Foreign players to boost oil and gas exploration

BEIJING - As a vital step in easing market access for foreign investors, China has announced opening up the upstream exploration of its oil and natural gas resources by scrapping joint-venture restrictions.

Taking effect on July 30, the move aims to attract overseas participation in the field and advance the country's ongoing reform of energy systems.

Spurred by the growth in energy consumption, China has become the world's largest importer of crude oil and natural gas, with its dependency on foreign crude oil and natural gas hitting 69.8 percent and 45.3 percent, respectively, in 2018, according to China National Petroleum Corp.