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Africa is the top spot for Chinese oil investment to 2023: Chart

Africa will account for more than $15bn of China’s upstream capital expenditure over the next five years.
Chinese energy companies to channel more of their overseas investment to Africa in a hunt for new pockets of oil and gas. Picture: Tom Saater, Bloomberg

China’s national energy companies are set to channel more of their overseas investment to Africa than to any other continent as they hunt for new pockets of oil and gas. Africa will account for more than $15 billion of their upstream capital expenditure over the next five years, according to estimates from researcher GlobalData. That’s more than the $10 billion destined for South America and more than twice their estimated investment in North America.

 
© 2019 Bloomberg L.P.
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