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| Summary of Oil and Gas Policies in China |
| Chen Jiaru |
| CNPC Economics & Technology Research Institute |
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| Guide |
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Abstract 2019 is the year of the reform and opening up of the whole oil and gas industrial chain. The oil and gas industry will conscientiously implement the new "four revolutions and one cooperation" energy security strategy of the CPC Central Committee. Centring on the main links of the Opinions on Deepening the Reform of the Oil and Gas System, the oil and gas industry has made great progress in deepening reform, opening up further to the outside world, optimising business environment and seeking progress while maintaining stability. In 2019, the oil and gas industry was fully open to private and foreign-funded enterprises, and the opening of the whole industrial chain entered a new era. The oil and gas exploration and exploitation market was fully liberalised, the National Oil and Gas Pipeline Network Group Co., Ltd. (hereinafter referred to as the National Pipeline Network Company) was established, and the reform was unprecedented. Continuous progress was made in reducing taxes and fees, and streamlining administration and delegating power. The relationships between enterprises and the government, production and environmental protection became more coordinated, and the business environment of the oil and gas industry was greatly optimised. In 2020, China will continue to introduce relevant supporting policies on the reform of the oil and gas system, and enter the stage of comprehensive reform policy implementation. The pattern of “deepening reform, expanding opening up and diversifying competition” in the oil and gas industry will gradually take shape.
Marking the 70th anniversary of the founding of the People’s Republic of China, 2019 was a key year for building a moderately prosperous society in an all-round way. In 2019, the reform of the upstream, midstream and downstream of the oil and gas industry was carried out synchronously, and the pace of marketisation was rapid and stable. China explicitly supports private enterprises to enter the fields of oil and gas exploration and development, refining, sales, storage and transportation, and pipeline transportation, as well as crude oil import and refined oil export. It has lifted restrictions on the upstream exploration and development of oil and gas, and the entry of foreign investment in urban gas. The opening of the whole industrial chain to the outside world has entered a new era. The Foreign Investment Law and related supporting policies have been promulgated one after another. The new resource tax law maintains the existing tax breaks and exemptions for oil and gas resources, adjusts the special fund support policy for unconventional gas, and extends it to 2023. The business environment has been constantly improving. A series of policies help to improve the efficiency of resource allocation and ensure the secure and stable supply of oil and gas.
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Published: 05 November 2022
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2020, Vol. 27 
