Figures analysed by the Guardian from Brazil's Petrobras and China's PetroChina show capital spending of $24.2bn and $35.7bn respectively.
Property salesmen claim that big companies ranging from Coca-Cola to PetroChina are building factories nearby.
It was a shock for China National Offshore Oil Corporation to see its plans to buy Unocal, a Californian oil firm, scuppered by American politicians; and, more recently, for PetroChina to find itself targeted by campaigners for disinvestment in Sudan.The first signs of a fledgling corporate-responsibility industry are beginning to appear.
On August 31st PetroChina, a state-owned Chinese oil firm, agreed to pay C$1.9 billion ($1.7 billion) for a majority stake in two tar-sands projects.Admittedly, the frenzy of recent years is over.
But they were offered such unattractive terms that they pulled out; state-run PetroChina is completing the job by itself .China has 1.3 billion consumers, just like Russia has vast quantities of oil and gas, but neither is going to give them up to foreigners.
SHAREHOLDERS at Berkshire Hathaway's annual meeting last week considered a resolution to divest from PetroChina.
PetroChina has offered a substantial premium to the stockmarket price.
PetroChina will not be free to invest wherever and however it likes until it is liberated from its controlling shareholder at home.
For instance: to perform as well in this century as it did in the past one, the Dow Jones Industrial Average will have to rise to about 2,000,000 on December 31st 2099, up from below 13,000 today.Berkshire Hathaway paid $1.2 billion in tax on the sale of its stake in oil giant PetroChina, enough to cover "all costs of the U.S. government defense, social security, you name it for about four hours".
Both PetroChina and Sinopec used to be welfare organisations that operated schools, housing, hospitals and playgrounds for their staff, in addition to refineries.
Even the biggest, most prestigious state enterprises, such as Sinopec and PetroChina, two oil giants, are skimping on IT.
