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Project Insights

China’s NOCs pin domestic upstream growth on spending boom

Greater expenditure by the country’s three largest NOCs looks set to underpin increasing domestic production as Beijing prioritises energy security Greater expenditure by the country’s three largest NOCs looks set to underpin increasing domestic production as Beijing prioritises energy security.
By Colin Shek 5 November 2019 Asia Pacific / Exploration & Production 0 34756
China's First Shale Gas Liquefaction Plant in Sichuan (Jereh Oilfield Services)

China’s three NOCs are likely to sustain an upstream spending boom in pursuit of higher energy output, after Chinese President Xi Jinping ordered them last summer to intensify exploration activities to strengthen national energy security.

PetroChina, the listed unit of China National Petroleum Corp. (CNPC), expects domestic gas supply in China to reach 520 billion cubic metres per year by 2035, company vice president Ling Xiao said at the Gas Asia Summit in Singapore last week. This represents an increase of 360 bcm/y...