RUSSIA SANCTIONS HELP CHINA
U.S. and European companies dominate the global market in oil exploration and production, especially projects requiring complex engineering and reservoir management, but they will face increasing competition from China over the next decade.
Western majors like Exxon, BP, Chevron, Shell, Total, Statoil and ENI currently lead the international oil industry. The only serious rivals from outside the OECD are Petronas (Malaysia), Petrobras (Brazil) as well as CNPC and Sinopec (China).
Western firms are even more dominant in the services industry, where Halliburton, Schlumberger and Baker Hughes, plus smaller specialists,…
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