China National Petroleum Corporation

From Oil4All
Jump to: navigation, search
Want to teach yourself about IOCs and NOCs? "Teach Yourself Oil" Companies and Markets
Type Government-owned Corporation
Founded 1988
Headquarters Beijing, PR China
Key people Jiang Jiemin (President)
Revenue US $352.33 billion (2011)[1]
Net Income US $16.32 billion (2011)[2]
% change on previous year +13.6%
Total assets US $481.07 billion[3]
Total equity US $240.53 billion[4])
Employees 1,668,072 (2012)[5]
Website www.cnpc.com.cn

Global Snapshot

Government-owned CNPC is China's largest integrated oil and gas company, with exploration and production projects in China and 30 other countries. It is an oilfield services provider in 50 countries and operates some older refineries and a gas pipeline network in China (including 70% of the country's crude oil pipelines). The CNPC has a network of 18,000 gas stations across China.[6]

The organisation was established in 1998 and reorganised in 1998 to become an integrated company.[7] CNPC is the controlling shareholder of Petrochina Company Limited.[8] In 2009 the company completed more than 1,900 exploration wells and reported proved reserves of more than 1 billion metric tons of oil equivalent.[9]

In 2012 CNPC was ranked 6th on CNN's Global 500 list of the world's largest corporations.[10] CNPC's 2010 Annual Report notes that CNPC has been seeking a greater international role over the past five years.[11] According to the Fortune Global 500, part of CNPC's strength comes from its partnerships with governments of oil-rich countries and the multinational companies that operate there. In 2011 CNPC was working with Russia, Venezuela, Iraq and Qatar, and had partnered with oil majors BP, Total and Shell.[12]

Company Report Highlights

CNPC's 2010 Annual Report[13] claims that the company's operating performance exceeded expectations in 2010, with operating income up 41% on the previous year's figures and total profit up 34.5%.

In its Exploration and Production activities, CNPC made significant strategic discoveries, contributing to sustained high growth in reserves. Natural gas operations maintained rapid growth, now accounting for 35.4% of domestic production in terms of oil equivalent.

CNPC's overseas business continued to grow in scale as a result of expanding cooperation with host countries and international oil companies, with important cooperation with Russia, Kazakhstan, Turkmenistan, Venezuela and Canada. The company acquired Australia's 'Arrow Energy' and established a presence in Qatar's hydrocarbon exploration in partnership with Shell. In Iraq, the CNPC was continuing its cooperation with BP, Total and Petronas.

Looking ahead to 2011, the first year of the 12th Five Year Plan, CNPC claims to feel positive. The company plans to adapt their development to changes at home and abroad, focusing on the oil and gas business but promoting technological innovation, strengthening safety procedures and environmental protection, and enhancing energy efficiency.

Official Accreditations and Global Perceptions

EITI Supporter Status

As of early 2012, CNPC was not a supporting company of EITI.

UN Global Compact

As of early 2012, CNPC did not participate in the UN Global Compact.

CSR Review

CNPC’s CSR Activities are outlined in its 2010 Annual Report[14], and include the following highlights:

  • Energy saving and water efficiency measures saved 1.87 million tons of standard coal equivalent and 38.21 million cubic metres of water in 2010.
  • During the 11th Five-Year Plan period, CNPC cumulatively saved 9.37 million tons of standard coal equivalent and 302 million cubic metres of water, and met their target one year ahead of schedule.
  • In July 2010, CNPC was honoured with 'Outstanding Award for Energy Conservation and Emission Reduction' by the State-Owned Assets Supervision and Administration Commission of the State Council.

External Coverage

  • In November 2005 there was an explosion at a CNPC-operated chemical plant in China's Jilin province which forced the downstream city of Harbin to shut down the civilian water supply for five days. Not only the Songhua river but also Russia's Amur river. CNPC was threatened with large economic penalties and compensation for the pollution caused.[15]
  • In July 2010 oil spilled into the sea at the Xingang port oil storage facility in north-east China, partly owned by CNPC, after the explosion of two crude pipelines, causing the port to be sealed.[16]

Global Operations by Country

Iraq

Main article: CNPC Operations in Iraq

Libya

Main article: CNPC Operations in Libya

Iran

Main article: CNPC Operations in Iran

Niger

Main article: CNPC Operations in Niger

Syria

Main article: CNPC Operations in Syria

References

  1. "Global 500: China National Petroleum", CNN Money, retrieved 18 December 2012.
  2. "Global 500: China National Petroleum", CNN Money, retrieved 18 December 2012.
  3. "Global 500: China National Petroleum", CNN Money, retrieved 18 December 2012.
  4. "Global 500: China National Petroleum", CNN Money, retrieved 18 December 2012.
  5. "Global 500: China National Petroleum", CNN Money, retrieved 18 December 2012.
  6. "China National Petroleum Corporation: Company Description", Hoovers, retrieved 8 December 2011
  7. "History", CNPC, retrieved 18 December 2012.
  8. "Investor Relations", Petrochina, retrieved 18 December 2012.
  9. "China National Petroleum Corporation: Company Description", Hoovers, retrieved 8 December 2011
  10. "Global 500: China National Petroleum", CNN Money, retrieved 18 December 2012.
  11. "2010 Annual Report", CNPC, 2010
  12. "Fortune 500: China National Petroleum Corporation", CNN Money, retrieved 9 December 2011
  13. "2010 Annual Report", CNPC, 2010
  14. "2010 Annual Report", CNPC, 2010
  15. "Northeast cleans up after chemical blast", Asia Times, 30 November 2005.
  16. "China seals oil port after spill; PetroChina cuts runs", China Daily, 19 July 2010.