China Petroleum Exploration ›› 2021, Vol. 26 ›› Issue (2): 45-54.DOI: 10.3969/j.issn.1672-7703.2021.02.005

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China’s oil and gas resource management reform and innovative practice of PetroChina#br#

Li Guoxin1, He Haiqing1, Liang Kun2, Zeng Shaohua1, Tian Jun1, Zhang Guosheng2, Duan Xiaowen1, Liu Junping1, Wu Peihong2, Xu Xiaolin2   

  1. 1 PetroChina Exploration & Production Company; 2 PetroChina Research Institute of Petroleum Exploration & Development
  • Online:2021-03-15 Published:2021-03-15

Abstract: In recent years, Chinese government has relaxed restrictions on oil and gas exploration and production, and implemented
more stringent relinquishment strategy for exploration blocks. Competitive transfers have been promoted, and diversified
market participants cultivated. State-owned oil companies have faced greater pressure from external competition and internal reforms.Therefore, a comprehensive understanding of the reform trend, and a profound dissection of current problems and challenges are of great significance for the state-owned oil companies on their reform and management, giving full play to their own advantages and achieving high-quality development. Based on systematic summary of the history of oil and gas resource management in China since its establishment, and clarification of reform direction, this paper discusses in detail that PetroChina actively adapts to the reform, innovates management practice, and develops six mechanisms including linkage between reserves and deployment, internally dynamic allocation of mining rights and reserves, evaluation of new areas and competitive acquisition of new blocks, benefit reserve growth, reserve value evaluation, and foreign cooperation. Based on the practice of state-owned oil
companies, this paper also proposes five suggestions for areas reduction of mining rights, i.e., highlight on the principle of encouraging exploration and discovery, optimization of the location and limit of the transfer block, improvement of the dynamic
management of reserves and integrated management of exploration and development, establishment of market service system for
oil and gas reserves, and institutional arrangements for state-owned oil companies, in order to better support the development of
domestic oil and gas business and ensure the national energy security.

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