Chinese oil majors streamline operations with overseas asset sales
China’s top oil and gas companies are selling off underperforming assets and streamlining operations as part of ongoing restructuring
China’s state-owned oil giants — PetroChina, Sinopec, CNOOC Ltd and Sinochem — are accelerating asset divestments to boost profitability and enhance operational efficiency.
As part of broader restructuring efforts started in 2024, these companies have offloaded several underperforming or non-strategic assets. The divestments mark a significant shift toward greater operational focus, with the companies targeting efficiency improvements and more profitable ventures.
Sinochem has completed the sale of its stakes in Brazil’s shallow-water Peregrino and Pitangola oilfields and is negotiating the sale of its Wolfcamp shale assets in the US.
