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China to expand upstream oil, gas sector by 2020

05 Dec 2016

China plans to open up its upstream oil sector further between 2016 and 2020, according to the official Xinhua news agency.

 

The country has unveiled it will introduce private investment in upstream prospecting and will push forward reforms of the oil gas prospecting system.

 

China aims to add 5-8 mega oilfields with at least 100 million tonnes of reserves and 5-10 natural gas reserves with at least 100 billion cubic metres of deposit by 2020.

 

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