National oil companies from China, India, Malaysia and elsewhere in Asia snapped up international energy properties at a record rate in 2012, buying or partnering in nearly $50 billion worth of deals.
China led the way, purchasing $31 billion in oil and gas assets, according to figures released Monday from PLS, a Houston-based industry data provider.
CNOOC’s $18 billion buy of Canadian oil sands producer Nexen was the largest deal. Other large Chinese buys included a $2.5 billion deal with Sinopec for assets from French oil giant Total in Nigeria, and a $2.2 billion joint venture between PetroChina and Canada’s Encana.
Malaysia’s Petronas was also active in Canada, paying $5.8 billion for Progress Energy, an oil and gas company with extensive operations in British Columbia.
Click here to read the full story.
Thanks for reading to the end of this story!
We would be grateful if you would consider joining as a member of The EB Circle. This helps to keep our stories and resources free for all, and it also supports independent journalism dedicated to sustainable development. It only costs as little as S$5 a month, and you would be helping to make a big difference.