The 5 Biggest Chinese Oil Companies

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J. William Carpenter
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J. William Carpenter is an economist who writes financial topics. He is an author of published works for higher education and business clients.
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Updated July 16, 2023
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Chip Stapleton
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Reviewed by Chip Stapleton
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Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. He has 8 years experience in finance, from financial planning and wealth management to corporate finance and FP&A.
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The U.S. continues to lead growth in the world's oil supplies, with global oil demand continuing to grow for the foreseeable future. But despite the U.S. leading oil production, it's companies from China that continue to dominate the oil and gas sector when it comes to revenues.

China's biggest crude oil companies are mostly state-owned energy conglomerates with sprawling international operations in exploration and production, petroleum and chemical processing, storage and transportation, as well as many other functions along the oil and gas supply chain. Keep reading to find out more about the top five Chinese oil companies by revenue. Note that all of the figures are current as of August 2023.

Key Takeaways

  • China is home to many large oil and gas companies—most of which are state-owned.
  • China National Petroleum Corporation is one of the largest oil companies in the world and ranks first in terms of revenue.
  • Sinopec is China's largest oil supplier and its second-largest oil producer.
  • CNOOC, Shaanxi Yanchang, and Sinochem are also among the largest oil producers in China.

1. China National Petroleum Corporation

  • Founded: 1988
  • Headquarters: Beijing

China National Petroleum Corporation, or CNPC, is the largest Chinese crude oil producer by revenue and the biggest by production volume. The company ranked in the fourth spot on the Fortune Global 500 list with roughly $483.02 billion in revenue.

CNPC operates businesses along the full length of the oil supply chain, from initial exploration to retail, with more than one million people working across the world. Most CNPC operations are organized under PetroChina, a subsidiary company that was established in 1999. The company's shares trade on the HKG. Shares started trading on the Shanghai Stock Exchange in 2007.

The company delisted PetroChina's American depositary receipts (ADRs) from the New York Stock Exchange (NYSE) in August 2022, citing regulatory differences. It also said that the company never used its American listing to raise capital from shareholders.

2. Sinopec

  • Founded: 1983
  • Headquarters: Beijing

China Petroleum and Chemical Corp., known informally as Sinopec, is an oil, gas, and chemical giant. It is also one of the world's largest corporations. The company ranked in the fifth spot on the Fortune list of the Global 500 companies, with revenues of about $471.15 billion.

Sinopec is China's largest supplier of oil and its second-largest producer. Sinopec maintains vast operations along the full length of the oil supply chain, from exploration and drilling to retail sales. The company employs about 542,300 people across the world.

Sinopec shares started trading on the Hong Kong Stock Exchange (HKG) in 2000. The company was subsequently listed on both the Shanghai Stock Exchange and the New York Stock Exchange (NYSE). Sinopec voluntarily delisted its ADRs from the NYSE because of the "administrative burden" required to maintain the listing. Trading ceased in September 2022. The company also pulled shares from the London Stock Exchange (LSE) as of November 2022.

Foreign companies with assets of at least $43 million can take part in oil and gas exploration and production within China.

3. Sinochem Group

  • Founded: 1950
  • Headquarters: Beijing

Sinochem Group was established during the reorganization of China's largest international trading firm, China National Chemicals Import and Export Corporation. Sinochem Group remains one of the largest chemical companies in the country, but it has expanded its operations to include energy, real estate, agriculture, and financial services.

The company earned about $172.84 billion in revenue, taking the 38th spot on the Fortune Global 500 list. Sinochem owns more than 300 subsidies including Sinochem International, China Jinmao, and Sinofert.

4. China National Offshore Oil Corporation

  • Founded: 1982
  • Headquarters: Beijing

China National Offshore Oil Corporation, known as CNOOC, focuses on oil and gas exploration and production in China's offshore waters. It has since developed into an international company with operations in 20 countries. CNOOC earned $164.76 billion in revenue, ranking in the 42nd spot on Fortune's Global 500 companies list.

In addition to oil and gas exploration and production, CNOOC is also engaged in refining, power generation, retail marketing, and engineering. Most of the company's primary operations are organized under its subsidiary, CNOOC Limited. CNOOC is listed on the Hang Seng Index.

5. Shandong Energy Group

  • Founded: 2020 (incorporated)
  • Headquarters: Jinan, Shandong, China

Shandong Energy Group was incorporated in 2020 after it merged with Yankuang Group. The company has more than 20 subsidiaries in China. It also has 10 different national and global public companies under its umbrella. The company ranks 72nd on Fortune's Global 500 list and employs more than 232,000 people around the world.

The company primarily operates in coal exploration and mining, electric power, manufacturing, and logistics. But it also has a presence in oil production—notably in shale oil. Revenues were recorded at about $124.09 billion in 2023.

What Are the Largest Oil Companies in the World?

The largest oil companies in the world by market cap as of August 2023 are Saudi Aramco ($2.22 trillion), Exxon Mobil ($443.23 billion), Chevron ($300.86 billion), Shell ($205.79 billion), and PetroChina ($182.69 billion).

Who Is China's Largest Oil Supplier?

Saudi Arabia was China's largest oil supplier, making up 17% of total Chinese imports. China purchased over 86 million tonnes of crude oil from Saudi Arabia in 2021.

Does China Buy Oil From the U.S.?

Yes, China does buy oil and petroleum products from the U.S. In 2022, China bought more than 231 million barrels of oil and petroleum products from the U.S.

The Bottom Line

China is one of the fastest-growing economies in the world. This means the country is highly dependent on rich energy sources. In fact, it was the largest energy consumer in 2020. But China isn't just a net importer of oil and other fossil fuels, it was also the largest producer of energy in 2020, too. This is due to the state-owned companies that explore, refine, and produce energy products, including crude oil. Many of these appear on Fortune's Global 500 list of top companies.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

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  2. Fortune. “Global 500 Sinopec Group.”

  3. China National Petroleum Corporation. “History.”

  4. China National Petroleum Corporation. “2021 Annual Report,” Page 9.

  5. Shanghai Stock Exchange. “SSE Monthly Market Statistics (2007-11),” Page 25.

  6. Yahoo Finance. “PetroChina Company Limited (0857.HK).”

  7. PetroChina Company Limited. "PETROCHINA ANNOUNCED INTENTION TO DELIST THE AMERICAN DEPOSITARY SHARES FROM THE NYSE."

  8. Sinopec. “Refineries & Petrochemicals.”

  9. Sinopec Group. “Annual Report and Accounts 2021,” Page 2.

  10. Sinopec. "2022 ANNUAL REPORT AND ACCOUNTS," Page 51.

  11. S&P Global. “China Further Opens Oil and Gas Upstream to Foreign Investors: How Much Impact Can We Expect?.”

  12. Sinochem Group. “Summary.”

  13. Fortune. "Global 500 Sinochem."

  14. China National Offshore Oil Corporation. “Company Overview.”

  15. China National Offshore Oil Corporation. “Contact.”

  16. China National Offshore Oil Corporation. “World Class Assets.”

  17. Fortune. "Global 500 China National Offshore Oil."

  18. CNOOC Limited. “About Us.”

  19. Fortune. "Global 500 Shandong Energy Group."

  20. Companiesmarketcap. "Largest Oil and Gas Companies by Market Cap."

  21. U.S. Energy Information Administration. “China Executive Summary.”

  22. U.S. Energy Information Administration. "U.S. Exports to China of Crude Oil and Petroleum Products."

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