The exploration rights of three oil and gas exploration blocks in northwest China's Xinjiang Uygur Autonomous Region were publicly sold to three companies Tuesday.
Xinjiang issued notice for the sale of the exploration rights of five oil and gas exploration blocks last December, according to the Department of Land and Resources of Xinjiang.
Seven companies took part in the bidding. Shenergy Co., Ltd, Xinjiang Energy (Group) Co., Ltd and Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) managed to secure the rights to explore the three oil and gas exploration blocks. The total transaction price was more than 2.7 billion yuan (421 million U.S. dollars).
"Selling oil and gas exploration rights publicly offers more opportunities to companies who want to participate in the development and exploration of energy in Xinjiang. Companies see a fairer and more open market in Xinjiang," said Jiang Xiaofu, an official of ZPEC.