PetroChina plans to spend up to $60 billion over the next decade on foreign acquisitions
“A total investment of not less than $60 billion is needed to form our five regions of global oil and gas cooperation, by 2020,” said PetroChina chairman Jiang Jiemin.
“Ten years ago, PetroChina was a state-owned oil company, but now we have a goal of becoming an international, integrated energy company,” Jiang said. Last year, PetroChina spent $7 billion acquiring assets and reserves in Australia, Canada, Singapore and Central Asia.
Spending on such a magnitude will put PetroChina on par with major international players such as BP, ExxonMobil and Shell.
Jiang wants 50% of the company’s oil and gas production to come from overseas by 2020.