CHINESE NOCs accounted for a fifth of global oil and gas mergers and acquisitions activity last year, spending $29.39 billion, with more than half invested in Latin America. And these same firms are set to continue their global spending drive. Based on company forecasts they will continue to be a significant source of investment - importantly, at a time when the majors, such as BP and ConocoPhillips, are shedding assets. Such investment is crucial not only to meet Chinese demand, but also world oil and gas supply.
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