CNPC holds proven reserves of 3.7 billion barrels (590,000,000 m3) of oil equivalent. In 2007, CNPC produced 54 billion cubic metres of natural gas. CNPC has 30 international exploration and production projects with operations in Azerbaijan, Canada, Iran, Indonesia, Myanmar, Oman, Peru, Sudan, Niger, Thailand, Turkmenistan, and Venezuela. Many of the company's exploration projects are carried out by the Great Wall Drilling Company (GWDC), a wholly owned drilling services company.
In 2018 the company announced it is building natural gas storage facilities with a total capacity of 55.6 billion cu m in the northern Henan province, to ease supply bottlenecks in the peak winter season. China has accelerated the construction of underground gas storage facilities due to the challenges faced in transporting gas last winter when logistical issues forced buyers to truck LNG thousands of kilometers from import terminals to consumption areas. The country has started an ambitious program to convert large numbers of coal-fired boilers to cleaner natural gas, to curb smog and pollution.
CNPC was the first Chinese enterprise to invest in Africa. In 1996, it began developing oil fields previously discovered by Chevron in Sudan, but which Chevron had abandoned due to civil conflict in Sudan.
The Great Wall Drilling Company, a subsidiary of the China National Petroleum Company, invested $700 million in drilling 57 wells in Sudan over a 3-year period starting in 1997. In 2010, the company was awarded a contract by the Sudanese Petroleum Ministry to build 5 oil rigs for $75.5 million.
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After South Sudan's independence in 2011, South Sudan's territory included many of the Sudanese oil fields where CNPC (as well as Sinopec) have significant interests. CNPC is a major investor in South Sudan's oil sector. The company is major stockholder in Petrodar consortiums.
The December 2013 beginning of the South Sudanese Civil War prompted Chinese policymakers to consider whether to relinquish oil fields and other investments or to continue to maintain them during the conflict. Ultimately, a minimum team of Chinese nationals working for CNPC remained to continue oil production. This decision allowed South Sudan's oil sector to continue to operate although CNPC suffered huge losses given high transportation costs and low international oil prices. Continuing oil production helped China to earn trust from the South Sudanese government and support from the international community for its contribution in stabilizing South Sudan's economy.
Chad
As of 2023, CNPC operates oil fields in Chad with a Swiss company.
Mozambique
In Mozambique, CNPC owns 20% of two natural gas projects as of 2023.
Niger
CNPC runs a joint project, called Zinder Refining Co, with Niger's central government to operate the Soraz refinery. It was completed in 2011 after CNPC invested US $980 million. CNPC also runs Agadem oilfield; which is the country's only operational oil field. In 2024, a pipeline was completed to bring Agadem oil to Benin. However, militants stopped the flow of oil causing large financial loses for CNPC.
Afghanistan
In December 2011, Afghanistan signed a deal with CNPC for the development of oil blocks in the Amu Darya basin, a project expected to earn billions of dollars over two decades; the deal covered drilling and a refinery in the northern provinces of Sar-e Pol and Faryab and was the first international oil production agreement entered into by the Afghan government for several decades. All CNPC operations were shut down in Afghanistan due to the Taliban takeover.
Kazakhstan
CNPC is one of the most active Chinese companies in the petroleum sector in Kazakhstan. It is heavily involved in the development of Kazakh oil after the acquisition of Alberta-based PetroKazakhstan, a company with all operations in Kazakhstan. The company was purchased for $4.18 billion. Political resistance in Kazakhstan to the deal was placated by the sale of a minority stake in PetroKazakhstan by CNPC to KazMunaiGaz, the Kazakh state-owned oil company.
In June 2023, CNPC received full support from Samruk-Kazyna for investments in the expansion of Kazakhstan's gas and oil pipeline capacities, as well as the construction of a sour gas processing plant to be located at the Kashagan offshore development site. In addition, CNPC was involved in the upgrade projects at the Shymkent oil refinery. Through the implementation of these projects, China would be able to receive oil produced and then diverted from Kazakhstan. The modernisation of the oil refinery in Shymkent was completed in August 2023.
Pakistan
Great Wall Drilling Corporations (GWDC) was operating in Pakistan until 2008. In 2008, all of GWDC operations and assets in Pakistan were acquired by Chuanqing Drilling Engineering Company Limited (CCDC) another subsidiary of CNPC.
Uzbekistan
In 2006, CNPC formed an international consortium with state-run Uzbekneftegaz, LUKoil Overseas, Petronas, and Korea National Oil Corporation to explore and develop oil and gas fields in the Aral Sea.
China
In October 2004, CNPC began construction of a pipeline from the Middle East to Xinjiang province.
In June 2023, QatarEnergy signed a 27- year deal with CNPC for 4 million metric tons of LNG to be delivered yearly. This is the second agreement that Qatar has made with a Chinese company in less than a year. In November 2022, Sinopec and QatarEnergy made a similar deal. Both CNPC and Sinopec also have an equity stake in the Qatar North Field eastern expansion which amounts to about 5% of an LNG train of 8 million metric tons of year.
CNPC announced that it would begin a 457-day drilling project in the Taklimakan Desert in June 2023 to drill down to the Earth's core, 10,000 metres deep, for scientific purposes and to search for oil and gas. In August 2023, CNPC also began ultra-deepwater exploration drilling in search for oil and gas to slowly enable China to rely less on foreign oil.
Russia
In May 2014, a 30-year deal between Russia's Gazprom and China National Petroleum Corporation (CNPC) which was 10 years in the making was estimated worth $400 billion. The agreement was signed at a summit in Shanghai and is expected to deliver some 38 billion cubic meters of natural gas a year, starting around 2018, to China's burgeoning economy.
New Zealand
CNPC operated in New Zealand as CCDC (NZ) Drilling and had one drilling rig, a triple stand DC rig named Rig 43. CCDC NZ started workover/drilling operations in the Kapuni gas fields of South Taranaki New Zealand in late 2012 for "tight gas". The rig completed the Kapuni drilling campaign of 4 wells for STOS (Shell Todd Oil Services) in August 2013. Its next drilling project commenced August 2013 for Tag Oil with one well successfully drilled at Cheal C of a depth of just under 5,000m. The rig was then stood down pending appeals for the next stage of a drilling campaign for Tag Oil in March 2014. Due to the periods involved it was decided to end its drilling campaign in New Zealand. Rig 43 was then dismantled and shipped to other overseas locations and no longer operates in New Zealand.
Malaysia
China Petroleum Pipeline Engineering, a unit of CNPC, was the primary contractor working to establish two pipelines in Malaysia. The project was accused of involvement in corruption and was suspended by the Pakatan Harapan seventh cabinet of Malaysian Prime Minister Mahathir Mohamed in 2018. The company denied the allegations. In July 2019, Malaysian authorities seized $243.5M from China Petroleum Pipeline Engineering to compensate for the paid for but unfinished pipelines and transferred to a Malaysian government-owned business.
Sri Lanka
CNPC's subsidiary China Huanqiu Contracting & Engineering Corporation has been doing business in Sri Lanka since 1997. It became one of the first companies involved in the Hambantota International Port project when it began work on refueling facilities and oil tank projects following a 2005 agreement between Sri Lanka and China to facilitate the involvement of Chinese companies in the port development.
Iraq
In March 2009, CNPC began development of Ahdab, an oil field in Wasit Governorate holding a modest one billion barrels, becoming "the first significant foreign investors" in Iraq. The contract is a renegotiated version of a 1997 agreement between China and Iraq under Saddam Hussein. The project progressed despite security problems with local farmers. Dozens of farmers complained of damage to property because of work on the site and Iraqi oil officials claimed thievery from the oil site by local farmers. Ahdab is not expected to be a major profit center, earning the company a projected 1 percent profit, but the field was seen as an entry strategy into Iraq.
Following Ahdab, CNPC obtained a production contract during the 2009/2010 Iraqi oil services contracts tender to develop the much larger "Rumaila field" with joint venture partner BP, which contains an estimated 17.8 billion barrels (2.83×109 m3) of oil. It is expected that crude oil production from Rumaila will expand by 10% by the end of 2010 once the BP PLC/CNPC consortium takes over development of the field in June 2010. A contract was also awarded to a consortium led by CNPC (37.5%), including TotalEnergies (18.75%) and Petronas (18.75%) for the "Halfaya field" in the south of Iraq, which contains an estimated 4.1 billion barrels (650,000,000 m3) of oil.
In August 2023, CNPC Daqing Drilling Engineering Co was awarded an EPC to drill wells with two rigs located in the Rumaila oilfield in Iraq. The engineering, procurement and construction contract is said to be worth $194 million and the number of wells allowed to be drilled were not disclosed.
CNPC took over the West Qurna 1 oilfield in January 2024 from ExxonMobil. The oilfield is located Northwest of Basra and produces over 25 million tonnes of crude oil annually.
Iran
CNPC became increasingly involved in the development of Iranian oil fields following international sanctions that targeted the Iranian oil and gas sectors leading many European energy companies such as Shell Oil, Repsol, etc. to shut down operations in Iran. The CNPC along with Sinopec has been involved in various projects relating to Iran's oil/gas development. As of 2011, CNPC has been developing Iran's age-old Masjed Soleyman Oil Field, the oldest oil field of the Middle East, together with Iranian counterpart NIOC in a deal worth 200 million dollars. Production from this particular oil field was expected to increase in 2011 from 2,500 barrels (400 m3) a day to 25,000 barrels (4,000 m3) after the completion of the first phase, and to 55,000,000 bbl/d (8,700,000 m3/d) following the completion of phase 2 of the project.
In August 2018, TotalEnergies officially withdrew from the Iranian South Pars gas field because of sanctions pressure from the US, leaving CNPC to take up their 50.1% stake in the $5 billion natural gas field, of which it had already 30%. It held this 80.1% share until it withdrew its investment in October 2019 due to the US sanctions on Iran, according to Oil Minister Bijan Zangeneh quoted by the SHANA news agency.
Syria
CNPC with Indian state oil firm, ONGC created a joint venture to acquire minority stakes ranging from about 33.3% to 39% in several mature Syrian oil and natural gas properties. The combined entity was a notable instance of cooperation between two state oil firms that regularly competed for assets around the world.
Qatar
In June 2023, CNPC signed a 27-year deal with QatarEnergy for 4 million metric tons of LNG to be delivered yearly. CNPC also has an equity stake in the Qatar North Field eastern expansion which amounts to about 5% of an LNG train of 8 million metric tons of year.