China’s Oil Majors Boost Spending Amid Energy Security Pivot

China’s largest state-owned oil giants have recently announced major increases in their capital expenditure plans for this year, as the world’s largest oil importer prioritizes energy security amid soaring energy commodity prices and geopolitical turmoil on the global markets. The three largest Chinese oil firms—PetroChina, Sinopec, and CNOOC—expect to raise their collective 2022 capital expenditures by 4.6 percent year over year, to at least $84 billion (530 billion Chinese yuan), according to data from the most recent company filings…