Owned by the People’s Republic of China, China National Petroleum Corporation is the largest integrated oil and gas company in the world’s largest economy – the People’s Republic of China. Headquartered in Beijing, China National Petroleum is the parent company of PetroChina – the second largest company in the world in 2010, with respect to market capitalization.
The company holds oil reserves equivalent to 3.7 billion barrels and currently works in 30 different international oil and gas exploration and production projects. It operates in Azerbaijan, Iran, Turkmenistan, Oman, Myanmar, Indonesia, Peru, Thailand, Venezuela, Sudan and Canada.
In 2013, the company was ranked fifth in the Fortune Global 500 list of the largest oil and gas companies in the world, in terms of total revenue. China National Petroleum and subsidiary PetroChina together develop international assets through their joint venture – the China National Petroleum Corporation Exploration and Development Company (CNODC).