Contents:

1 2 1.1 List of Tables 8 1.2 List of Figures 10 2 Company Snapshot 11 2.1 Key Information 11 2.2 Company Overview 11 2.3 Financial Performance 11 2.4 Industry Outlook - Production & Exploration 11 2.5 Industry Outlook - Pipelines 12 2.6 Industry Outlook - Refining 13 3 China National Petroleum Corporation, Crude Oil Forecasts, 2000-2012 15 3.1 China National Petroleum Corporation, Crude Oil Forecasts, By Fields 15 3.2 China National Petroleum Corporation, Gross Revenue Forecasts, By Fields 16 3.3 China National Petroleum Corporation, Total Government Take Forecasts, By Fields 17 3.4 China National Petroleum Corporation, Contractor Take Forecasts, By Fields 18 4 China National Petroleum Corporation, Exploration and Production Summary 19 4.1 China National Petroleum Corporation, Active Exploration Blocks, by Country, 2000-2007 19 4.2 China National Petroleum Corporation, Crude Oil Production, by Country 21 4.3 China National Petroleum Corporation, Natural Gas Production, by Country 23 5 China National Petroleum Corporation, Crude Oil and Natural Gas Production By Fields 24 5.1 China National Petroleum Corporation, Crude Oil Production 24 5.1.1 China National Petroleum Corporation, Crude Oil Production in China, By Fields 24 5.1.2 China National Petroleum Corporation, Crude Oil Production in Ecuador, By Fields 25 5.1.3 China National Petroleum Corporation, Crude Oil Production in Indonesia, By Fields 25 5.1.4 China National Petroleum Corporation, Crude Oil Production in Iraq, By Fields 25 5.1.5 China National Petroleum Corporation, Crude Oil Production in Kazakhstan, By Fields 26 5.1.6 China National Petroleum Corporation, Crude Oil Production in Oman, By Fields 26 5.1.7 China National Petroleum Corporation, Crude Oil Production in Peru, By Fields 26 5.1.8 China National Petroleum Corporation, Crude Oil Production in Sudan, By Fields 27 5.1.9 China National Petroleum Corporation, Crude Oil Production in Syrian Arab Republic, By Fields 27 5.1.10 China National Petroleum Corporation, Crude Oil Production in Thailand, By Fields 27 5.1.11 China National Petroleum Corporation, Crude Oil Production in Tunisia, By Fields 28 5.1.12 China National Petroleum Corporation, Crude Oil Production in Colombia, By Fields 28 5.2 China National Petroleum Corporation, Natural Gas Production 29 5.2.1 China National Petroleum Corporation, Natural Gas Production in China, By Fields 29 5.2.2 China National Petroleum Corporation, Natural Gas Production in Indonesia, By Fields 29 5.2.3 China National Petroleum Corporation, Natural Gas Production in Kazakhstan, By Fields 30 5.2.4 China National Petroleum Corporation, Natural Gas Production in Peru, By Fields 30 5.2.5 China National Petroleum Corporation, Natural Gas Production in Syrian Arab Republic, By Fields 30 6 China National Petroleum Corporation Pipeline Operation 31 6.1 Pipeline Operation, Key Data 31 6.2 Pipeline Operation, Overview 31 6.3 Pipeline Operation, Crude Oil Pipelines 32 6.4 Pipeline Operation, Petroleum Product Pipelines 34 6.5 Pipeline Operation, Natural Gas Pipelines 35 7 China National Petroleum Corporation Refining Operation 36 7.1 Refining Operation, Key Data 36 7.2 Refining Operation, Overview 36 7.3 Refining Operation, Total Refining Capacity, 2000- 2012 37 7.4 Refining Operation, China 38 7.4.1 Refining Operation, China, Crude Distillation Unit Capacity, 2000- 2012 38 7.4.2 Refining Operation, China, Coking Capacity, 2000- 2012 40 7.4.3 Refining Operation, China, Fluid Catalytic Cracking Capacity, 2000- 2012 41 7.4.4 Refining Operation, China, Hydrocracking Capacity, 2000- 2012 42 7.5 Refining Operation, Sudan 43 7.5.1 Refining Operation, Sudan, Crude Distillation Unit Capacity, 2000- 2012 43 7.5.2 Refining Operation, Sudan, Coking Unit Capacity, 2000- 2012 43 7.5.3 Refining Operation, Sudan, Fluid Catalytic Cracking Unit Capacity, 2000- 2012 44 7.6 Refining Operation, Kazakhstan 44 7.6.1 Refining Operation, Kazakhstan, Crude Distillation Unit Capacity, 2000- 2012 44 7.6.2 Refining Operation, Kazakhstan, Coking Unit Capacity, 2000- 2012 45 7.6.3 Refining Operation, Kazakhstan, Fluid Catalytic Cracking Unit Capacity, 2000- 2012 45 7.7 Refining Operation, Algeria 46 7.7.1 Refining Operation, Algeria, Crude Distillation Unit Capacity, 2000- 2012 46 7.7.2 Refining Operation, Algeria, Fluid Catalytic Cracking Unit Capacity, 2000- 2012 46 8 China National Petroleum Corporation LNG Operation 47 8.1 LNG Operation, Overview 47 8.2 LNG Operation, Regasification 47 8.2.1 LNG Operation, Regasification, Regasification Capacity in China, 2000-2012 47 9 China National Petroleum Corporation Oil and Chemicals Storage Operation 48 9.1 Oil and Chemicals Storage Operation, Overview 48 9.2 Oil and Chemicals Storage Operation, Sudan 48 9.2.1 Oil and Chemicals Storage Operation, Sudan, Storage Capacity, 2000- 2012 48 10 China National Petroleum Corporation Underground Gas Storage Operation 49 10.1 Underground Gas Storage Operation, Overview 49 10.2 Underground Gas Storage Operation, Storage Capacity, China, 2007 49 11 Business Description 50 11.1 Business Overview 50 11.2 Major Products and Services 52 11.2.1 Overview 52 12 History 53 13 Competitors 57 14 Key Employees 58 15 Key Employee Biographies 59 16 Company Statement 61 17 Locations And Subsidiaries 63 17.1 Head Office 63 18 Financial Deals Landscape 64 18.1 Rumored Deals 64 18.1.1 China National Petroleum Corp To Form Joint Venture With South Ural Petroleum 64 18.1.2 PetroChina To Acquire Stake In Santos 65 18.2 Asset Purchase 66 18.2.1 Kazmunaygas Acquires 50% Shares Of Valsera Holding BV From CNPC 66 18.2.2 Petro-Canada Sells Its Producing Assets In Syria 68 18.2.3 Sinopec And PetroChina To Acquire Maintenance Assets From China Petrochemical 70 18.3 Partnership 72 18.3.1 CNPC Forms Joint Venture With Rosneft 72 18.3.2 OJSC Rosneft Enters Into Joint Venture With China National Petroleum 73 18.3.3 Mongolia Energy To Form Joint Venture With CNPC Daqing Petroleum 75 18.3.4 Chevron Forms Joint Venture With China National Petroleum 76 18.3.5 China National Petroleum Forms Joint Venture With Newfield Exploration 78 18.3.6 NHK Uzbekneftegaz And China National Petroleum Corporation Form Joint Venture 80 18.3.7 PDVSA Servicios Forms Joint Venture With China National Petroleum 81 18.3.8 China National Petroleum To Form Joint Venture With Nippon Oil 83 18.3.9 PetroChina Forms Joint Venture With PDVSA 84 18.3.10 Total Signs Production Sharing Contract With PetroChina 86 18.3.11 Qatar And Shell Signs Letter Of Intent To Form Joint Venture With PetroChina 87 18.3.12 China Era Energy Enters Into Partnership With CNPC 89 18.4 Debt Offerings 90 18.4.1 Petrochina Files For Bond Offering Of $8,700 Million 90 18.5 IPO 92 18.5.1 Petrochina Company Raises $8.9 Million 92 18.5.2 Petrochina Completes Initial Public Offering 93 18.6 Acquisition 95 18.6.1 Petrochina Acquires 67% Stake In Petrokazakstan 95 18.6.2 Encana Sells All Of Its Interests In Chad To CNPC 97 18.6.3 Petrochina Acquires Majority Stake In Amerada Hess Indonesia Holdings 99 18.6.4 China National Petroleum To Acquire China National United Oil Corp From Petrochina Co Ltd 101 18.6.5 PetroChina Acquires 50% Interest In Newco From China National Petroleum 103 18.6.6 PetroChina Company Sells Its Subsidiary PetroChina International To Newco 104 18.6.7 Chevron Sells Texaco North Buzachi To CNPC International 106 18.6.8 China National Petroleum To Sell Its Stake In China United Coalbed Methane To China National Coal Group 108 18.6.9 CNPC Acquires 70% Interest In Continental-GeoPetro 110 18.6.10 CNPC Acquires Sheer Energy Cyprus 112 19 Recent Developments 115 19.1 License Rounds 115 19.1.1 Mar 20, 2008: Bangladesh Sees Good Interest From Oil Firms In Gas Blocks Auction 115 19.2 License Awards 115 19.2.1 Jul 03, 2008: Four Chinese Oil Firms To Bid For Oil And Gas Rights In Iraq 115 19.2.2 Apr 15, 2008: Iraq Says Four Chinese Companies Being Qualified For Oil Contracts 116 19.3 Strategy and Business Expansion 117 19.3.1 Aug 04, 2008: Kazmunaigas And CNPC Sign Pact On Gas Pipeline Construction 117 19.3.2 Jul 10, 2008: CNPC Starts Construction On Central Asia-China Gas Pipeline, Kazakh Section 117 19.3.3 May 29, 2008: China, Syria To Construct New Oil Refinery 118 19.3.4 May 28, 2008: Daewoo To Cooperate With CNODC In Developing Myanmar Gas Field 118 19.3.5 Apr 10, 2008: China To Construct Huge Oil Storage Facilities 119 19.3.6 Apr 04, 2008: CNPC To Construct Refinery In Syria 121 19.3.7 Apr 02, 2008: Shell To Join Rosnefts JV With CNPC 122 19.3.8 Mar 31, 2008: Petronas, CNPC In Talks To Explore Myanmar Blocks 122 19.3.9 Mar 07, 2008: CPP Eyes Overseas Contracts 124 19.3.10 Mar 05, 2008: CNPC To Start Construction Of Five-Million t/y Refinery 124 19.4 Drilling and Production Updates 125 19.4.1 Jul 25, 2008: CNPC Completes Drilling Of Moshen-1 Onshore Well In Junggar Basin 125 19.4.2 Jul 24, 2008: KNOC Consortium To Explore CPE 7 Oilfield In Colombia 125 19.4.3 Apr 02, 2008: CNPC Crude Oil Processing Increases 6% In Q1 2008 126 19.4.4 Jan 04, 2008: CNPC Provides 2007 Production Update 126 19.5 Other Significant Developments 126 19.5.1 Aug 14, 2008: CNPC Commences Operations At New Hydrocracking Unit At Its Dalian Refining Base 126 19.5.2 Aug 01, 2008: CNPC To Advance Pengzhou Refining Project 127 19.5.3 Jul 25, 2008: CNPC To Fund Construction Of Uzbekistan Section In Central Asia-China Natural Gas Pipeline 127 19.5.4 Jul 02, 2008: CNPC Commences Construction Of Turkmenistan-China Gas Pipeline In Uzbekistan 128 19.5.5 Jul 02, 2008: CNPCs Diesel Hydrogenation Complex Unit In Service 129 19.5.6 Jul 01, 2008: CNPC Commences Operations At Sulige No. 2 Gas Processing Plant 129 19.5.7 Jun 23, 2008: Daewoo Signs Gas Deal With CNPC 129 19.5.8 Jun 03, 2008: CNPC To Invest $5 Billion In Developing Agadem Oil Block In Niger 130 19.5.9 May 05, 2008: CNPC Begins Constructing Oil Tanks In Northern City Of Jinzhou 131 20 Appendix 132 20.1 Methodology 132 20.1.1 Coverage 132 20.1.2 Secondary Research 133 20.1.3 Primary Research 133 20.1.4 E&P Forecasts 134 20.1.5 Midstream Forecasts 136 20.1.6 Expert Panel Validation 137 20.2 Contact Us 137 20.3 About us137 20.4 Disclaimer 137 Executive Summary 1.2 List of Figures Figure 1: China National Petroleum Corporation, Crude Oil Forecasts, 2000-2012 15 Figure 2: China National Petroleum Corporation, Gross Revenue ($thousand) by Fields, 2008-2012 16 Figure 3: China National Petroleum Corporation , Total Government Take ($thousand) by Fields, 2008-2012 17 Figure 4: China National Petroleum Corporation , Contractor Take ($thousand) by Fields, 2008-2012 18 Figure 5: China National Petroleum Corporation, Number of Exploration Blocks, by Country, 2000-2007 19 Figure 6: China National Petroleum Corporation, Crude Oil Production (BBls), by Country, 2000-2007 21 Figure 7: China National Petroleum Corporation, Natural Gas Production (MMcf), by Country, 2000-2007 23 Figure 8: Global Markets Direct Methodology 132

Companies Mentioned

The following companies are the major competitors of China National Petroleum Corporation: China Oilfield Services Limited China Petrochemical Corporation (Sinopec) China Petroleum & Chemical Corporation Chinese Petroleum Corporation Halim Mazmin Berhad PDZ Holdings Bhd