China will draft a law governing the oil and gas development in order to deal with the increasing power crunch, according to a source with the National Development and Reform Commission (NDRC).
The news came after a meeting on the drafting work held by the Energy Bureau of the NDRC, China's top economic planning agency, which invited experts from the universities and research institutes, as well as some company representatives, the source said.
China has been struggling with its shortage of oil and gas supply. The oil import has accounted for roughly 40 percent of the country's total consumption. Experts said the power crunch is expected to be even severe in the coming years.
Drafting a law on oil and gas development will help speed up the oil industry development, said an official with the energy bureau. It might therefore ensure the stable supply of oil resources.
(Xinhua News Agency November 3, 2005)
