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 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.
Both waivers for import tariffs and value-added tax apply for the period between January 1st and the end of 2020, according to the Ministry.
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 a bid to boost oil production.
The waiver applies to oil blocks and natural gas reserves in four regions including Xinjiang, Inner Mongolia, Tibet and Qinghai province.
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