China National Petroleum Corp, the parent of listed PetroChina, is paying $575m to buy 10 percent of three offshore oil fields in Abu Dhabi, as part of the emirate's privatisation plan, the companies said.
The investment by CNPC comes as potential buyers pore over another Chinese investment in Abu Dhabi, the 4 percent stake in Abu Dhabi National Oil Co.'s onshore concession held by CEFC, the energy firm whose chairman Ye Jianming was detained last month. CEFC bought into Adnoc's onshore Adco operations last year for $888m, as part of an ambitious overseas expansion that has now been curtailed.
Last year, CNPC bought into 8 percent of Adco, alongside CEFC. It also has shares in other Abu Dhabi concessions.
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