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China moves slowly on upstream expansion

Fresh reports that China is preparing to issue companies more licences for conventional oil and gas exploration have buoyed expectations, but overall industry reform is likely to come first.

Flare from a Chinese shale well. The government may let more companies join in exploration. (Sinopec) Flare from a Chinese shale well. The government may let more companies join in exploration. (Sinopec)

Fresh reports that China is preparing to issue companies more licences for conventional oil and gas exploration have buoyed expectations, but overall industry reform is likely to come first.