Six more offices are added to the energy major, reporting to the Beijing headquarters
CNPC’s major investments in Kazakhstan, Sudan, Chad, Iraq, Australia and Canada produce about 2 million barrels of oil equivalent. – Reuters file
PetroChina, China’s largest oil and gas major, has completed a months-long restructuring, adding six regional offices reporting to its Beijing headquarters to better coordinate and oversee its sprawling global business portfolio, three company executives said. .
The process, which began in July, is the first major organizational change in the state-owned giant’s global business that Chairman Dai Houliang has spearheaded since taking office in early 2020.
It has offices in Dubai for the Middle East, Khartoum, Sudan for East Africa, Chad’s N’Djamena for West Africa, Caracas in Venezuela for South America and Almaty for Central Asia, they said. and Russia.
A sixth office, to be opened in Hong Kong by the end of 2022, will oversee more than 20 Asia-Pacific countries, including the U.S. and Canada, officials said.
The regional headquarters will manage and coordinate PetroChina’s sprawling global operations, including upstream unit PetroChina International, trading and refining unit PetroChina International, and oilfield services and financing.
They will also be responsible for public relations and liaising with governments in their area.
PetroChina representatives declined to comment.
“The idea is to add a horizontal management to better coordinate, oversee and manage PetroChina’s global operations,” one of the sources said.
The new office will employ more than 100 people in total, some of whom are transferred from existing business units, two sources said.
CNPC’s major investments in Kazakhstan, Sudan, Chad, Iraq, Australia and Canada produce about 2 million barrels of oil equivalent.
Like its peers Sinopec and CNOOC, PetroChina has scaled back its overseas expansion in recent years as part of an anti-corruption drive since Chinese President Xi Jinping took power in 2012 to rein in big spending.
PetroChina, the parent company of PetroChina, has turned to revisiting assets to contain losses, while also eyeing resource countries that have friendly relations with Beijing, such as Qatar and the United Arab Emirates.
Some company officials, however, are skeptical about the benefits of the changes. “There have been many changes in CNPC’s global organizational structure over the years,” the third official said. “I don’t believe there’s actually much to be achieved with these new regional offices other than an ‘oversight’ function.”