Recently, Sichuan Province’s first oil and gas resource equity investment guidance fund—the Sichuan Energy Development Oil & Gas Resource Equity Investment Guidance Fund—was officially registered with the Asset Management Association of China.

The fund has an initial scale of RMB 1 billion and is managed by Sichuan Chuantou Hangxin Private Fund Management Co., Ltd., a subsidiary of Sichuan Energy Development Group. It is the first sub-fund under Sichuan’s resource and energy investment guidance fund and an important component of the province’s trillion-yuan parent–sub fund cluster.

According to a representative of the fund, investments in the energy sector often involve multiple asset categories, while oil and gas exploration and development span several stages including exploration, mining, and sales, with long investment cycles. In particular, during the exploration stage—before any production revenue is generated—social capital participation is generally limited, making patient and long-term capital especially necessary. The establishment of the Sichuan Energy Development Oil & Gas Resource Equity Investment Guidance Fund will empower oil and gas exploration and development through market-oriented mechanisms, strengthen financial support, and further enhance energy self-sufficiency.

The fund will mainly invest in high-quality oil and gas exploration, development, and industry chain projects within the province. Its first-phase investment is planned for Sichuan Energy Investment Tianfu Oil & Gas Exploration and Development Co., Ltd. (Tianfu Oil & Gas Company).

Since 2024, Tianfu Oil & Gas Company has successively obtained exploration rights for the Leshan North, Hongya, and Tongjiang oil and gas blocks. Among them, the first well in the Leshan North block, Letan-1, successfully achieved test gas ignition, marking a critical breakthrough for Sichuan’s state-owned enterprises—from zero mining rights in oil and gas exploration to their first successful exploration milestone.

Going forward, the fund will continue to support the full chain of oil and gas resource exploration, development, and utilization in line with the province’s energy industry development needs, strengthening capital support for building a safe, stable, and efficient modern energy system. Sichuan Energy Development Group will also promote deeper integration of resources and capital to inject stronger momentum into the province’s energy transition and high-quality development of the energy industry.