China injected nearly $30 billion in overseas oil companies' mergers and acquisitions in 2010, according to theChina NewsBusiness Friday.

The amount marks a new record high in the country's overseas oil mergers and acquisitions since it, for the first time, won the bidding to cooperate with Peru 17 years ago, said Wu Mouyuan, an industry analyst from CNPC Research Institute of Economics and Technology.

In 2010, Sinopec invested over $14 billion merging and acquiring other firms, while China National Offshore Oil Corporation (CNOOC) only rolled out half of the amount, according to reports.

PetroChina has 81 programs in 29 countries, and the company has been doing overseas trades for over 10 years. So it is more important for the company to wait for proper opportunities, added Liu Keyu, former vice director of CNPC Research Institute of Economics and Technology.

Chinese oil companies, last year, were in favor of acquiring companies in the US, and it is estimated that about 80 percent of them (mergers and acquisitions) were carried out there.

In 2011, more companies will join in international oil and gas cooperation, and China may seek more opportunities in Africa, said Wu.