China May Issue New Oil, Gas Exploration Licences to Five Domestic Firms

China’s National Energy Administration (NEA) plans to issue new oil and gas exploration licences to five domestic companies, said a news item in Securities Daily, reported Xinhua Finance.

The five companies are Sinochem Oil, CITIC Resources Holdings Limited, Zhuhai Zhen Rong Company, China Zhenhua Oil Co. and Guanghui Energy Co. Currently Chinese government only allows China National Petroleum Corporation (CNPC), Sinopec Group, China National Offshore Oil Corporation and Shaanxi Yanchang Petroleum Group to carry out oil and gas exploration in the country.

The government would work out a preliminary plan on reform in oil and gas sector in June or July in a bid to solicit suggestions, Xinhua Finance reported adding that final reform plan should be released by the end of 2015.

According to Xinhua Finance, China plans to study and unveil reform plan in oil and natural gas sector in 2015 amid efforts to deepen national economic reforms.