Chinese state oil companies have inked two fresh deals in the Americas, as they continue to expand abroad to meet China’s ravenous energy demand.
PetroChina, China’s largest energy company by oil and gas production, said yesterday it would buy stakes in three Peruvian oil and gasfields from Brazilian state oil group Petrobras for $2.6bn. Earlier Cnooc said it was considering building a terminal to export liquefied natural gas from the east coast of Canada.
The PetroChina deal brings its spending on foreign purchases this year to $11.8bn, according to Dealogic. Chinese companies are expanding abroad to secure oil and gas supplies for their rapidly growing domestic economy.
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