China’s new onshore acreage offer
China The six blocks include the Buerjing in the Buerjing Basin, the Yumin in the Tacheng Basin, Gongliudi in the Yili Basin, Kepingbei and Kashqar-Shule in the Tarim Basin and Lop Nor in the Dunhuang Basin.
This move signals of reforms toward loosening the grip that the state-owned oil and gas companies China National Petroleum Corporation and Sinopec have on the country’s upstream sector
The companies that can participate in this public tender can be non-state companies but must be registered in China and have $166 million in capital. According to the government’s statement, the ministry is set to provide more information regarding the blocks from July 20 to July 22.
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