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China Invest $73Bn In Global Oil Production

November 21, 2014
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By Paul Homewood  

 

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http://www.iea.org/ieaenergy/issue7/chinese-national-oil-companies-investments-going-global-for-energy.html

 

Obama seems to think that the Chinese govt is serious about reducing CO2 emissions.

Meanwhile, Chinese oil companies, still primarily owned by the state, have been busy investing in oil production around the world.

According to the latest report from the IEA, China has spent $73 billion in the last three years and now control 7% of world output.

I somehow don’t think they will chuck that investment down the drain.

5 Comments
  1. November 21, 2014 4:35 pm

    Wasn’t China only proposing to reduce CO2 emissions from 2030? By which time Obama et al will be history.

  2. John F. Hultquist permalink
    November 21, 2014 8:26 pm

    China produces stuff. People, especially people in the US, buy the stuff. Digital money flows to Chinese accounts. They buy tangible assets, resources, and technology. This converts electronic digits into wealth. Such things will be bringing them value well beyond the year 2030. Meanwhile, the stuff is used up, discarded, and replaced – with the next great must-have stuff. Repeat.

  3. November 22, 2014 7:33 pm

    The chinese have been hoovering up oil cos for some time; nexen was a biggie

    http://www.reuters.com/article/2013/02/25/us-nexen-cnooc-idUSBRE91O1A420130225

    CNOOC closes $15.1 billion acquisition of Canada’s Nexen

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