A review of commercial development of continental shale oil in China

Continental shale oil is an important strategic supplement to the sustainable development of petroleum industry in China.Based on the thermal maturity of organic matter,most shale oil in China is mediumhigh or medium-low mature oil with relatively high density that is usually stored in thin layers and difficult to extract due to strong fluid flow resistance.Most petroliferous basins in China host shale oil but the abundance and distribution are not favorable for operators looking for a commercial exploitation.This study systematically investigates the recent progress of shale oil exploration and development in China.The result shows that the country is facing the following challenges while trying to explore its shale oil resources:complex geological conditions;a lack of established effective development mode;high development cost;and an absence of substantial breakthroughs in key technologies.Given these,the study suggests from research and policy-making perspectives to strengthen the research on basic theories and key technologies,establish demonstration zones for development of different types of shale oil,pursue breakthroughs in a stepwise approach,innovate the management mode to reduce the development cost,set shale oil as an independent mineral type,and give special policy incentives.

Analysis of China's Oil and Gas Policy in 2015

The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking through the requirements on the resources varieties, exploration phase and enterprise qual!fication. The right of importing and using of the crude oil has been gradually relaxed and 13 local refineries have obtained the right to use imported crude oil of 55.1888 million tons per year. The natural gas price for non-residential use was unified and a universal price was set ~r the incremental supply and existing supply. Tire Shanghai Petroleum and Gas Exchange （SHPGX） was established and laid foundation for the market mechanism to detervnine the price. The government governance has undergone continuous adjustments such as regulating the tax instead of charging the fees, streamlining administration and delegating power to tire lower levels.The Guidelines on Deepening tire Reform of State-owned Enterprises was released, symbolizing the accomplishment of the overall planning ~ the SOE reform.

Study on International Development of Financial Asset Securitization:An Example of Mining Rights

Mining right asset securitization is a market financing pattern for mineral resources, and it is a creative application of financial asset securitization. Nowadays, because of world energy price decline, the world energy market is facing weak investment and financing sharply under pressure. Under this background, this paper aims at briefly commenting on the content, processes and impact of mining right asset securitization, understanding the international mining right asset securitization specific practices, and then combining the situation of China(Shanghai) Pilot Free Trade Zone so as to give advice for the development of mining right asset securitization in China. For instance, mineral mining rights and expenses system design are not clear, so the mineral values do not reflect their true costs and the need to speed up market credit system construction.