Briefly

Carbon emission futures coming soon

Carbon emission futures, which form an integral part of carbon trading, will be rolled out when the market further matures, the China Securities Regulatory Commission spokesperson Gao Li said during a news conference on Friday. China's national carbon emission trading system, which adopts a dual city model by trading in Shanghai and accepting applications in Wuhan, Hubei province, is scheduled to become operational by the end of June. The development of carbon emission futures will help to enhance the efficiency of carbon pricing and better meet the market entities' need to manage fluctuations in carbon pricing, said Gao. The CSRC will help the Guangzhou Futures Exchange to conduct extensive research and complete the trading rules for carbon emission contracts.

CNPC discovers oil, gas in Tarim Basin

China National Petroleum Corp, China's leading oil and gas producer, said on Friday that the company has discovered a 1 billion metric ton ultra deep oil and gas field after six years' exploration in Tarim Basin, the Xinjiang Uygur autonomous region. The test oil column made a record and reached 550 meters; drilling depth also reached a record 8,470 meters, said the company.