CNPC plans reform in oil, gas exploration

China National Petroleum Corp is planning to reform its oil and gas exploration, said Zhou Jiping, chairman of the State-owned oil and gas producer, Beijing Times reported on Friday.

CNPC is considering introducing private capital in the exploration area, but the company's stake should not be less than 51 percent, Zhou said.

He said that the company is currently propelling the reform in the oil and gas exploration business, and in the next step will seek capital from private businesses, social institutions and other major petroleum enterprises including Sinopec Group and China National Offshore Oil Corp based on specific projects.

The first pilot project is planned for the Xinjiang Uygur autonomous region, according to CNPC. The details of the project have yet to be completed, and it will be some time before it is launched, Zhou said.

But private capital investors are responding actively, he said.

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