(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.
To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net
To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Amanda Jordan, Christopher Sell
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
