China will fully open up oil and gas exploration and exploitation access to domestic and foreign capitals, the Ministry of Natural Resources said on Thursday.

Private and foreign firms registered in China with the net asset above 300 million yuan ($43.18 million) and corresponding technical capabilities are eligible for the mining right for oil and gas, according to Yao Huajun, director of Mining Rights Management Department of the ministry.

"The opening up of market access will change the situation used to be dominated by some State-owned enterprises", Yao said. "The joining of other social capitals are expected to rejuvenate the market and enrich the fundraising channels, which will further enhance the nation's ability on resources security."