China Petroleum & Natural Gas Corporation (CNPC)
The China National Petroleum Corporation (CNPC) is one of the two major sub-groups of the state-owned China National Petroleum and Natural Gas Corporation (CNPC). It is the largest integrated oil and gas company in the country and the largest production-based oil corporation in the world. CNPC is involved in a number of industries, including oil and gas, chemicals, engineering and services.
CNPC was established in 1988. Initially, it was a merger of Chinas two state-owned oil companies, the Ministry of Petroleum and PetroChina. The Ministry of Petroleum originated from the national petroleum industry, while PetroChina was founded in 1985 as a subsidiary of the parent company, CNPC. CNPC is affiliated to the State Owned Assets Supervision and Administration Commission (SASAC), the top-level economic and administrative authority, and works closely with the State Council of Chinas central government.
CNPC is the worlds second-largest oil company by proved oil reserves and the fifth-largest oil company by production. Its main activities include the exploration, development and production of oil and gas; the refining and marketing of oil and gas products; the manufacturing and sales of chemical products; the engineering, procurement and construction (EPC) of major oil and gas production projects; the retailing of motor fuel products; and the provision of services and equipment for oil and gas extraction.
With operations in more than 40 countries, CNPC has developed a fully integrated oil and gas business along the entire value chain from upstream to downstream. Its diversified portfolio includes onshore and offshore production projects in China, Kazakhstan, Turkmenistan, Myanmar and elsewhere. It also includes refinery operations in China, Myanmar and Turkmenistan, as well as marketing and transportation of oil, gas and petrochemical products.
At the same time, CNPC is involved in a number of energy-related businesses, including oil and gas exploration and development, engineering of large oil and gas projects, the refining, transportation and market of oil and gas products, and the production and sale of petrochemicals. In addition, it is involved in oilfield services, including field construction and development, drilling operations, well logging and wellhead maintenance, among others. In recent years, CNPC has also expanded into related businesses, including financial services, logistics, technical services, urban engineering and renewable energy production.
By maintaining a flexible and diversified business strategy, CNPC has been able to compete successfully in the global energy industry. Its investments have enabled it to grow significantly in the past few years, with revenues in 2020 reaching US$196.8 billion. As such, it is an important part of Chinas energy industry and one of its largest companies.
