[Wcsa - Wowtimes – Almanac Events & Achievements 2023] Impressive milestones in the 35 years of development of China National Petroleum Corporation, China's largest oil and gas producer (1988)

03-03-2023

(wcsa.world) China National Petroleum Corporation (CNPC) is a large Chinese oil and gas corporation and one of the largest energy corporations in the world.

China National Petroleum Corporation (abbreviated: CNPC) is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth in 2020 Fortune Global 500, a global ranking of the largest corporations by revenue.

CNPC mainly operates in the fields of oil and gas trading, technical technology services, oil and gas construction engineering, oil and gas equipment manufacturing and financial services.

CNPC holds proven crude oil reserves of 3.7 billion barrels (590,000,000 m3). In 2007, CNPC produced 54 billion cubic meters of natural gas. CNPC has 30 exploration and production projects in Azerbaijan, Canada, Iran, Indonesia, Myanmar, Oman, Peru, Sudan, Nigeria, Thailand, Turkmenistan and Venezuela. Many of the company's exploration projects are carried out by the Great Wall Drilling Company (GWDC).

The company’s milestones:

1955: CNPC's predecessor was the Ministry of Petroleum Industry of the People's Republic of China, established in July 1955, to oversee the exploration and development of oil and gas resources in China.

September 17, 1988: China National Petroleum Corporation was established, on the basis of the Ministry of Petroleum Industry, mainly in charge of oil and gas upstream activities.

 

Early 1990s: CNPC produced 140 million tons of crude oil per year from domestic wells.

1993: CNPC becomes the first Chinese company to acquire the rights to develop oil fields abroad. CNPC subsidiary SAPET has signed a service contract with the government of Peru to operate Block VII in the Talara provincial basin.

1996: CNPC accounted for 89% of China's crude oil production.

1997:

- China National Star Petroleum Corporation (CNSPC) was established to develop both onshore and offshore oil and gas, especially natural gas sources on a commercial basis, through partnerships with foreign companies.

- Great Wall Drilling Company, a subsidiary of CNPC, invested US$700 million in drilling 57 wells in Sudan over a three-year period starting in 1997.

July 27, 1998: China National Petroleum Corporation was reorganized to become an integrated corporation with enterprises including oil and gas upstream and downstream operations, as well as oilfield services and engineering construction.

November 5, 1999: PetroChina is established as part of CNPC restructuring. CNPC has injected into PetroChina most of CNPC's assets and liabilities related to its exploration and production, refining and marketing, chemical and natural gas businesses.

 

2006: CNPC formed an international consortium with state-run Uzbekneftegaz, LUKoil Overseas, Petronas and Korea National Petroleum Corporation to explore and develop oil and gas fields in the Aral Sea.

2007: CNPC produced 54 billion cubic meters of natural gas.

November 5, 2007: HK-listed PetroChina was listed as a Class A stock on the Shanghai Stock Exchange.

March 2009: CNPC begins development of Ahdab, an oil field in Wasit Province with modest reserves of one billion barrels, becoming the "first significant foreign investor" in Iraq.

December 2011: Afghanistan signed an agreement with CNPC to develop oil blocks in the Amu Darya basin, a project expected to generate billions of dollars over two decades.

2012: the company's oil and gas output in the Chinese market accounted for about 60% of the country's total output, and the output of refined oil and natural gas accounted for about 46.5% and 70% of the domestic market share, respectively.

 

May 2014: a 30-year deal between Russia's Gazprom and China National Petroleum Corporation (CNPC) was made over 10 years estimated at $400 billion and expected to supply about 38 billion cubic meters of natural gas per year to China's developing economy starting around 2018.

2018: the company announced it is building natural gas storage facilities with a total capacity of 55.6 billion cu m in the northern Henan province, to ease supply bottlenecks in the peak winter season.

 

According to Wikipedia


Kyna ( Collect) - WOWTIMES (Source of photos: Internet)