China Petroleum & Petrochemical Corp. and China National Offshore Oil Corp. each advanced four places in the 2012 Energy Intelligence Group ranking of the top 100 oil companies as acquisitions added to production and reserves.
China Petroleum, or Sinopec, the publicly traded arm of state-owned China Petrochemical Corp., rose to 22nd in the ranking and China National Offshore, parent of Cnooc Ltd., rose to 34th, Ian Nathan, who has compiled the report for the past four years, said today in an interview.
Rising production of oil and gas helped both companies advance, Nathan said. The pair also benefited from increasing oil and gas reserves boosted by acquisitions, he said. Energy Intelligence, a global energy industry consultant, compiled company-reported 2010 reserves, production, product sales and refinery capacity for its rankings.
“Growth of these companies is due in large part to acquisitions,” Nathan said. “They’ve done pretty well at home as well.”
China’s other major state-owned oil company, China National Petroleum Corp., remains wedged in fifth place between Petroleos de Venezuela SA and BP Plc of the U.K., Nathan said.
The top five companies, led by Saudi Arabian Oil Co., are so large that only a significant acquisition could budge CNPC past PDVSA, he said. National Iranian Oil Co. is second on the list, followed by Exxon Mobil Corp.
ConocoPhillips, the third-largest U.S. oil company, dropped to 12th place from 8th as it sold assets.