When China’s largest oil producer looked overseas 14 years ago for places to invest, it settled on the then-untapped riches of Sudan.
That investment, in 1996, kicked off a string of deals in Africa, as Chinese state-owned oil companies snapped up resources in countries often deemed untouchable by western companies.
But today the Chinese oil majors are sending their money in a different direction: Latin America, which has dominated headlines this year for upstream oil and gas deals. Chinese oil companies have spent more than $15bn in upstream deals there this year – and industry executives say there is more to come.
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