China oil industry boom
PetroChina went on a spending splurge last year. Its 256 billion yuan ($38 billion) in capital expenditures in 2018 was more than was spent by BP Plc, Chevron Corp. and ConocoPhillips put together. [China]
In reporting annual results Thursday, PetroChina announced plans to further raise the total to 301 billion yuan this year, or $45 billion.
PetroChina Company Limited (“the Company”, HKSE: 0857; NYSE: PTR; SSE: 601857) announced that the Company’s high-quality development is starting to achieve good results, with net profit increased substantially by 130.7% year-on-year in 2018. The Company firmly focused on its goal of building itself into a top-class international energy company, proactively coped with the complex changes in the external circumstances, adhered to its new development concept and the principle of steady development to achieve stable progress with timely adjustments.
China’s big three oil giants PetroChina, Sinopec and CNOOC to spend US$77 billion on boosting output from old fields
Most of the state-owned energy firms’ capital expenditure will go on lifting production from aging wells and ageing fields
Analysts say the higher expenditure is likely to worry investors- Chinas Majors