The Chinese Communist Party's commission for deepening reforms on July 11 approved a wide range of proposals for markets, including the country's power networks and oil and natural gas markets, state broadcaster CCTV reported.
China will further reform and accelerate the construction of a power system that is "economically efficient, flexible and intelligent in supply and demand coordination," the commission said.
The nation's grid system is predominantly arranged around fixed, long-term power trading agreements, with a limited role for spot markets or flexibility of supply.
During a drought in August 2022, fixed, unidirectional power trading agreements forced hydro-dependent southwestern Sichuan province to export power out of the province to fulfill these contracts, even as consumers in the province endured power cuts.
In the oil and gas markets, China will focus on "improving national oil and gas security capabilities...and ensure stable and reliable supply," the commission stated.
The proposals come amid an intensified focus on domestic energy security in the country, which is the world's largest crude oil importer.
Recommended Reading
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
E&P Highlights: April 8, 2024
2024-04-08 - Here’s a roundup of the latest E&P headlines, including new contract awards and a product launch.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.