China, which currently has investments in places as far-flung as Russia and the Caspian Sea, has yet to have a major success with its overseas investments.

In a speech being delivered at China’s Central Party School, BP CEO John Browne said, “Chinese companies like PetroChina and Sinopec have proved capable partners [and] now is the time to do more with Chinese companies to co-invest overseas.”

While Browne did not elaborate further, the director of China’s energy research institute (part of China’s national development reform commission) Zhou Dadi believes China’s state-owned firms should accept the BP offer.

“Co-investment with foreign companies could help Chinese companies secure access in the world energy market. It reduces the risk when investing overseas and increases the possibility of success,” said Zhou.