BEIJING, Jan.9(Xinhua)-- China will fully open the oil and gas exploration and production market, allowing private and foreign enterprises and other sectors of society to enter the field of oil and gas exploration and development, which will be changed mainly by state-owned companies.
The head of the Ministry of Natural Resources said on the 9th that according to the Opinions of the Ministry of Natural Resources on Several Matters Concerning Promoting the Reform of Mineral Resources Management (Trial Implementation), domestic and foreign companies registered in the People's Republic of China with net assets of not less than 300 million RMB are eligible to obtain oil and gas mining rights according to regulations. According to the technical characteristics of exploration and exploitation of non-oil and gas minerals, the system of integration of oil and gas exploration and mining shall be adopted.If the oil and gas prospector discovers the oil and gas resources available for exploitation, it shall be able to exploit the oil and gas exploration after reporting to the competent department of natural resources with registration authority, and a contract for the transfer of mining rights shall be signed within five years for the registration of mining rights according to law.
The full liberalization of market access, including prospecting and mining rights, will change the situation in the field of oil and gas exploration and mining mainly by several state-owned companies, it said. The entry of foreign-funded enterprises, private enterprises and other major players in the market will further stimulate market vitality, attract funds from more channels, and form a market system with the State Petroleum Corporation as the main body and the participation of various economic components, which will further enhance the national energy security capability.
The Ministry of Natural Resources issued Opinions on Several Matters Concerning the Reform of Mineral Resources Management (on Trial Implementation), mainly in order to implement the central government's decision-making arrangements on the mining rights transfer system, the oil and gas system and the reform of the property rights system for natural resources assets, deepen the reform of \"release management and service \", give full play to the decisive role of the market in allocating resources and give better play to the role of the government in oil and gas exploration and development.