image, Size 44.75 kbContracted Australian LNG exports to China
Excel, Size 10.19 kb
