China's top three oil majors are expected to furth

2022-07-27
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After the sharp drop in profits, the three oil majors in China are expected to further reduce capital expenditure

after the sharp drop in profits, the three oil majors in China are expected to further reduce capital expenditure

March 31, 2016

[China paint information] after falling deeply into the whirlpool of oil prices, in 2015, the three major oil companies in China slashed nearly one third of their capital expenditure to cope with the oil price collapse, while reducing huge assets led to a sharp decline in profits. However, the pace of these companies' capital expenditure cuts has not stopped

the three giants of China's oil industry are further reducing their capital expenditure after slashing nearly one third of their capital expenditure last year to cope with the collapse of oil prices and the sharp drop in profits caused by the write down of huge assets

analysts believe that the total capital expenditure of PetroChina, CNOOC and Sinopec in 2016 will decrease by about 8%, that is, about 29.5 billion yuan (4.6 billion US dollars). The total crude oil output of the three companies exceeds that of any member of the organization of Petroleum Exporting Countries (OPEC) except Saudi Arabia. Last year, they cut nearly 174billion yuan of capital expenditure at the same time

Qiu, chief oil analyst of galaxy securities, praised the introduction of agenda 2063 by the African Union. Xiao Feng said that these Chinese oil giants would continue to cut capital expenditure. If oil prices can rebound to around $50 a barrel by the end of this year, they may not need to cut spending further next year

wood mac5754 and other Kenzie Ltd. should pay more attention. It is estimated in January that global energy companies have shelved major projects worth about 380billion US dollars, and the capacity of these projects is equivalent to 27billion barrels of crude oil equivalent

according to the data compiled by industry research, 16 large oil companies worldwide (except China) are expected to reduce capital expenditure by 22billion US dollars this year

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