China National Petroleum Corp. (0857.HK) (601857.SS) days of super- power consumption may exceed China's state oil giant to avoid the legacy of former chairman Jiang Jiemin , now under official corruption probes.
PetroChina will likely record 2013 capital expenditures decreased annually , according to company officials and industry experts . This will be its 2000 in Hong Kong and New York Stock Exchange for the first time since the fall .
The world's third most valuable oil cap companies are still on the prowl , the global acquisition targets , but has vowed to become more selective , focusing on the so-called large-scale high-quality projects , company officials said.
"The new management team is congjiang Jiang Jiemin , according to which the oil has been spent like crazy and completely different, and got a lot of suspicious transactions at home and abroad, economics ," who have participated in some of the recent strategic briefings by the company's new management a PetroChina official Zhou Jiping , led by the chairman , told Reuters reporters . His condition of anonymity because he was not authorized to speak to the media .
PetroChina spokesman Mao Zefeng declined to comment , but he said the company's overseas projects must ensure that the quality of reserves and expand the company's international footprint is mainly affected by the previous acquisition .
Beijing said on Sunday it was investigating Jiang Zemin as "serious disciplinary violations " - shorthand governments usually used to describe the migration - this seems to be to combat corruption and promote reform deepened. After the formal announcement came last week, three executives in the oil and its parent company, China National Petroleum Corporation (CNPC) - China 's second highest income one of the companies - face inquiries.
According to Jiang , vocal supporter of expansion and what he called the political responsibility of state-owned enterprises and social responsibility , China's oil capital expenditure surged to 352.5 one billion yuan ( 57.60 billion) last year from 181.6 one billion yuan in 2007 . Egami , from late 2006 until early this year , China Petroleum and China National Petroleum Corporation .
Expenditure may partly reflect rising cost inflation in the global oil industry and asked to curb its aging oil fields, especially Daqing oilfield is China's largest production decline of additional resources , but critics contend that the company invested too dependent on its refining and petrochemical business in the oil and gas exploration and production spending.
PetroChina 's new management is quickly buried the legacy of Jiang Zemin , told the media and investors , the group will become more profit -driven entity and the " input ( a ) a new stage of development ," the new president said Wang Dongjin , in In late August, shortly before news broke formal investigation .
" The development of quality and efficiency as the core, is in urgent need of oil ", it will shift its focus from " scale expansion ," Wang said. He did not specify what measures will be taken , he was to improve profitability .
Change course
Although some observers doubt that the oil will make any substantive changes , and its role as the dominant Chinese oil production , others say the company's new management is on the right track .
"We are likely to see one, maybe lower the number of capital expenditure this year , this is the right step in the direction , " Bernstein Research in Hong Kong (Bernstein Research) senior analyst Neil Beveridge said.
In the first half , the oil capital expenditure fell by 3.1% to 108.2 one billion yuan , down 52% , refining and petrochemical projects expenditures , while the upstream expenditure rose by 11%.
Under Jiang , PetroChina and China National Petroleum Corporation entered into a series of major overseas transactions, including offshore gas fields in Mozambique in March $ $ 421 million stake in the acquisition . Jiang said that before , overseas operations will account for China National Petroleum Corporation 's production in half , by 2015 , from the current 40%.
It is unclear whether the oil is still chasing that goal , but two sources close to the company said that senior officials now believe that the company may have been too radical a number of transactions , including the purchase of oil sands and shale gas and other unconventional energy assets high costs in Canada and Australia CBM project . One source said the company has been growing in the pursuit of "reckless ."
Sources said the oil giant still looking for a large purchase, including Exxon Mobil (XOM.N) $ 50 billion in West Qurna-1 oil field in Iraq, more than one billion dollars in shares, but its risk appetite atrophy.
China Petroleum shares (PetroChina) is the first foreign oil company to sign a service agreement , the US-led coalition forces in Iraq to overthrow Saddam Hussein and the country has accounted for a large company's overseas output.
Turn supertanker
However, even if the oil insisted improve shareholder returns , it will be a long-running process , given the sheer size of the company .
Analysts expect the oil refining and petrochemicals, as well as pipeline segment in the coming years to cut spending - capital-intensive corporate profitability is poor - exploration and production , and will allocate more resources .
PetroChina raised about 90 one billion yuan in the past year to establish joint ventures with domestic institutions from a number of pipeline assets sold. It may do more pipelines, refineries and petrochemical sector, in order to help them rein in spending and improve transaction profitability , analysts said.
"It's like a huge supertanker , it takes time to change , " said James Hubbard , Macquarie (Macquarie) in Hong Kong, Asia's oil and gas research director .



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