China will open up its upstream oil sector further between 2016 and 2020, the official Xinhua news agency reported, citing the vice minister of the Ministry of Land and Resources.
China, the world's largest energy consumer, will introduce private investment in upstream prospecting and push forward reforms of the oil gas prospecting system, Xinhua reported.
China aims to add five to eight mega-oil fields with at least 100 million tonnes of reserves and five to 10 natural gas reserves with at least 100 billion cubic meters of deposit by 2020.
In addition, China will also open up the upstream uranium prospecting sector and allow private capital in the markets
Recommended Reading
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.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.