On January 9, the Ministry of Natural Resources stated at the press conference of "Opinions of the Ministry of Natural Resources on Promoting the Reform of Mineral Resources Management (Trial)" (hereinafter referred to as "Opinions") that it will fully open up oil and gas exploration and exploitation, allowing private enterprises , Foreign-funded enterprises and other social capitals have entered the field of oil and gas exploration and development.
This move means that the market pattern of China's oil and gas exploration and exploitation field exclusively owned by state-owned oil companies has been broken, and the domestic oil and gas industry will be fully liberalized. This is a major measure for the market-oriented reform of China's petroleum and petrochemical industry management system.
The liberalization of policy control in the upstream oil and gas market is of great significance, and a market-based management system has been established to promote the sustained and healthy development of China's oil and gas exploration and development industry. Under this market-oriented institutional mechanism, private enterprises will eventually become an important force in the domestic oil and gas exploration and development industry.