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2017-05-30 20:35:00

CHINA'S OIL & GAS REFORM

CHINA'S OIL & GAS REFORM

SHANGHAIDAILY - CHINESE authorities unveiled a reform plan for the country's oil and gas industry, giving market a decisive role to make the sector more efficient and competitive.

The plan was approved by the Central Committee of the Communist Party of China and the State Council, China's Cabinet.

"Market should play a decisive role in resource allocation and the government role should be better played in order to safeguard national energy security, boost productivity and meet people's needs," the reform guideline said.

The long-awaited plan is unveiled as reform of the sprawling state-controlled sector to improve efficiency is a priority for Chinese authorities as the world's second-largest economy is slowing amid cyclical and structural changes.

The reform is also a key plank of the country's 13th Five-Year (2016-2020) Plan.

The plan reaffirmed the leadership's commitment to deepening the reform of state-owned oil and gas companies, encouraging eligible enterprises to diversify their shareholder base and introduce mixed-ownership reform.

Efforts should be made to advance reshuffling of the oil and gas industry based on work specialization. Engineering companies and oil and gas equipment manufacturers are encouraged to perform as independent enterprises.

State-owned oil and gas companies should "keep fit to stay healthy," free themselves from running social services, and explore ways to sort out problems left over from history.

China's oil and gas sector is dominated by three state-owned heavyweights: China National Petroleum Corp, China Petrochemical Corp and China National Offshore Oil Corp.

The trio of giants have long been blamed for monopolizing the oil and gas resources with redundant workers and low efficiency.

The reform calls for the participation of eligible enterprises in the prospect and development of regular oil and gas resources which used to be dominated by state-owned companies.

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Earlier: 

SOUTH CHINA SEA GAS 

CHINA'S GLOBAL ENERGY 

U.S. LNG TO CHINA 

CHINA: THE TOP BUYER 

CHINA'S OIL DEMAND UP 5.3%

 

 

Tags: CHINA, OIL, GAS

Chronicle:

CHINA'S OIL & GAS REFORM
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

CHINA'S OIL & GAS REFORM
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

CHINA'S OIL & GAS REFORM
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

CHINA'S OIL & GAS REFORM
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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