China has drafted regulations for allowing companies access to the country's oil exploration sector.
Offshore staff
(Asia-Pacific) - China has drafted regulations for allowing companies access to the country's oil exploration sector
Local sources say the regulations will give both state-owned and private oil companies the right to explore for oil.
Currently, only the four state-owned oil companies are allowed to drill for oil: China National Petroleum Corp., China Petroleum & Chemical Group; China National Offshore Oil Corp.; and Shaanxi Yanchang Petroleum Group.
The regulation, expected to be unveiled by the end of this year, is said to contain over 20 clauses on oil companies' minimum registration capital, the number of senior oil engineers required, technological security, and environmental protection.
