Fully Liberalize Oil And Gas Exploration And Production

- Jan 14, 2020-

One month after the establishment of the State Pipe Network Company, the Ministry of Natural Resources announced on January 9 that China will fully open the oil and gas exploration market, allowing private and foreign companies and other social capital to enter the field of oil and gas exploration and development in China.

t0168a0527c7a96c08c

According to the Ministry of Natural Resources, from May 1, 2020, including foreign capital, private companies and other companies with a registered net asset of 300 million yuan (US $ 43 million) in China, these social entities will have the opportunity to engage in oil and gas exploration . Prior to this, foreign companies could only enter the field through joint ventures or cooperation with Chinese companies.