Chinese Taking Lead in Obtaining Limited Global Oil Resources

by John Astad | January 22, 2008 at 08:03 pm

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An alarming global trend is occuring with Chinese national oil companies projecting an overhelming presence in obtaining a finite amount of crude oil around the world.. PetroChina, a subsidary of China National Petroleum Corporation (CNPC) the world's biggest company by market value has surpassed Exxon in market capitalization according to a recently released PFC 50 Energy Report.

PetroChina (NYSE:PTR) 's market capitalistion on the basis of its Shanghai stock exchange listing, was $723.2bn, versus $511.9bn for Exxon, whose share price rose only 22 per cent over the year.

China is the world’s third-largest net-importer of crude oil
trailing behind the United States and
Japan. According to EIA data ,the leading importers of crude oil to China are Angola, Saudia Arabia, Iran, Russia, Oman, Equatorial Guineau, and Yemen. Two weeks ago the Chinese General Administration of Customs reported crude oil imports rose 12.4 percent in 2007 over the previous year annual total to 1.1 billion barrels, or approximately 2.73 million barrels a day.

CNPC, the parent company of PetroChina has oil and gas assets in 27 countries, many of the same countries where the United States receives crude oil imports. PetroChina's widening footprint market capitalization concerning global exploration, development, and production will eventually effect American energy security with China's exponentially increasing demand for global oil supplies.

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