State-owned PetroChina has started to re-allocate exploration rights among its subsidiaries in order to increase activity on certain acreage where parent company China National Petroleum Corporation has yet to meet exploration obligations established by the Ministry of Land & Resources (MLR).
Last week, PetroChina brokered a deal between two of its subsidiaries — Daqing Oilfield Company Ltd and PetroChina Southwest — to allow the former to explore two blocks initially licensed to the latter.
