LogIn LogOut

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

May 22, 2020

Illustratin; Image by xmentoys - AdobeStock
Illustratin; Image by xmentoys - AdobeStock

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.

In energy announcements on the first day of the parliament, known as the National People's Congress (NPC), authorities also pledged to boost the country's oil and gas network and continue to support exploration for unconventional gas reserves.

The National Development and Reform Commission (NDRC) said in a statement it would push forward construction of crude oil reserves.

The coronavirus pandemic has led to a slump in demand for crude oil, with insufficient storage capacity worldwide.

The NDRC said it would also press ahead with competitive trading of mining rights for oil- and gas-bearing zones, aiming to attract more market players into oil and gas exploration and production.

The country will also accelerate construction of oil and gas network and encourage the opening up of pipeline facilities to all eligible users, said the state planner.

China set up its long-awaited national oil and gas pipeline company in December aiming at providing fair market access to infrastructure and boost investment in oil and gas production.

The Ministry of Finance said in its 2020 annual budget report that it will continue to support exploration and utilization of unconventional natural gas, including shale gas and coalbed methane, as China looks to lower its reliance on imports.

The ministry will also lower gas charges to agriculture-related sectors seriously affected by coronavirus, such as chemical fertiliser businesses that use natural gas as feedstock.

It also plans to extend a 5% reduction in electricity prices for industrial and commercial businesses till the end of the year. It previously reduced electricity prices from Feb. 1 to June 30.

 (Reporting by Beijing newsroom; Writing by Chen Aizhu; Editing by Richard Pullin)

Current News

India's ONGC Awards 10-Year Charter for Armada Sterling FPSO

India's ONGC Awards 10-Year Charter for Armada Sterling FPSO

Jadestone, OMV Take More Time to Wrap Maari Field Transaction

Jadestone, OMV Take More Time to Wrap Maari Field Transaction

The Philippines: Shell Looking to Sell Malampaya Stake

The Philippines: Shell Looking to Sell Malampaya Stake

Schottel Thrusters for Russia-bound Ice-Breaking W2W Vessel

Schottel Thrusters for Russia-bound Ice-Breaking W2W Vessel

India's ONGC Douses Fire on Offshore Gas-fed Plant

India's ONGC Douses Fire on Offshore Gas-fed Plant

Woodside Hires DOF Subsea for Flowline Installation Support

Woodside Hires DOF Subsea for Flowline Installation Support

KrisEnergy Gets Kepinvest Support to Bring Cambodia Offshore Oil Project Online

KrisEnergy Gets Kepinvest Support to Bring Cambodia Offshore Oil Project Online

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com