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In recent years, the global economic slowdown has sparked a new surge in Chinese companies' cross-border mergers and acquisitions. Leading this wave is China National Offshore Oil Corporation (CNOOC), one of the country's largest oil giants.
According to data from Dealogic, a respected financial research firm, Chinese companies made record-breaking overseas acquisitions totaling $57.2 billion in 2012. Since October of this year alone, the combined foreign investments of the three major state-owned oil companies have reached $27.67 billion, or roughly 172.59 billion yuan. Notably, on December 7, CNOOC successfully acquired Canada’s Nexen Inc. for $15.1 billion, marking the largest acquisition of a listed company by a Chinese firm abroad.
Experts say that rising oil prices and increasing demand for energy have driven Chinese oil companies into a period of rapid expansion through international M&A. The development of shale gas technology in the U.S. has further accelerated this trend. Wang Zhen, Executive Vice President of the China University of Petroleum’s Institute of Strategic Studies, explained that the characteristics of Chinese oil companies’ overseas acquisitions are evolving. Deals have grown larger in scale, with single transactions reaching record highs. The focus has shifted from conventional oil and gas to include unconventional resources like oil sands and shale gas, as well as deepwater assets. Additionally, the approach has moved from acquiring partial interests in blocks to full equity acquisitions. These changes signal that China’s oil firms are entering a more mature phase of internationalization.
However, the path to global expansion is not without challenges. According to reports, the failure rate of Chinese companies’ overseas M&A deals exceeds 70%.
In response, the State-owned Assets Supervision and Administration Commission (SASAC) recently emphasized at a meeting of central enterprise leaders that while accelerating internationalization, state-owned enterprises must align their strategies with their long-term goals. They should identify key investment areas and regions, innovate their business models, adapt to global operating standards, build a strong team of international talents, fulfill social responsibilities, and enhance oversight of overseas assets to manage risks effectively.