ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Energy

China's Big Oil to pour cash into boosting domestic output

Capital spending to rise to highest level in 8 years amid energy security drive

China's National Energy Agency has set a domestic production target for the year of at least 200 million tons of crude oil.   © AP

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more