China Seals 3rd Major Oil Deal

3 major oil deals: 

1. China's CITIC Group has successfully acquired the Kazakhstan oil assets of Canada's National Energy Company for US$1.91 billion.

2. China National Petroleum Corporation (CNPC), China's largest oil producer, bout Canada-based Petro Kazakhstan Inc. for $4.18 billion in October, 06.

3. China National Offshore Oil Company Ltd, the country's leading offshore oil producer, acquired a 45% working interest in an offshore oil field in Nigeria, for $2.69 billion.

These three steps are important to China…would be important to any country that could make the deal…to decrease dependence on Middle East oil sources.

CITIC and CNPC acquisitions are from Central Asia, allowing those two groups to further diversify their dependence.

China imported 118.75 million tons of crude oil in 2005.

CITIC's Kazakhstan acquisition has proven reserves of 340 million barrels of oil and already produces 50,000 barrels a day.

So, why didn't Japan…or the U.S. or some other oil hog make this deal?

Proximity? Another reason?

What do you think?