China's oil majors primed for global deal quest after crude slump

Hong Kong

IT was only a matter of time.

China's oil majors are primed to join the latest round of global energy deals triggered by the collapse in energy prices. PetroChina Co, the nation's biggest explorer and producer, said last week it's eyeing targets and in discussions about assets swaps in North America. Its rival, China Petroleum & Chemical Corp, Asia's largest refiner, signalled it's looking at overseas acquisitions.

The country's so-called Big Three oil and gas companies, which also includes China National Offshore Oil Corp, spent nearly US$119 billion from 2009 through 2013, accounting for 13 per cent of global transactions in the industry, data compiled by Bloomberg show. That slowed to a trickle last year, and they haven't spent a dim…