China Extends Tax Waivers For Oil, Gas Drilling Equipment
BEIJING, Jan 6 (Reuters) - China is extending tax waivers for importing key drilling and production equipment for both onshore and offshore oil and gas development, the Ministry of Finance said on Friday.
The ministry said Chinese manufacturers are unable to make the equipment, such as semisubmersible drilling platforms used for waters deeper than 1,000 feet and robots in waters deeper than 500 metres.
The waivers for both import tariffs and value-added tax apply for the period between Jan. 1, 2016, and the end of 2020, the ministry said on its official website.
Beijing has been rolling out a string of policy documents for the 13th five-year plan (2016-2020) in recent weeks, meaning some of these polices are backdated to the start of 2016.
The ministry also announced in an earlier statement a tax waiver for drilling equipment used in 20 onshore oil and gas fields in western China in order to boost oil production.
The tax waiver applies to oil blocks and natural gas reserves in four regions including Xinjiang, Inner Mongolia, Tibet and Qinghai province, the ministry said.
For jointly developed onshore oilfields, China also removed the value-added tax for over 100 types of equipment, it said.
(Reporting by Meng Meng and Chen Aizhu; Editing by Kenneth Maxwell and Christian Schmollinger)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension