Oil and gas reform expected to land within the year

Release time:

2016-03-29

At present, the "Overall Plan for Oil and Gas System Reform" led by the National Development and Reform Commission and the Energy Administration has formed a first draft and is being improved, and it is expected to appear at the end of the year. The idea of the new round of overall oil and gas reform involves market access and price liberalization in various fields of oil and gas upstream, midstream and downstream, the core of which is upstream liberalization and pipe network separation.

It is understood that in July this year, the Ministry of Land and Resources announced a tender for oil and gas exploration blocks in Xinjiang, transferring six exploration blocks, and the pilot reform of oil and gas exploration and exploitation in Xinjiang has been launched. Founder Securities researchers believe that the oil and gas system reform will open the upstream to social capital in an orderly manner in accordance with the principle of "pilot bidding for mixed and incremental resources of stock resources", with the goal of establishing primary and secondary markets for mineral rights trading and forming diversified market entities. A- share Zhongguanghui Energy, Shanghai Petrochemical, CNOOC and other listed companies, involved in the field of oil and gas reform related business.

The reform of the oil and gas system, which has attracted much attention, is approaching. Lian Weiliang, deputy director of the National Development and Reform Commission, said at a press conference of the State Council Information Office on September 14 that an oil and gas reform plan will be released this year, and a mixed ownership reform plan will be announced by the end of the year. In energy (oil, natural gas, electricity) and other entry barriers In high areas, it is necessary to introduce projects to non-state-owned capital that are in line with industrial policies and conducive to transformation and upgrading.

It is understood that the "Overall Plan for the Reform of the Oil and Gas System" currently formulated by the National Development and Reform Commission and the Energy Administration has formed a first draft and is being improved, and it is expected to appear at the end of the year. The idea of the new round of overall oil and gas reform involves market access and price liberalization in various fields of oil and gas upstream, midstream and downstream, the core of which is upstream liberalization and pipe network separation.

Since last year, energy reform has been continuously promoted. Sinopec has pioneered the reform of mixed ownership with assets in the oil and gas sales sector. PetroChina has also indicated that it has built a total of six cooperation platforms, introduced private capital, and will actively promote mixed ownership. And this year's oil and gas reform will go further. According to the country's overall plan for reform in the energy sector, last year the focus was on electricity reform, and the new electricity reform plan was approved in principle at the executive meeting of the State Council; this year the focus is on oil reform.

Wang Dongjin, president of PetroChina, revealed at the interim results conference at the end of August this year that the reform of the separation of oil and gas pipeline networks is in line with the general direction of the reform of the oil and gas system and is also one of the key contents. The reform will be implemented step by step in the light of the current actual situation of China's oil and gas pipeline network, with the goal of fully realizing the independence and marketization of the pipeline.

Wang Yupu, chairman of Sinopec, also said at the company's interim results meeting that the company is preparing for the pipeline split in accordance with the relevant regulations and policies of the National Development and Reform Commission. At present, the NDRC's draft for comments on oil reform has been formed, and the official document has not yet been issued.

It is understood that most of China's long-distance oil and gas pipelines have been in the hands of "four barrels of oil", of which more than 80% belong to PetroChina, which has become the biggest obstacle for other enterprises to enter the field of pipeline natural gas. In 2012 and 2013, PetroChina introduced social capital into the West-East Gas Pipeline twice in a row. In 2014, it also issued an announcement stating that it plans to establish an Eastern Pipeline Company and publicly transfer the equity of the pipeline company through the property rights exchange, but it has not been implemented so far.

In addition, the liberalization of the upstream oil and gas exploration market and crude oil import market to diversified investors is also an important part of the reform. For a long time, the upstream field of the oil and gas industry has been the link with the highest degree of monopoly. At present, there are only four domestic companies with prospecting rights and mining rights qualifications: PetroChina, Sinopec, CNOOC and Yanchang Oilfield, and the crude oil import rights are also concentrated in the five major companies. This makes market-oriented competition very inadequate and it is difficult for private enterprises to get involved. The high upstream monopoly restricts the actual effect of oil and gas reform.

At the same time, for the local refining of the right to use imported crude oil and crude oil import rights to accelerate the liberalization, the National Development and Reform Commission has approved five local refineries to import crude oil use rights applications, the future is expected to have overseas oil and gas blocks and engaged in oil trade enterprises to liberalize the right to import crude oil. "The reform of the oil and gas system will have a long-term and sustained impact on the industry. The first wave of investment opportunities will focus on the direct beneficiaries of gas price reform and the relaxation of access for the entire industry chain." The above-mentioned Founder Securities researchers said.

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Oil and gas reform expected to land within the year

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