China to ease exploration restrictions

China is opening oil and gas exploration to foreign investors by “scrapping joint-venture restrictions,” news agency Xinhua reported.

China is opening oil and gas exploration to foreign investors by “scrapping joint-venture restrictions,” the official news agency Xinhua reported.

“The move aims to attract overseas participation in the field and advance the country’s ongoing reform of energy systems,” the Aug. 12 report said.

International companies now participate in technically challenging exploration and production in China through production sharing contracts and joint ventures with state-owned companies.

The report didn’t describe future terms of participation or specify JV restrictions to be relaxed.

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