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State-controlled PetroChina is looking to sell its upstream assets in Australia and Canada following a buying spree in those countries. The last decade has yielded disappointing results for the Asian giant. Sources confirmed that the assets are being considered for sale, although it was not yet clear if PetroChina, the Hong Kong-listed arm of China’s largest energy player CNPC, has started marketing them to potential buyers. The assets, mainly acquired between 2009-13, comprise coalbed methane and offshore gas assets in Australia and oil sands stakes in Canada. Sources familiar with the portfolio said it may be difficult for PetroChina to find buyers for at least some of the assets. It was also not immediately clear what value PetroChina assigns to them. PetroChina bought these assets at a time when Chinese national oil companies (NOCs) were on a global hunt for reliable and safe energy supplies within OECD countries. PetroChina and state rival China National Offshore Oil Corp. spent heavily in Australia, Canada and the US. More recently, Chinese NOCs have been given limited overseas budgets and have been asked to focus more on domestic upstream projects.

M&A, Corporate Strategy
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Tue, Jun 6, 2023