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Chinese Firm Surpasses Exxon in Oil Production

Peakoil.com -- A big shift is happening in Big Oil: An American giant now ranks behind a Chinese upstart.

Exxon Mobil is no longer the world’s biggest publicly traded producer of oil. For the first time, that distinction belongs to a 13-year-old Chinese company called Petro-China. The Beijing company was created by the Chinese government to secure more oil for that nation’s booming economy.

PetroChina announced Thursday that it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000. The company has grown rapidly over the last decade by squeezing more from China’s aging oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar. It’s motivated by a need to lock up as much oil as possible. The company’s output increased 3.3%

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Submitted Apr 08, 2012 By: DaNewt

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Vette1967 Champion Author Albany Posts:5,982 Points:1,278,925 Joined:Jun 2009	Message Posted: Apr 10, 2012 1:26:22 AM Ignore Vette1967 Report Abuse Thats a lot of oil.
DaNewt Veteran Author Illinois Posts:457 Points:101,180 Joined:May 2011	Message Posted: Apr 9, 2012 11:58:34 PM Ignore DaNewt Report Abuse It does matter when a 13year old company (government backed or not ) beat out the United States. If only our own government believed in it as well.
KAR120CSII Champion Author Oregon Posts:3,193 Points:623,645 Joined:Apr 2010	Message Posted: Apr 9, 2012 1:31:27 AM Ignore KAR120CSII Report Abuse Yahoo, go getum Petro-China. And lookout PM Harper, the Northwest Territories will be Tibet east some day.
granitestater Champion Author New Hampshire Posts:8,836 Points:1,432,700 Joined:Oct 2008	Message Posted: Apr 8, 2012 11:14:52 PM Ignore granitestater Report Abuse Petro-china is a government oil monopoly. Does it matter?
DaNewt Veteran Author Illinois Posts:457 Points:101,180 Joined:May 2011	Message Posted: Apr 8, 2012 10:17:58 PM Ignore DaNewt Report Abuse @Gassed01- Toronto Message Posted: Apr 8, 2012 12:17:08 PM << Do they gouge their consumer customers like Exxon? >> Yes, but not how you might might think. Much is true from TheDix's (Ontario) post <<They haven't any laws to hold things up like we do in the west. We have to introduce laws to protect nature ,wildlife,air quality control and who knows what. The Chinese just do it regardless of consequences >> I cannot speak to Canada but at least one half of our pump price in the U.S., consists of taxes, regulatory fees in one form or another. It's easy to pile on Big Oil, but they have all these hoops that the Chinese government does not. Unfortunately, the cost of all that regulation is passed down to the consumers.
Blue48 Champion Author Illinois Posts:7,320 Points:1,640,870 Joined:Feb 2007	Message Posted: Apr 8, 2012 8:36:30 PM Ignore Blue48 Report Abuse I SEE RED PEOPLE!
VomVom Champion Author Calgary Posts:3,857 Points:1,627,080 Joined:May 2007	Message Posted: Apr 8, 2012 6:56:09 PM Ignore VomVom Report Abuse With the Chinese government's support, PetroChina can do a lot in a very short time instead of the road blocks ExxonMobil has to overcome from the Obama Administration!
sparky808 Champion Author Honolulu Posts:3,018 Points:601,635 Joined:Sep 2011	Message Posted: Apr 8, 2012 6:27:57 PM Ignore sparky808 Report Abuse Sad news to hear and a result of the Nobama energy policy.
dsaine Champion Author North Carolina Posts:3,015 Points:635,420 Joined:May 2011	Message Posted: Apr 8, 2012 5:44:02 PM Ignore dsaine Report Abuse Crazy.
indyjim Champion Author Indianapolis Posts:10,111 Points:2,322,355 Joined:Jul 2006	Message Posted: Apr 8, 2012 3:54:43 PM Ignore indyjim Report Abuse Imagine that.........a country actually doing something to secure its citizen's energy future. Wouldn't it be nice if the US had leadership that had the foresight to do that?
SammyAdams Champion Author Tallahassee Posts:3,071 Points:795,710 Joined:Nov 2010	Message Posted: Apr 8, 2012 2:59:38 PM Ignore SammyAdams Report Abuse From the article: "The Beijing company was created by the Chinese government . . ." ------------------------------------------------------------------- What's the big deal? A Communist government operation has the use of slave labor, doesn't need to deal with EPA for permits, and can actually lose money without adverse consequences, because they can just raise taxes to cover any losses.
JoeKR Champion Author New Jersey Posts:9,484 Points:1,746,490 Joined:Feb 2006	Message Posted: Apr 8, 2012 1:59:15 PM Ignore JoeKR Report Abuse Unbelievable!
Travel1st Champion Author Las Vegas Posts:2,940 Points:474,560 Joined:Aug 2011	Message Posted: Apr 8, 2012 1:00:20 PM Ignore Travel1st Report Abuse Motivation is the key.
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Apr 8, 2012 12:48:17 PM Ignore LostToo Report Abuse Oh Well, I guess you can't stay on top for ever.
A2J Champion Author Richmond Posts:3,090 Points:605,875 Joined:Aug 2011	Message Posted: Apr 8, 2012 12:43:10 PM Ignore A2J Report Abuse This is crazy news..,
hcivic Champion Author Virginia Posts:3,869 Points:2,268,640 Joined:Aug 2005	Message Posted: Apr 8, 2012 12:22:47 PM Ignore hcivic Report Abuse agree Bubba44612
2granny Champion Author Michigan Posts:9,590 Points:1,469,180 Joined:Apr 2009	Message Posted: Apr 8, 2012 12:21:02 PM Ignore 2granny Report Abuse Yup, China is out to get it all.
Gassed01 Champion Author Toronto Posts:6,369 Points:1,805,715 Joined:Jan 2006	Message Posted: Apr 8, 2012 12:17:08 PM Ignore Gassed01 Report Abuse Do they gouge their consumer customers like Exxon?
tutaw Champion Author Kentucky Posts:3,623 Points:845,670 Joined:Sep 2008	Message Posted: Apr 8, 2012 12:16:46 PM Ignore tutaw Report Abuse go figure
Kato51 Champion Author Atlanta Posts:7,280 Points:2,167,690 Joined:Jul 2005	Message Posted: Apr 8, 2012 12:15:38 PM Ignore Kato51 Report Abuse What do you expect out of #1?
Bubba44612 Champion Author Ohio Posts:7,411 Points:1,880,005 Joined:Aug 2005	Message Posted: Apr 8, 2012 12:15:07 PM Ignore Bubba44612 Report Abuse Government backing always helps.
Car54BC08 Champion Author British Columbia Posts:4,269 Points:1,513,265 Joined:Jun 2008	Message Posted: Apr 8, 2012 12:13:10 PM Ignore Car54BC08 Report Abuse It's getting closer all the time for China to rule the world.
TheDix Champion Author Ontario Posts:3,096 Points:600,475 Joined:Dec 2009	Message Posted: Apr 8, 2012 12:13:02 PM Ignore TheDix Report Abuse They haven't any laws to hold things up like we do in the west.We have to introduce laws to protect nature ,wildlife,air quality control and who knows what.The Chineese just do it regardless of consequences.
puinsai808 Champion Author Honolulu Posts:3,559 Points:730,230 Joined:May 2011	Message Posted: Apr 8, 2012 12:12:36 PM Ignore puinsai808 Report Abuse Nobama, are you reading this too?
danlanman Champion Author North Carolina Posts:3,347 Points:725,385 Joined:May 2011	Message Posted: Apr 8, 2012 12:11:42 PM Ignore danlanman Report Abuse ok
MDTDriver Champion Author California Posts:9,739 Points:2,158,320 Joined:Jul 2006	Message Posted: Apr 8, 2012 12:11:39 PM Ignore MDTDriver Report Abuse We export most our our oil thats why our price for gas is so high.
JCI46009IN Champion Author Indiana Posts:2,129 Points:439,570 Joined:Sep 2011	Message Posted: Apr 8, 2012 12:08:30 PM Ignore JCI46009IN Report Abuse Arn't we selling oil to china?
jony Champion Author Florida Posts:7,341 Points:1,635,490 Joined:May 2006	Message Posted: Apr 8, 2012 12:08:30 PM Ignore jony Report Abuse and do we really care?
GasMonc All-Star Author Detroit Posts:907 Points:46,060 Joined:Aug 2005	Message Posted: Apr 8, 2012 12:03:00 PM Ignore GasMonc Report Abuse Republicans really handed over our economy to the Chinese.
Mowerman08 Champion Author Milwaukee Posts:4,770 Points:1,219,945 Joined:Aug 2008	Message Posted: Apr 8, 2012 12:01:49 PM Ignore Mowerman08 Report Abuse The Chinese Government, unlike the U.S Government thanks to Obama, is encouraging growth in the "big oil" business.
rnlunder Champion Author Waco Posts:2,321 Points:496,125 Joined:Apr 2011	Message Posted: Apr 8, 2012 11:59:37 AM Ignore rnlunder Report Abuse Good, that should make the Speculators look like liars if the prices do not drop.
I10Express Champion Author San Antonio Posts:8,684 Points:1,642,895 Joined:Nov 2008	Message Posted: Apr 8, 2012 11:55:38 AM Ignore I10Express Report Abuse Fuel for the speculators. Stop commodity speculation/manipulation now.
jamieg2012 Veteran Author Sioux Falls Posts:286 Points:11,385 Joined:Jan 2012	Message Posted: Apr 8, 2012 11:55:21 AM Ignore jamieg2012 Report Abuse the way the chinese do things wonder if they are going to have a worse environmental record than bp seems the chinese refuse to spend money for safety or even decent wages
SUPERQUACK Champion Author Sacramento Posts:6,141 Points:1,914,755 Joined:Jun 2007	Message Posted: Apr 8, 2012 11:55:09 AM Ignore SUPERQUACK Report Abuse SO-O-O-O-O
TAT36 Champion Author Florida Posts:6,819 Points:1,306,925 Joined:Sep 2009	Message Posted: Apr 8, 2012 11:55:02 AM Ignore TAT36 Report Abuse This is a sign they have advanced planning and nothing they do happens by chance. Does our well being and life style count? Only if we have the money to buy it.
uppy25 Veteran Author Dayton Posts:398 Points:694,285 Joined:Nov 2007	Message Posted: Apr 8, 2012 11:54:48 AM Ignore uppy25 Report Abuse Ok
UseLessGasFolks Champion Author Iowa Posts:5,461 Points:1,298,775 Joined:Jul 2007	Message Posted: Apr 8, 2012 11:51:12 AM Ignore UseLessGasFolks Report Abuse This is why we can not drill our way out of this mess. Big oil will just bow to China as they have the most money to burn. The entire purpose of the keystone xl pipeline is so Canada can get its oil to the gulf and ship it to China. IT IS SAD THAT PEOPLE ACTUALLY THINK THE PIPELINE IS FOR THE BENEFIT OF US AMERICANS. Do you really think a Canadian oil company cares about us?
kuma2000 Champion Author Honolulu Posts:3,238 Points:677,075 Joined:Jun 2011	Message Posted: Apr 8, 2012 11:48:24 AM Ignore kuma2000 Report Abuse isn't that amazing.
Valricoslash Champion Author Tampa Posts:6,709 Points:1,356,150 Joined:Nov 2008	Message Posted: Apr 8, 2012 11:47:37 AM Ignore Valricoslash Report Abuse And Canada will sell it to them while Obama tells the Canadians to go screw themselve over the XL pipline. November can't come soon enough/
cssco Champion Author Virginia Posts:7,342 Points:1,754,455 Joined:Feb 2006	Message Posted: Apr 8, 2012 11:46:39 AM Ignore cssco Report Abuse There will be a day in the not too distant future and we will have all there is. We don't drill, you know.
QualTekGuy Champion Author Illinois Posts:3,073 Points:736,490 Joined:Feb 2007	Message Posted: Apr 8, 2012 11:45:57 AM Ignore QualTekGuy Report Abuse Let the biggest users worry about being the biggest producers and sustain themselves. I am tired of being one of the smallest users and yet, one of the biggest losers when it comes to pump prices.
RobertSpratt Champion Author Virginia Beach Posts:4,850 Points:1,047,940 Joined:Jul 2007	Message Posted: Apr 8, 2012 11:44:27 AM Ignore RobertSpratt Report Abuse I told you to be careful of the chinese. they are evil!!!!! [Edited by: RobertSpratt at 4/8/2012 12:44:36 PM EST]
IMLURCH Champion Author Minnesota Posts:2,199 Points:1,106,105 Joined:Mar 2009	Message Posted: Apr 8, 2012 11:26:44 AM Ignore IMLURCH Report Abuse Watch the U.S. will sell them oil so we can pay more here?
fullauto Champion Author Reading Posts:5,335 Points:1,474,990 Joined:Apr 2008	Message Posted: Apr 8, 2012 11:15:51 AM Ignore fullauto Report Abuse no sh..
Dennisjk Champion Author Detroit Posts:6,491 Points:1,927,175 Joined:Apr 2006	Message Posted: Apr 8, 2012 11:14:14 AM Ignore Dennisjk Report Abuse OK then, maybe now Obama will let our oil be pumped and go to China.
jimbo1867 Champion Author Arizona Posts:5,392 Points:2,058,450 Joined:Apr 2005	Message Posted: Apr 8, 2012 11:12:25 AM Ignore jimbo1867 Report Abuse uhuh
LQQKGAS Champion Author Phoenix Posts:2,678 Points:1,198,820 Joined:Oct 2009	Message Posted: Apr 8, 2012 11:11:46 AM Ignore LQQKGAS Report Abuse Private companies can not compete against a govt owned company.
HawaiianGuy Champion Author Idaho Posts:9,543 Points:3,082,625 Joined:May 2003	Message Posted: Apr 8, 2012 11:11:29 AM Ignore HawaiianGuy Report Abuse And Obama is just about handing more to China on a silver platter by nixing the Keystone pipeline from Canada.
firefly09 Champion Author San Diego Posts:2,502 Points:717,675 Joined:Mar 2009	Message Posted: Apr 8, 2012 11:11:12 AM Ignore firefly09 Report Abuse I agree with mickealo.
angel4me Champion Author San Jose Posts:2,814 Points:796,045 Joined:Dec 2010	Message Posted: Apr 8, 2012 11:10:42 AM Ignore angel4me Report Abuse they are a huge country