Why China's Big Three Are Lifting Capex Again

摘要

In contrast to the broadly cautious approach of Western majors, China's Big Three national oil companies (NOCs) are all ramping up spending this year - a result of both healthy free cash flow and ailing domestic production numbers. The combined capital expenditure of Hong Kong-listed PetroChina, Sinopec and China National Offshore Oil Corp. (CNOOC) will increase by up to 25% year-on-year to as much as 371.5 billion yuan ($53.93 billion) in 2017, according to recent company guidance.