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China to auction 5 oil, gas blocks in Xinjiang in reform push

Gasoil News - Published on Thu, 07 Dec 2017

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Reuters reported that China is putting out for auction five oil and gas blocks in the remote northwest Xinjiang region to domestic investors, under the government's pledged reform to open up hydrocarbon exploration to players outside the dominant state giants. This is the second such auction in the Xinjiang region announced by the Ministry of Land and Resources.

Lack of private investment in oil and gas exploration has been a big stumbling block in Beijing's attempts to reform the sector, and it has picked the hydrocarbon-rich autonomous region of Xinjiang to try to break the grip of the big companies.

Five blocks totalling 9,091 square kilometres in size in the Tarim basin are offered for bidding, the ministry said in a statement posted on its website on Tuesday.

Bidders need to have net assets of CNY 1 billion or more, and have between December 5 to January 2 to collect the data package.

A government source with knowledge of the auction said some of these blocks were relinquished by state oil majors which have carried out limited exploration works.

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Posted By : Rabi Wangkhem on Thu, 07 Dec 2017
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