It's almost as if the entire world needs a latter-day Paul Revere to ride across the various oil venues warning that "The Chinese are coming."
China is working feverishly -- and expensively -- to gather up as much of the globe's black gold as possible, with an eye toward supplying fuel to its own increasingly voracious economy. Thus far the Chinese, through various state-owned companies, have made or attempted to make deals with oil companies or governments in areas including Canada, South America, the Gulf of Mexico, and Africa. And now it appears they're about to land again on North America.
As you know, ConocoPhillips
It now appears that the international portion of China Petroleum & Chemical Corp.
One of Sinopec's partners in the project is Imperial Oil
This latest deal is not the first time Chinese interests have spent money on the Canadian oil sands. Earlier this year, PetroChina
I continue to believe that no portfolio should be devoid of energy companies, whether oil and gas producers or oilfield services entities. Given the company's resolute approach to its planned restructuring, I must admit to looking more favorably at ConocoPhillips. Beyond that, the peripatetic CNOOC also appears to merit Foolish observation.
Fool contributor David Lee Smith hopes the Chinese bring some of their fine restaurants with them as they move about. He doesn't own shares in any of the companies mentioned above, but does welcome your questions or comments. The Motley Fool has a disclosure policy.