For countries who have complete control over their oil industry through their state-run oil behemoths, it’s easy to order them to increase oil output—costs be damned. But sinking money into oil and aging oil fields or in new and cost-intensive plays comes with risks, and in China’s case, investors aren’t so sure that its onslaught of capex planned over the next five years is a winning bet. Still, China’s largest state-run oil majors, China Petroleum & Chemical (SINOPEC), China National Petroleum Corporation (CNPC), and China National Offshore Oil Corporation (CNOOC) have plans to shell out billions for what some see as rather unprofitable oil fields for the sake of shoring up the state’s energy security in direct response to President Xi’s call last year for them to increase oil production. The billions in capex planned for the next five years from China’s three companies that together operate over 90 […]