China’s oil demand is projected to grow by 80 percent between 2010 and 2030 due to its rapidly developing economy and in particular its growing middle class and exploding auto market.
China’s largest national, government-owned oil companies—CNPC, CNOOC, and Sinopec—have taken aggressive action over the last several years to secure oil abroad in an effort to cope with this growth and a looming global oil crunch. China’s recent overseas oil deals have the potential to deliver more than 7.8 billion barrels of oil to the country over the next several years.
This figure shows some of China’s largest, most recent oil deals, with a focus on 2009 and 2010 contracts. Highlighted among those are countries currently on the U.S. Department of State’s travel warning list for “dangerous or unstable” nations.