China is to open oil and gas exploration and exploitation markets, allowing private and foreign companies to enter the markets, as detailed in Opinions of the Ministry of Natural Resources on Propelling Reforms in Mineral Resource Management, which involves reforms in three aspects – mining right transfer system, management of oil and gas exploration and exploitation, reserves management.

In detail, domestic-funded and foreign-invested enterprises, registered in China and boasting net assets of not less than RMB300 million, can both obtain oil and gas mining rights according to related rules. Further, oil and gas explorers are entitled to exploit after sending reports to related departments. As for the reserves management, the document simplifies classification of mineral resources reserves, and reduces the scope of government assessment.