'Dramatic changes ahead for SOEs'China's biggest state-owned companies will see "dramatic changes" in the next few years as they will have to downsize and become more efficient, according to the former chairman of two of the country's biggest producers. Domestic producers need at least $60 a barrel to stabilize China's slumping oil production, he said. China's explorers have been hit hard by the slump in international crude oil prices because of production costs inflated by large work forces and mature domestic resources. PetroChina Co, the country's biggest oil and gas producer, barely broke even in the first-half, even after booking a 24.5 billion yuan ($3.56 billion) one-time gain from pipeline sales. Cnooc Ltd., the biggest offshore explorer, posted a first half loss as low crude prices forced it to write down assets.

Source: The China Post December 02, 2016 18:01 UTC