HONG KONG -- China's big three state-owned oil and gas companies are raising their capital investment budgets this year to the highest level seen since 2014 amid an energy security push from Beijing to boost domestic production.
PetroChina, Sinopec and CNOOC -- the core listed units of conglomerates China National Petroleum Corp. (CNPC), China Petroleum and Chemical, and China National Offshore Oil Corp. -- are set to spend 530 billion to 540 billion yuan ($83.33 billion to $84.91 billion) on capital works this year, an increase of up to 6.3% from 2021.
