History
Instead of Chinese Petroleum Corporation, ceased to Taiwan, following Republic of China government, CNPC can be traced from the beginning as a governmental department of the PRC government. In 1949, the Chinese government formed a Fuel Industry Ministry dedicated to the management of fuel. In January 1952 a sub department of the fuel ministry was formed to manage petroleum exploration and mining, it was called the Chief Petroleum Administration Bureau. In July 1955 a new ministry was created to replace the Fuel Industry Ministry, it was called the Ministry of Petroleum. From 1955 to 1969, approximately 4 oil fields were found in 4 areas in Qinghai, Heilongjiang (Daqing oilfield), Bohai Bay and Songliao basin. CNPC was finally created in 17 September 1988 when the government decided to disband the Ministry of Petroleum and created a state owned company to handle all Petroleum activities in China.
1993 marks the beginning of CNPC international operation. CNPC sign a service contract with the government of Peru to manage the Talara oilfield. It was followed by an oil contract with the government of Sudan to manage Block 1/2/4 in the Muglad oilfield. Then in June 1997 the company bought a 60.3% stake in the Aktobe Oil Company of Kazakhstan, the next month CNPC won an oil contract for the Intercampo oilfield and East Caracoles oilfield in Venezuela.
Further In July 1998, the company was restructurized by the government in accordance with the upstream and downstream principle of oil industry.
In August 2005 it was announced that CNPC agreed to buy the Alberta-headquartered PetroKazakhstan for US$4.18 billion. This would be the largest overseas acquisition by a Chinese company. The acquisition was successfully completed 26 October 2005 after a Canadian court turned down an attempt by LUKoil to block the sale.. In 2006 67% of shares were sold from the parent company to PetroChina
On 5 November 2007, CNPC's HK listed subsidiary PetroChina was also listed as an A share in the Shanghai Stock Exchange.
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