How to make gas no longer "wild"? During the "two sessions", any of the leaders of the National Development and Reform Commission said that China will promote the exploitation of unconventional natural gas resources such as shale gas to ensure supply. Shortly after the voice fell, a preferential measure for the development and utilization of shale gas was released. A few days ago, the Ministry of Finance and the State Administration of Taxation jointly issued a notice to reduce the shale gas resource tax by 30% from April 1 to March 31, 2021. When the news came out, the industry was excited. The reaction of the stock market is the most direct. The natural gas sector has risen sharply and even has multiple daily limit. The multi-party benefit resource tax was levied in 1984 and was levied on units and individuals engaged in the exploitation of mineral resources such as crude oil, natural gas and coal in China. The shale gas resource tax is included as a resource tax and is included in the natural gas resource tax. In 2014, the Ministry of Finance issued the “Notice on Adjusting the Relevant Policies on Crude Oil and Natural Gas Resource Taxesâ€, which reduced the compensation rate for crude oil and natural gas mineral resources to zero, but correspondingly increased the applicable tax rate for resource taxes from 5% to 6%. Although the tax on high-sulfur natural gas resources is reduced by 40% and the resource tax on low-abundance oil and gas fields is temporarily reduced by 20%, there is no clear applicable tax rate for shale gas. Local tax bureaus can only levy a 6% resource tax on conventional natural gas. “The shale gas reservoir has low permeability, difficult mining, development technology has not yet been formed, high development investment, low output, and slow investment recovery. However, it is obviously unreasonable to pay the same resource tax as conventional natural gas.†A shale The gas development company told reporters that “the benefits of this shale gas resource tax reduction to the company are multifaceted. The most obvious benefits are reduced expenses and reduced cash costs.†After the new policy was introduced, the page The tax rate for rock gas resources fell to 4.2%. Assuming that the ex-factory price of 1.5 yuan / cubic meter, based on the shale gas production of 9.1 billion cubic meters in 2017, a total of 245.7 million yuan of resource tax can be reduced, which can reduce the cost per cubic meter of shale gas by 0.027 yuan. “China plans to increase shale gas production to 30 billion cubic meters by 2020, and the resource tax will be reduced at that time.†Xu Bo, senior economist at the Natural Gas Market Research Institute of China Petroleum Economic and Technological Research Institute, said, “Using the reduction. With a resource tax of several hundred million yuan, enterprises can increase drilling equipment, expand production scale, and even use it to improve employee treatment and encourage employees' enthusiasm for production. No matter where it is used, the reduction of resource tax is real for enterprises. The benefits. Enterprise benefits, downstream users are also expected to benefit. "In the case of reduced costs, production companies are likely to reduce the ex-factory price of shale gas, attract downstream users with price advantage, and enhance market competitiveness. Gas users will benefit from this." Xu Bo said. Promoting exploration and development tax reduction is an important means to encourage enterprises to participate in shale gas exploration and development. The increased enthusiasm of enterprises will promote the exploration and development of shale gas. The development of shale gas is not only in line with China's energy development strategy planning, but also an urgent need of reality. The central government proposed that the energy consumption and energy supply revolution should continue to improve the proportion of clean energy and energy self-sufficiency. A substantial increase in natural gas production and supply is the only way. However, after decades of development of conventional natural gas in China, it is difficult to make major breakthroughs. “Unconventional gas, coalbed methane production rate is too slow, and shale gas exploration and development has been developed so far, although the increase is not large, but it is in the stage of rapid development, which is the most realistic one to achieve natural gas increment.†Land and Resources Li Yuxi, a researcher at the Ministry of Mineral Resources Reserves Evaluation Center, said. From the perspective of energy security, it is even more urgent to accelerate the development of shale gas. In January-February 2018, China imported 20.46 billion cubic meters of natural gas, a year-on-year increase of 45.1%, and external dependence increased to 44%. According to analysis, by 2030, China's natural gas consumption demand is 580 billion cubic meters, and domestic conventional natural gas production is only 280 billion cubic meters. If there is no big increase, China's natural gas dependence will reach more than 50%. Industry experts said that although some of the gaps can be resolved through international trade, the energy security initiative should remain firmly in their hands. It is necessary to speed up the breakthrough in shale gas development, realize large-scale development as soon as possible, and enhance self-sufficiency, which can also improve the right to speak in the international natural gas market. "The development of unconventional natural gas is an important measure to ensure China's energy security. Under the shadow of Sino-US trade war, the prospect of importing US LNG is uncertain, and the importance of unconventional natural gas is once again prominent," industry experts said. "With the issuance of the notice of reduction, the shale gas resource tax incentive policy has officially landed, releasing a positive signal from the state to develop shale gas, reflecting the country's support for shale gas development." Xu Bo said. Li Yuxi said that the reduction of the shale gas resource tax is the regulation of the state according to changes in supply and demand. The purpose is to encourage enterprises to participate in shale gas exploration and development. The enthusiasm of enterprises and their willingness to invest will promote the exploration and development of shale gas and increase the supply of clean energy. “The next step should be to take more feasible measures to strengthen the confidence of shale gas production enterprises and stimulate the vitality and potential of shale gas development,†Xu Bo said. Looking forward to greater support, China's shale gas production has risen rapidly in recent years, and the country's policy support has undoubtedly played a very important role. The United States introduced a support policy for shale gas development in the 1980s. At that time, 30% of the profits of US shale gas companies came from government support. "Although the development of shale gas is supported by the state's finances, the tax reduction policy in the Notice is still not enough to alleviate the pressure from the high initial investment," Xu Bo said. “Although the shale gas resource tax has been reduced, the intensity is far from expected.†A person from a shale gas production company said, “In addition to resource taxes, shale gas exploration and development also includes corporate income tax, value-added tax, etc. Many taxes and fees. Sinopec and PetroChina have already obtained stable shale gas production, but emerging oil and gas companies have not seen any return on shale gas investment. Although there is no need to pay resource tax for the time being, many taxes and fees exist. The company's expectations for shale gas development are not good, and confidence is not strong." The business person suggested a free shale gas resource tax, and should be free at least until 2035. “In order to attract more capital into the shale gas industry, the current resource tax reduction measures are still insufficient. It is also necessary to promote the marketization reform of natural gas and continue to increase the state subsidies,†Xu Bo said. Beginning in 2012, the state finance began to implement subsidies for shale gas. The subsidy standard for 2012-2015 is 0.4 yuan / cubic meter. During the “Thirteenth Five-Year Plan†period, the subsidy standard has declined. The subsidy standard for 2016-2018 is 0.3 yuan/cubic meter, and the subsidy standard for 2019-2020 is 0.2 yuan/cubic meter. "At present, only the shale gas financial subsidy policy will be announced until 2020. Will subsidies continue to be subsidized after 2020, and the relevant policies have not yet been introduced. This makes the company's expectations for future shale gas development not good." Xu Bo said, “Enterprises like Sinopec and PetroChina are planning for medium and long-term development for future development. When planning for future shale gas development, there are subsidies or no subsidies, subsidies of 0.2 yuan or 0.3 yuan, for planning It will have a great impact.†Xu Bo suggested that the relevant subsidy policy should be introduced as soon as possible, and the industry should be reassured as soon as possible. Different areas of shale gas development and development of new areas can be distinguished, and different subsidy standards can be given. The subsidy standard for the new district should be higher than that of the mature area to speed up the development of the new district, and then gradually adjust and then adjust, so that the two get relatively fair policy support. “The relevant preferential policies should also be sustainable. For example, the US tax waiver policy for shale gas lasted for 23 years.†Xu Bo said, “From the 1980s to the present, the US government’s unconventional gas exploration and development activities have been successively More than $6 billion is invested in training and research for nearly $2 billion. This is also an experience to learn from."
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