Ministry of Natural Resources: China will fully open the oil and gasexploration and development market. A

reporter just learned from the Ministry of Natural Resources that China willfully open the oil and gas exploration and development market, allowing privateenterprises, foreign-funded enterprises and other societies. Capital from allwalks of life entered the field of oil and gas exploration and development.

The Ministry of Natural Resources stated that as long as domestic and foreigncompanies with net assets registered in the People's Republic of China of notless than 300 million yuan are eligible for oil and gas exploration rights inaccordance with regulations. Enterprises engaged in oil and gasexploration and development shall meet the requirements and regulations forsafety and environmental protection qualifications, and possess correspondingtechnical capabilities for oil and gas exploration and development.

Yao Huajun, director of the Department of Mining Rights Management of theMinistry of Natural Resources, said in an interview with a CCTV reporter thataccess to the oil and gas exploration and development market, includingexploration rights and mining rights, has been completely liberalized thistime, changing the past mainly by several state-owned companies. The situationof corporate monopoly. The participation of various market participants,including foreign capital, private enterprises and various social capital, willfurther stimulate the vitality of the market. Expand the exploration anddevelopment financing channels, form a market system with the national oilcompany as the main body, and participate in various economic components,increase exploration and development efforts, and improve national resourcesecurity capabilities.

Tan Zhenhua

(formerly known as: Ministry of Natural Resources: China has fully opened itsoil and gas exploration and development market)