CNOOC’s capex hike unleashes domestic gas output growth

A platform at CNOOC's Yacheng field in the South China Sea

China National Offshore Oil Corp. (CNOOC) increased its domestic gas output in Q3 2019 by a standout 18.0% year on year, reflecting a big hike in capital expenditure as part of the company’s efforts to boost oil and gas output at home.

China’s big three oil and gas giants – PetroChina, Sinopec and CNOOC – have all pledged to boost capital spending this year to increase domestic output from the country’s ageing fields and to develop new resources such as shale.

CNOOC Ltd, the listed arm of...