$4.9 billion to buy a Kazakh oil company and build a pipeline back to China
Deal signed in 2005: China National Petroleum Corp. purchased the oil company Petrokazakhstan for $4.18 billion, but didn't stop there. The Chinese then built a $700 million oil pipeline to carry the product from Kazakhstan to China.
Background: The deal hasn't been so clear cut in the end for China, as they were forced to sell back a third of the project to the Kazak government. China has continued to invest in Kazakhstan, however, and also purchased Nations Energy for $1.9 billion in 2006.
$10 billion to fund offshore exploration in Brazil
Deal signed February 2009: China Development Bank loaned $10 billion to Petrobras to fund exploration. In related deals, Petrobras guaranteed to export over 200,000 barrels each day to China.
Background: The deal furthers relations between Brazil and its biggest trade partner. It may pay off this year as Petrobras considers selling offshore blocks to Sinopec for cash.
Brazil has the 15th-largest oil reserves in the world. The recently discovered Tupi field could boost reserves much higher.
$15 billion to improve Iraq's Rumaila oil field (plus a drilling contract)
Deal signed October 2009: China National Petroleum Corp partnered with BP to drill Iraq's mega Rumaila field. They will charge $2 per barrel to produce 100,000 barrels a day. CNPC will also pay $15 billion in infrastructure improvements, according to Arabian Business.
Background: China ar greed to write off Iraq's Saddam Hussein era debts by 80% earlier this year in an effort to smooth ties between the two countries. Now China is snapping up tons of Iraqi fields. Protecting the Rumaila field was the purported reason for Saddam's Hussein's attack on Kuwait in the first Gulf War.
Majority ownership in a dirt-cheap contract to drill Iraq's Halfaya oil field
Deal signed January 2010: PetroChina announced a 37.5% stake in a development of Iraq's Halfaya oil field. The oil field holds reserves of around 4.1 billion barrels, which PetroChina will produce at a cost of less than $1.75 per barrel.
Background: China ar greed to write off Iraq's Saddam Hussein era debts by 80% earlier this year in an effort to smooth ties between the two countries. Now China is snapping up tons of Iraqi fields.
Majority ownership in a contract to drill Iraq's lucrative Missan field
Deal signed May 2010: China National Offshore Oil Corp partnered with a Turkish company to develop Iraq's Missan field for 20 years. The syndicate beat all contenders with a bid to produce at $2.30 per barrel.
Background: China agreed to write off Iraq's Saddam Hussein era debts by 80% earlier this year in an effort to smooth ties between the two countries. Now China is snapping up tons of Iraqi fields.
A $20 billion investment into the Sudanese oil industry
Deals signed over the last decade: China's investment in Sudanese oil is not very public, considering the nature of Sudan's government. Some reports have total Chinese investment at $20 billion, and that doesn't even include the shipment of arms to the country.
Background: China's relationship with Sudan is often criticized due to the violent nature of the regime, and the Darfur conflict.
$20 billion to develop the Orinoco Belt in Venezuela
Deal signed May 2010: China National Petroleum Corporation loaned $20 billion to PDVSA for development that will yield nearly three billion barrels of oil. PDVSA will repay the loan with oil.
In a side deal, China agreed to build three thermal power plants, according to The National.
Background: Venezuela has the 6th-largest oil reserves and relatively low production. The notoriously-inefficient state-owned industry is becoming more open to international investment.
$23 billion to build three refineries in Nigeria
Deal signed May 2010: China State Construction Engineering Corporation will pay $23 billion to fund refineries that can produce 750,000 barrels per day.
Background: The real payoff to this deal comes later in the year when Nigeria auctions drilling contracts on offshore fields. The government will only give contracts to parties that invest in local infrastructure and economy, according to WSJ.
Nigeria has the world's 10th-largest oil reserves, with relatively low production.