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
Permian oil production is expected to rise by 40,000 barrels per day to about 4.18 million barrels per day in April.
Spirit Energy has brought the Oda Field online in the Norwegian sector of the North Sea five months ahead of schedule and under budget.
Petrobras and partners have invested roughly US$30 billion in the exploration and development of the field.