CHINA'S largest offshore drilling contractor will cut capital spending this year by 3.3% to 4.16 billion yuan (US$653 million). Hong Kong-listed China Oilfield Services (COSL) said in a statement providing its latest strategic guidance that the figure is based on its operating conditions in 2022. The company said, citing a third-party forecast, that the total capital expenditure of global upstream exploration and development will increase by about 24% this year compared with 2021 amid demand growth for oil and the market recovery. Based on orders, COSL expects to "steadily increase" its services in geophysical acquisition and surveying services, drilling services, well services and marine support.
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