China’s NOCs tipped for more M&A; activity in 2017
1 February 2017
A platform in the North Sea operated by Nexen Energy, a subsidiary of CNOOC. Chinese overseas M&A; activity is expected to increase this year. (Nexen)
Resurgent oil prices have set up China’s state energy giants for a return to overseas mergers and acquisitions this year, according to industry experts.
Crude prices have started to creep upwards after OPEC’s landmark deal in September to limit production, and a sustained recovery from the brutal market downturn of 2014 is expected this year. This should improve balance sheets and free up cash for future deals, according to Wu Mouyuan, deputy director of overseas investment at China National Petroleum Corp.’s (CNPC’s) Economics and Technology Research Institute (ETRI).
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