State-owned Beijing Energy Investment Holdings Co., Ltd. (BEIH) is set to cut into upstream operations of conventional oil and gas in China. BEIH was ranked in the first place in the bidding of exploration rights with three oil and natural gas blocks in northwest China's Xinjiang Uygur Autonomous Region, according to a recent release by Ministry of Land and Resources (MLR).
BEIH has committed to spend several billion yuan in exploration of the three blocks in the coming three years. Meanwhile, Shandong Polymer Bio-chemicals Co., Ltd. snatched the first ranking in the bidding for another oil and gas block in Burqin basin of Xinjiang. The MLR held a bid opening meeting on the licensing of five conventional oil and gas blocks in Xinjiang as a pilot reform to open up to private players. The MLR is expected to announce winner the exploration rights with the four blocks in the coming days.
Latest comments