Chinese oil companies in recent years have discovered the hard way that newcomers need more than money and ambition to establish a major presence in the international oil business.
The Chinese ruffle political feathers when they bid for established companies – notably CNOOC's ill-fated effort to buy Unocal of the US – or when they invest in countries that other companies avoid such as Sudan.
Cash-rich Chinese companies are on a buying spree again, hoping to take advantage of low asset prices. But this time, they are adopting more politically-savvy strategies. They are either making partnerships with multinationals eager to access the strictly-regulated Chinese market, or using strong financial backing from the state to smooth the way in target countries.