en.Wedoany.com Reported - On July 3, local time, CNPC Chairman Dai Houliang met with bp CEO Meg O'Neill in London, UK. The two sides exchanged views on the existing cooperation foundation, stability of the energy industry chain supply chain, oil and gas trade, overseas upstream, and low-carbon businesses.

CNPC and bp have maintained a long-term cooperative relationship in the energy sector, covering multiple areas including oil product sales, oil and gas trade, overseas upstream, and low-carbon businesses. For large international energy companies, oil and gas business cooperation involves not only resource procurement and trade settlement, but also upstream exploration and development, refining and sales, terminal networks, technical services, low-carbon projects, and international market coordination. CNPC possesses a relatively complete oil and gas industry chain and a domestic market foundation, while bp has a long-term presence in global upstream assets, oil and gas trade, refining and sales, and low-carbon energy. The cooperation between the two sides demonstrates strong industrial complementarity.

This meeting took place against the backdrop of global energy supply chains still facing price volatility, regional conflicts, and energy transition pressures. Energy companies must ensure the security of traditional oil and gas supply while advancing low-carbon businesses and technological innovation, making international cooperation increasingly important.

Dai Houliang stated that CNPC and bp are both energy companies with significant international influence, and over the years, the two sides have carried out pragmatic cooperation in areas such as oil product sales, oil and gas trade, overseas upstream, and low-carbon businesses. He expressed hope that both sides would explore more cooperation opportunities on the basis of consolidating existing cooperation, jointly ensure the security and stability of the industry chain and supply chain, and contribute to the development of bilateral relations between China and the UK. Meg O'Neill stated that bp and CNPC are long-term and important strategic partners, and hoped that the teams of both sides would strengthen communication and exchanges, further expand areas and outcomes of cooperation, and achieve mutual benefit and win-win development.

For the oil and gas industry, the space for cooperation between Chinese and UK energy companies remains concentrated in several directions: stabilizing oil and gas trade and resource supply, enhancing coordination on overseas upstream projects, advancing cooperation in terminal businesses such as refined oil products and lubricants, and exploring new businesses such as low-carbon energy, carbon management, hydrogen energy, biofuels, charging networks, and digital operations. As global energy companies rebalance their core oil and gas businesses with low-carbon transitions, subsequent cooperation between CNPC and bp may also focus more on supply chain resilience, energy security, low-carbon technologies, and global project coordination.

Currently, the information released from the meeting has not disclosed new contract amounts, specific project names, or investment plans. What can be confirmed is that CNPC and bp will continue to strengthen communication on the basis of existing cooperation, exploring more cooperation opportunities in oil and gas trade, overseas upstream, low-carbon businesses, and the stability of the industry chain and supply chain.