China oil production abroad increases

China’s government-owned oil firms spent US$35 billion acquiring assets abroad in 2012, putting the nation in control of external oil resources on par with Opec parties such as Kuwait, Financial Times reported. China’s foreign oil output in 2015 will be double that in 2011, reaching 3 million barrels a day, which will rival Kuwait’s yearly volume. “China is set to become a major producing country outside its borders,” said Fatih Birol, chief economist at IEA. Chinese state oil firms like Cnooc (CEO.NYSE, 0883.HKG, NC2A.FRA) and Sinopec (SHI.NYSE, 0338.HKG, 600688.SH) have spent US$92 billion since 2009 on oil and gas facilities across the globe, according to Dealogic.