8,477 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

China Offers Access for Foreign Oil and Gas Explorers as Part of U.S. Trade Deal

Published in Oil Industry News on Friday, 10 January 2020

Graphic for News Item: China Offers Access for Foreign Oil and Gas Explorers as Part of U.S. Trade Deal

China said it will open up oil and gas exploration to private and foreign firms, offering further details of a policy that will help assuage concerns over access to the industry ahead of next week’s signing of an interim trade deal with the U.S.

Companies with net assets of at least 300 million yuan ($43 million) can apply for licenses as part of “a major reform,” the resources ministry said at a briefing on Thursday. Previously, only state-owned firms have been eligible for permits, an approach that has retarded efforts by Beijing to expand domestic production and cut its enormous import bill.

More broadly, China has adopted a slew of measures in the last couple of years to help ease commercial frictions with the U.S., including opening up its financial sector to foreign ownership and taking steps to ban forced technology transfers.

Oil and gas was one of the sectors removed from the list of industries that restrict overseas investment in July. The latest details from the resources ministry helped lift the stocks of a swathe of firms that service exploration and production in China.

While the nation’s three major state oil companies have raised spending to boost output -- heeding calls from President Xi Jinping to bolster the nation’s energy security -- China’s crude imports have continued to break records. Its gas imports have also grown apace as the nation seeks to swap out dirty coal for the cleaner burning fuel across residences and industry.

“The sluggish growth of oil and gas production in China was partly due to the monopolistic nature of the upstream segment,” said Dennis Ip, a head of research at Daiwa Capital Markets. “The government’s intention is to introduce competition and encourage technological innovation in the E&P segment and we believe this can help to lower the production costs of upstream players over the long run.”

At its briefing, the ministry also detailed measures to reform the management of natural resources and the transfer of mining rights.

Source: www.worldoil.com

Please leave comments and feedback below


Chinese Oil and Gas, LNG Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com