China’s oil and gas sector has been dominated by three state-owned enterprise groups – China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec Group) and China National Offshore Oil Corporation (CNOOC) – for decades. The three majors, all engaging in oil and gas production, have predominant positions in different subsegments, with CNPC mainly focusing on onshore exploration and extraction, Sinopec Group excelling at refining and petrochemicals, and CNOOC in charge of offshore oil and gas assets. In response to the government’s call for SOE reform in the 1990s, the three giants established their own listed arms, restructured business units for better asset integration, and introduced market entities to participate in oil field management. The Chinese government has also encouraged independent domestic players as well as foreign companies to enter the sector.

01 EXECUTIVE SUMMARY

02 SECTOR OUTLOOK

03 SECTOR IN FOCUS

04 COPETITIVE LANDSCAPE

05 COMPANIES IN FOCUS

06 REGULATORY ENVIRONMENT

07 CRUDE OIL

08 NATURAL GAS