A month ago, Chinese oil heavyweight CNOOC boasted its pipeline network had hit 10,000 kilometers. That network was going to further grow to 13,000 km, the company said soon after it announced a fresh offshore discovery in the South China Sea. What CNOOC is doing is what all Chinese oil majors are doing: ramping up domestic supply of oil and gas. It is the safest kind of supply. Chinese state energy companies have spent some $468 billion on exploration and production since 2019, Bloomberg reported earlier this month, noting that the amount was…
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