Chinese giants’ oil reserve growth lags capex

摘要

Singapore—Chinese state-run oil giants havenot seen significant reserves growth at home,particularly in crude and liquids, despite steadyincreases in their upstream budgets, accordingto an analysis of recent company data.PetroChina’s upstream capital expen-diture has risen an average 4.2% per yearsince 2007 and is expected to reach Yuan179.2 billion ($28.4 billion) this year, whileSinopec plans to hike upstream investmentby 33% from 2011 to Yuan 78.2 billion thisyear, the companies said last week when theyannounced their 2011 financial results.