On October 30th, Reuters reported that U.S. oil company Chevron will not sell the assets of three subsidiaries in Bangladesh. Chevron Asia Pacific external adviser Cameron Van Ast declared in a statement to Reuters on Sunday: "Chevron will not sell the share of its wholly-owned indirect subsidiary ." The statement also added : "Chevron decides to remain these assets and will continue to work with our partners, the Bangladeshi oil companies and the government of Bangladesh, providing them with reliable and affordable energy. "
In early 2017, Zhenhua Petroleum and Chevron reached a preliminary agreement - they plan to takeover Chevron oil and gas assets in Bangladesh. If the deal is successful, Zhenhua Oil's annual output will reach 16 million tons or more. With the project in Bangladesh, Zhenhua Oil was once called "the fourth barrel of oil" in China. Nowadays, with the variables in Bangladesh's projects and the triumph of oil companies such as Watson and Sinochem, the competition over the fourth barrel of oil in our country is on the upsurge.
The most low-key competitor, China Watson, expects annual oil and gas production to reach 40 million tons or more. At 16:00 on December 15, 2016, Huaxin signed an equity transfer agreement with the National Oil Company of Kazakhstan ("KMG"), both of which own 51% and 49% of the shares of KMGI respectively, and the Chinese government realized holding. In February 2017, Watson won a 4% stake in the Abu Dhabi Terrestrial Oilfield and expected to receive 3.2 million tonnes of crude oil each year. In September of this year, China Watson announced the acquisition of 14.16% shares of Rosneft, which is expected to bring 37 million tons of equivalent interest to Watson each year. After years of in-depth layout, China Watson has a giant style, and its future annual output of oil and gas will reach 40 million tons or more, which will become the most powerful contender for the fourth barrel of oil.
