China’s three NOCs are expected to increase their capital expenditure in 2018, supported by healthier balance sheets and rising oil prices, analysts at BMI Research said in a note.
The bulk of the spending rebound will focus on gas projects, both to increase production and to expand domestic distribution infrastructure, in line with the government’s national clean energy drive.
The three NOCs had planned to spend a combined $52.9 billion in 2017, up by 10.5% year on year, but actual spending is set to fall...
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