Foreign oil, gas firms' capital welcome

China welcomes foreign oil and gas companies to continue investing in the country as the undergoing oil and gas industry reform is believed to bring more opportunities for cooperation.

Foreign companies are welcome to invest in China in oil and gas exploration, production capacity construction, oil and gas management and reserves, science and technology research and talent training in the sector, said Nur Bekri, head of the National Energy Administration, on Monday at the 2017 International Petroleum and Natural Gas Enterprises Conference in Hangzhou, capital of Zhejiang province.

China is currently implementing a reform plan for the country's oil and gas industry, eyeing improved efficiency and competitiveness by giving the market a decisive role in the sector, including allowing private companies to take part in upstream oil-gas exploitation, encouraging midstream pipeline owners to split gas sales from pipeline business for more efficient allocation of resources.