X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 2 hours IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 1 day America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 7 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 1 day U.S. Presidential Elections Status - Electoral Votes
  • 3 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 3 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 3 days Texas Supply Chain Massacre
  • 1 day Top Conservative Lawyer Says Trump Can Stand Trial
  • 1 day “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 3 days An exciting development in EV Aviation: Volocopter
Wall Streets Sees 2,000% Growth For Booming EV Market

Wall Streets Sees 2,000% Growth For Booming EV Market

While ESG investments are gaining…

Are Chinese Car Brands A Real Threat To Tesla?

Are Chinese Car Brands A Real Threat To Tesla?

While Tesla remains the market…

China Is Now Officially Open For Foreign Oil, Gas Exploration

The Chinese oil and gas sector is now officially open for foreign participation without a requirement to form joint ventures with local companies, but while Chinese media quote oil majors as praising the move, experts say that China needs additional regulatory reforms in order to attract foreign investment.  

A month ago, China said that it would remove the joint venture requirement for foreign companies wanting to enter its oil and gas industry as it moves to open up a range of industries as per a pledge it made during its continuing trade dispute with the United States.

The Chinese National Development and Reform Commission announced it would remove the joint venture requirement for oil and gas projects along with a rule stating that only local firms can control gas networks in cities with populations of over half a million people.  

The new regulatory measures took effect this week, on July 30, opening the upstream oil and gas market in China to foreign firms in a bid to attract overseas capital and advance the ongoing energy reforms, China’s news agency Xinhua says.  

Foreign participation will boost China’s oil and gas production, Lin Boqiang, director of the China Centre for Energy Economics Research at Xiamen University, told Xinhua, adding that major international oil firms could speed up the country’s exploration of unconventional oil and gas resources.

Related: Oil Production Drops As Libya’s NOC Declares Force Majeure Again

Shortly after China announced the scrapping of the joint venture requirement, China Daily quoted the local managers of majors BP and Shell as saying that they were encouraged by the Chinese market reforms.

Earlier this year, BP was set to become the latest international major to quit drilling for shale gas in China because of poor exploration drilling results so far. Shell, for its part, ventured into the shale oil business by signing an agreement with Sinopec to jointly study the potential development of shale oil in eastern China.

While Chinese media quote Shell and BP praising the opening of the upstream sector to foreign investment, law firm Herbert Smith Freehills LLP—licensed to operate as a foreign law firm in China—said in comments about the reforms that “in order to provide foreign investors with access to more opportunities in a fairer and more transparent business environment, additional regulatory changes are to be in place to implement the new regime, and let the market identify and evolve with opportunities in practice.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News