China Sells Exploration Rights for Three Oil And Gas Blocks in Xinjiang

Source: Reuters 1/26/2018, Location: Asia

China has sold exploration rights for three oil and gas exploration blocks in the remote northwest Xinjiang region for more than 2.7 billion yuan ($422 million), the Xinhua news agency reported.

It said that Shenergy Co, Xinjiang Energy (Group) Co and Zhongman Petroleum and Natural Gas Group Corp (ZPEC) secured the rights after a bidding competition that attracted seven companies.

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 big state-owned companies.

The three blocks in the region’s Tarim basin were among five that the government put up for auction in December, totaling 9,091 sq kms (3,510 sq miles).


Qatar >>  6/20/2022 - ConocoPhillips has been chosen by Qatar Energy as a partner in the North Field East (NFE) expansion project, the single largest project in the LNG ind...
Qatar >>  6/19/2022 - QatarEnergy has chosen Eni as a new international partner in the North Field East expansion project.

The Minister of State for Energy Affai...


Australia >>  6/16/2022 - Key Petroleum Limited attaches herewith an ASX Announcement containing an update on the sale of its remaining 50% interest in Production Licence L7 an...
Russia >>  6/16/2022 - Enel S.p.A. ("Enel") informs that the agreements related to the sale of its entire stake in the share capital of PJSC Enel Russia (“Enel Russia”) have...

United States >>  6/16/2022 - PCT LTD (“PCTL”), the parent holding company to Paradigm Convergence Technologies Corp., a company focused on acquiring, developing, and providing sus...
United States >>  6/16/2022 - Recurrent Energy, LLC ("Recurrent"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") announced the acquisition of two standalone e...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.