At China’s Second Belt and Road Forum, CNPC and CNOOC each acquired a 10% interest in Novatek’s Arctic LNG-2 development. This marks the largest overseas M&A deal made by the Chinese national companies since 2013. These announcements and the strong entry into the Middle East last year highlight how China's national oil companies are taking the lead in advocating for the Belt and Road Initiative in core strategic regions. This raises the following questions: • What expectations does the government have for the Chinese NOCs under the BRI? • What are the Chinese NOCs’ commercial considerations for overseas business development? • What are some of their targeted areas and what risks do they face? In this insight, Wood Mackenzie teams up with our country risk specialist company Verisk Maplecroft to provide the answers to these questions.