This move was described by experts as a landmark event..
The Chinese Ministry of Land and Resources issued a license to PetroChina Company Ltd for offshore oil exploration in the country, a move described by experts as a landmark event, which would break the de-facto monopoly of China National Offshore Oil Corp. (CNOOC) over offshore oil prospecting and production, The Economic Observer reported on Monday.
PetroChina, the country's biggest oil producer, has so far confined its oil-related activities to the land, although it is not legally bound.
CNOOC which has been China's only major offshore oil exploring and producing firm, had also confined to its oil-related activities to offshore oil exploration and production, though it is not legally required to do so.
Experts say PetroChina's expansion of its scope of business to offshore oil exploration and production was a move to prop up its oil output.