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2020-03-01 15:05  www.korraniha.com


On the morning of 9 January, the Ministry of Natural Resources held a press conference and issued the Ministry of Natural Resources'Opinion on Several Matters to Promote Resource Management Reform (hereinafter \"The Opinion \"). One of the major reforms is that China will open up the market for exploration and exploitation in an all-round way and allow private and foreign-funded enterprises and other capitals to enter the field of oil and gas exploration and exploitation.


For the first time in the history of oil industry, this is the world's eighth largest oil producing country. At this point, both private and foreign-funded enterprises can achieve the same competitive position as state-owned enterprises in any link in the whole industry chain of PetroChina.


According to the Ministry of Natural Resources, foreign and domestic companies with net assets of not less than 300 million RMB are eligible to obtain the right of oil and gas mining in accordance with the relevant regulations as long as they are registered in the People's Republic of China.


\"The full liberalization of market access for oil and gas exploration and mining, including prospecting and mining rights, has changed the situation that used to be dominated by several state-owned companies. Yao Huajun, director of mining rights management at the Ministry of Natural Resources.


A private oil and gas producer, who does not want to be named, told 21st-century economic reports that the reform was \"very exciting \". \"It's a remarkable thing and we've been calling for years in the industry to finally be able to achieve the same'national treatment' as state-owned enterprises. he said.


Royal Dutch Shell, for its part, responded to reporters by saying the further opening up of the upstream sector was encouraging, meaning there were more opportunities and options for investment in related areas in China. \"Shell attaches great importance to its cooperation with its Chinese partners and will continue to work to bring our advanced technology and expertise to our partners and customers.


The \"Opinion\" stipulates that the local departments in charge of natural resources must seek the opinions of the local people's governments at the same level on the agreement on the transfer of mining rights, and that the opinions of the provincial people's governments on the transfer of mining rights as agreed upon by the Ministry of Natural Resources shall be sought first. The exploration and mining rights that have been established in the deep or upper part of the mining rights need to be agreed upon except.


The Opinion provides for three forms of competitive assignment. In the case of assignment by way of bidding, the winning bidder shall be selected according to the conditions of bidding. Bidders who sell by auction with the highest price and no less than the base price shall be the bidder; those who sell by listing with the highest price and no less than the base price shall be the bidder.


At the same time, we will continue to promote the pilot project of competition for oil and gas prospecting rights. We will explore nationwide the starting price for the competitive transfer of oil and gas prospecting rights with the prices set out in the benchmark market price for the proceeds of sale listed in the Annex to the Opinions, conduct pilot projects for the competitive transfer of oil and gas prospecting rights, explore the accumulation of practical experience, and steadily advance the reform in the management of oil and gas prospecting and mining.


All along, our country's oil and gas exploration and development rights are based on the agreement transfer as the absolute mainstream,\" three barrels of oil \"for a block of preliminary evaluation, directly to the relevant departments to register to obtain equity. This approach doesn't have to be costly in its early stages compared to competitive ones, with longer lifetimes and a fairly low risk.


On the competitive side, a relatively high threshold is needed. Taking the second round of bidding for prospecting rights for oil and gas blocks in xinjiang autonomous region as an example, sheneng shares competed for kopingnan block with 100 million yuan; xinjiang energy (group) competed for wynn suxi block with 100 million yuan; and warm suxi block was acquired by sinoman oil with 100 million yuan.


Among them, zhongman oil is a private enterprise with a registered capital of 400 million yuan, the above winning amount is more than twice its registered capital, which shows the high entry threshold. It is worth mentioning that the public bidding only for prospecting rights, mining rights after the exploration did not make corresponding provisions.


Subsequent exploration and development also requires strong financial strength. Even if the oil industry has been growing for more than a hundred years, putting a few or even a dozen wells on a block and not finding a drop of oil is still a common phenomenon in the industry.


This risk is hard to bear even for foreign oil and gas giants. In 2018 and 2019, Shell and BP successively withdrew from their shale oil and gas block, which they worked with PetroChina and is based in the Sichuan province. Although the reasons have not been disclosed, industry insiders say they are linked to the high cost of exploration and development in the region.


\"The core of the competitive transfer is the relative postposition of risk,\" an insider told reporters.\" If we want to encourage private and foreign companies to enter the bureau, we still need to explore a series of systems to reduce the risk and threshold.\"


The \"Opinion\" stipulates that according to the characteristics of exploration and mining technology of oil and gas different from non-oil and gas minerals, the system of integration of exploration and mining rights for oil and gas mining should be implemented in view of the problems existing in many years.


Where the oil and gas prospector discovers the oil and gas resources available for exploitation, the exploitation may be carried out after reporting to the competent department of natural resources with registration authority. The right holder of prospecting for oil and gas mineral resources for exploitation shall, within five years, sign a contract for the assignment of mining rights and register the mining rights according to law.


This means that companies with prospecting rights have the same security of mining rights that reduce the risks they incur in the exploration process. \"The next step, the direction of reform needs to be on the mining rights to determine the amount of resources but the development of more difficult technical blocks out of the market. The industry has advised reporters.


But a relatively pessimistic fact is that all of China's high-quality oil and gas basins are in the hands of three barrels of oil. Even if the Opinion is successfully implemented, the resource appeal of the initial block is relatively limited, and the reform of the stock block is imperative if the market potential is to be further activated.


It is reported that there are some clear inside the three barrels of oil, but for a variety of reasons difficult to use the block, for which, for example, PetroChina, has begun to carry out internal mineral rights flow, let some oil companies have reached the end of the development, but because the amount of such resources is not in a small number, the current development progress is not fast.


\"This part of the reserves is cumbersome for PetroChina and Sinopec, and a waste for the state, to attract private, foreign and social capital, is conducive to the use of this part of the resources, in the increasingly volatile international energy market to ensure the security of China's energy supply. The industry said.


And in the aspect of system design, reforming the traditional \"tertiary reserve\" statistical model and adopting the SPE-PRMS reserve statistics model of international practice to promote the more scientific and reasonable way of reserve calculation is also beneficial to activate a large number of blocks in China.


The latter, for example, is founded by the american petroleum engineering institute, widely adopted in the current mainstream oil producing countries, and already has a very mature application, the biggest benefit of which is that it can promote the financialization of reserves and attract banks, trusts and even securities funds into the oil and gas market.


This is also an important experience for the success of the u.s. shale-oil revolution, based on a statistical system based on reserve loans and securitisation, which allowed a lot of cheap money to enter the oil and gas industry, greatly stimulating the number of companies in the industry and activating oil and gas exploration and development throughout the u.s.


\"At the moment, the private and foreign companies have only the rights to co-develop, the ownership of which is in the hands of three barrels of oil, and cannot leverage any capital in China's financial markets,\" the private sector told reporters.