CNPC was created on 17 September 1988, when the government decided to create a state-owned company to handle all Petroleum activities in China and disbanded the Ministry of Petroleum.
CNPC blev oprettet 17. september 1988, da regeringen bestemte at Petroleumsministeriet skulle opløses og at et statsejet selskab skulle oprettes for at håndtere al petroleumsvirksomhed i Kina.