RFID1225 t1_iu47dxn wrote on October 28, 2022 at 12:59 PM

Where are the two Chinese companies getting their oil from? I didn’t think they sourced oil significantly in China.

knowknowknow t1_iu4y2zk wrote on October 28, 2022 at 4:08 PM

A lot is through buying equity as a non-operating partner in large international projects. They have done so recently in projects operated by Shell, Equinor and Apache. Other revenue will come from acquisitions such as of Spain's Repsol.

RFID1225 t1_iu4z3ds wrote on October 28, 2022 at 4:15 PM

Thank you.

borisdiebestie t1_iu4lu96 wrote on October 28, 2022 at 2:45 PM

There are significant oil reserves in China like in the Daqing, Chonqing or Tarim oil fields. China possesses an estimated 26 billion barrels of proven oil reserves while the US holds an estimated 32 billion barrels (OPEC data).

bluebirdnow t1_iu61zv0 wrote on October 28, 2022 at 8:37 PM

China is #4 to #6 (depend on the year) in oil production in the world. US, Saudi Arabia and Russia are all typically around the same at 1-3 with roughly 11-12 million barrels per day with China around 1/3 of that. If all the oil goes through just the Chinese state owned company and if they are also involved in other oil assets in other countries, I can see them high up on this list. But I'm surprised they have TWO ahead of Saudi Arabia.