New law gives China’s regions power to tax resources

Chinese legislators have approved a law that will give local governments the authority to tax as many as 164 resources, including fossil fuels, minerals and eventually water, the Ministry of Finance said on Monday.The National People’s Congress, China’s top legislature, approved the resource tax law, which would take effect in September next year, the ministry said.Officials said it would not raise the overall taxes on local companies.Major resources such as crude oil or rare earths would remain subject to a fixed tax rate set by the central government, but local authorities would be able to a

China Policy 2019-08-29

Can China Double Its Gas Output By 2040?

China is set to double its natural gas production by 2040, but challenges in developing shale gas resources have led to a lower production outlook and expectations of more imports in the long term, Wood Mackenzie said on Wednesday. China’s domestic natural gas supply is forecast to double to 325 billion cubic meters (bcm) in 2040 from 149 bcm in 2018, according to Xueke Wang, a consultant at Wood Mackenzie. Yet, this latest forecast for 2040 is 39 bcm lower than WoodMac’s previous outlook, mostly dragged down by lowered forecasts for shale gas and coal bed methane (CBM) production, Wood Macke

China Natural Gas 2019-08-29

【ECF News】Because you're worth it! CNPC launches three-star shared apartment for oilfield workers

Because you're worth it

【ECF News】China NEA Director: Establish "14th Five-Year" Energy Plan ASAP; Accelerate More Oil and Gas Supporting Policies

On August 13, Zhang Jianhua, director of the National Energy Administration, wrote a signed article "Promoting the high-quality development of energy industry in the new era (in-depth study and implementation of Xi Jinping's new era of socialism with Chinese characteristics)" in China's official newspaper People's Daily.The article pointed out that the energy development plan during the "14th Five-Year" and a longer period of time should be established as soon as possible, and the guiding opinions for promoting the high-quality development of the energy industry should be formulated. It is nec

2019-08-14

【ECF News】Summary of new technologies in major oil fields of PetroChina (1H 2019) - Part II

Dagang OilfieldTechnology: key technology for fine layered water injection in sand-flow and high pressure deep reservoirEffect: The project overcomes the technical problems of dispensing in HTHP deep inclined wells. The overall technology has reached the international advanced level. And the multi-stage dispensing and inspection & sealing technology in HTHP deep inclined wells has reached the international leading level.Low-maturity shale oil cementing technology in Jilin OilfieldTechnology: supporting pre-stressed cementing & completion technologyEffect: The low-maturity shale oil reserves in

ECF China Shale Weekly Review - August 11, 2019

ECF China Shale Weekly Review - August 11, 2019

【ECF News】Summary of new technologies in major oil fields of PetroChina (1H 2019) - Part I

Summary of new technologies in major oil fields of PetroChina (1H 2019) - Part I

Tech CNPC 2019-08-09

【ECF News】Observation: China's natural gas import sources are becoming more diversified

The China-Central Asia natural gas pipeline, together with the China-Myanmar gas pipeline, have transported 300 billion cubic meters of natural gas to China since beginning operations in 2009 and 2013 respectively.The statistic was revealed on Jul 23 by China National Petroleum Corp, the country's largest oil and gas company. The two pipelines are the only two international gas channels to bring fuel into China across land, representing more than 15 percent of the yearly national gas consumption and more than 40 percent of national gas imports every year. China's natural gas imports have incre

【ECF News】Oil & gas exploration and development in China: why is it difficult for new entrants?

Oil & gas exploration and development is a high-risk industry. Hundreds of millions could be invested with nothing coming out. Therefore, engaging in oil and gas exploration and development requires sufficient financial strength and anti-risk ability, in addition to the corresponding technology and experience. In these respects, many new entrants are seriously inadequate compared with the oil majors.As China's oil and gas system reform continues to deepen, the opening door to oil and gas exploration and development is also widening.From the Ministry of Natural Resources's (formerly the Ministr

【ECF2019】CO2 Fracking vs Water Fracking: Cost & Applicability in China - To Be Presented on Sep 25-27, Shanghai, China

ECF2019 9th Asia-Pacific Shale Gas & Oil Summit

ECF China Shale Weekly Review - July 28, 2019

ECF China Shale Weekly Review - July 28, 2019

ECF China Shale Weekly Review - July 21, 2019

China Oil Drilling Market Analysis

【ECF News】 China Oil Drilling Market Analysis

In the next few years, the workload of China's oil industry is expected to maintain rapid growth.

【ECF Mews】China Oil & Gas in 2018: shale gas exploration and development progressed smoothly; oil & gas exploration investment continued to rise

China's Ministry of Natural Resources released "National Oil and Gas Resources Exploration and Production Report (2018)" on Monday, concluded the country's oil & gas exploration and production status for the past year.1. Oil & gas exploration and mining investment continued to riseIn 2018, the investment in exploration and production of oil and gas (including oil, natural gas, shale gas, coalbed methane and natural gas hydrate) was 63.658 billion yuan and 203.106 billion yuan, up 8.9% and 24.7% year-on-year. 44,000km of 2D seismic survey was applied with an annual increase of 13.5%. 34,000 squ

ECF China Shale Weekly Review - July 14, 2019

ECF China Shale Weekly Review - July 14, 2019

【ECF News】Joint operations - the new picture for China oil & gas development

Following the signing of the strategic alliance cooperation agreement between PetroChina and Sinopec on June 22 and the signing of another joint research framework agreement on Monday, Sinopec and CNOOC signed a new cooperation framework agreement Wednesday.In the past three months, PetroChina, Sinopec and CNOOC have continued to carry out large-scale cooperation in onshore and offshore oil and gas basins, indicating that the domestic upstream exploration and development has ushered in a new change.Sinopec & CNOOC: Offshore CooperationOn July 10, PetroChina and CNOOC (China) Co., Ltd., a subsi

【ECF News】Accelerated technological innovation in the oil and gas industry

Author: Lv Jianzhong, Deputy Director, CNPC Economics & Technology Research InstituteAs the pace of global energy transformation continues to accelerate, the international oil and gas industry is entering an important turning point and facing a historic choice of technology-led future. International oil companies and service companies are increasingly taking technological innovation as the company's power source and lifeline. In particular, more emphasis is placed on the practicality and pertinence of technology, the drive for value creation, collaborative innovation and cross-border cooperati

Tech CNPC ECFShale Opinion 2019-07-12

【ECF News】PetroChina & Sinopec signed another major framework deal to promote oil & gas production

On July 8, PetroChina and Sinopec signed a joint research framework agreement for Tarim Basin, Junggar Basin and Sichuan Basin, involving 81 exploration rights at total acrage of 305,800 square kilometers.Under the framework agreement, affiliated companies of the two oil majors signed three joint research agreements in the Tarim Basin, the Junggar Basin and the Sichuan Basin. This marks a new phase of cooperation between the two parties in the field of oil and gas exploration technology.Just a few days ago, two oilfield companies of PetroChina and Sinopec signed a strategic alliance cooperatio

CNPC Sinopec ECFShale 2019-07-09

China Just Created A Huge Opportunity For The Oil & Gas Industry

China will 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.Bloomberg reports the Chinese National Development and Reform Commission had 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.This opens up a lot of opportunities for foreign companies who are eager

China Policy 2019-07-03

【ECF News】PetroChina and Sinopec team up to develop the Tarim Basin

On June 22, Sinopec Northwest Oilfield and PetroChina Tarim Oilfield signed a strategic alliance cooperation agreement in Korla, Xinjiang. The two sides will enhance the oil and gas exploration and development in the Tarim Basin through information sharing and joint research, and create a new situation for oil and gas exploration in the Tarim Basin. This is the first exploration and development cooperation between Sinopec and PetroChina in the Xinjiang Region.Tarim Basin is the largest oil-bearing sedimentary basin in China with an area of more than 400,000 square kilometers. After years of ex

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