Chinese state-controlled oil companies PetroChina and Sinopec envisage further capital expenditure (capex) cuts to unconventional projects as they focus on raising returns and reducing costs. PetroChina aims to focus its diminished capex budget on developing the Halfaya and Rumaila oil fields in Iraq, where it has service contracts. Sinopec wants to focus on refinery upgrades and most of its domestic upstream spending will be used to sustain output.
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