China National Petroleum Corporation (CNPC) is considering spinning off its oilfield services business to optimize the group’s asset structure.
Wang Yilin, president of CNPC, revealed at an industry conference in the US that the group is currently considering listing the oilfield services business, but didn’t give a specific timeframe.
An official at CNPC told Splash the group is still working on its plans and that the spin-off is possible.
Another Chinese oil giant Sinopec spun off its oilfield services business in 2014, and the new entity Sinopec Oilfield Service Corporation was listed in 2015. CNOOC spun off its oilfield service business COSL in 2002.
The move from CNPC comes as the central government continues to reform major state-owned sectors including shipping and energy.