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China’s OFS players gain from NOC spending hike

The country’s oilfield services companies are seeing strong growth as Beijing pushes state-owned oil and gas companies to boost upstream spending The country’s oilfield services companies are seeing strong growth as Beijing pushes state-owned oil and gas companies to boost upstream spending.
By Colin Shek 2 hours ago Asia Pacific / Exploration & Production 0 34416
A fracking site in Sichuan. (Anton Oilfield Services)

China’s oilfield services (OFS) providers are emerging as major beneficiaries as the country’s three NOCs come under mounting pressure to boost capital expenditure on upstream operations.

The central government is pushing China’s oil and gas majors to invest more to mitigate the risks of surging oil and gas imports, as the country’s resource base cannot currently keep up with growth in demand. PetroChina, Sinopec and China National Offshore Oil Corp. (CNOOC) all have clear targets to raise upstream capital expenditure to increase domestic...