China’s biggest oil and gas producer has become a major player in the global oil industry. It has partnered with the governments of oil-rich nations such as Iraq and Qatar and has ramped up domestic oil and gas production as well. In 2012, oil and natural gas production rose 2.8% to 278 million metric tons, even as overseas production fell short of the company’s target. Domestic production rose 2.6% from a year earlier, reaching the highest level since 1998.
CNPC has also emerged as the frontrunner to take over Iraq’s West Qurna-1 oilfield from U.S.-based Exxon Mobil, a move that would increase China’s oil influence in Iraq.
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