Workers at the Liaohe oilfield of China National Petroleum Corp, in Panjin, northeast Liaoning province. Chinese oil giants will be spending big this year to boost output. Photo: AP Photo

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 costly wells and ageing fields
  • Analysts say the higher expenditure is likely to worry investors
Topic |   Energy

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Workers at the Liaohe oilfield of China National Petroleum Corp, in Panjin, northeast Liaoning province. Chinese oil giants will be spending big this year to boost output. Photo: AP Photo
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