Oil workers at the Fushan Oilfield in Hainan Province. (File photo/China News Service)
(ECNS) -- China will fully open up its market for oil and gas exploration and exploitation, allowing private and foreign-funded enterprises to tap into the field, said the Ministry of Natural Resources on Thursday.
Qualified companies that have registered in China with net assets of no less than 300 million yuan ($43 million) are eligible to apply for oil and gas mining rights.
The freeing up of mining rights will change the dominance of state-owned enterprises and stimulate market vitality, said Yao Huajun, head of the Mining Rights Management Department at the Ministry of Natural Resources.