China’s oil and gas companies are set to continue their global mergers and acquisitions drive this year after the country’s top three groups reported strong profits for 2010 and outlined future acquisitional plans.
PetroChina and Sinopec plan to spend a combined $36bn on exploration and production investments this year. Cnooc, which spent $9.9bn last year on oil and gas investments, said that its expenditure would “continue to rise”.
Yang Hua, Cnooc’s chief executive, said: “In the next few years, we will be more proactive on exploration investments.”
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