The overall plan for the reform of the petroleum and natural gas system, led by the National Development and Reform Commission and the Energy Administration, has been drafted and is currently being improved. It is expected to be unveiled by the end of the year. The new round of overall oil and gas reform involves market access and price liberalization in various fields of oil and gas upstream, midstream, and downstream, with the core being upstream liberalization and pipeline separation.

It is reported that in July this year, the Ministry of Land and Resources announced the bidding for oil and gas exploration blocks in Xinjiang, and sold 6 exploration blocks. The pilot reform of oil and gas exploration and exploitation in Xinjiang has been launched. Researchers from Fangzheng Securities believe that this oil and gas system reform will orderly open up upstream to social capital in accordance with the principle of "mixed ownership of existing resources+pilot bidding for incremental resources", with the goal of establishing primary and secondary markets for mining rights trading and forming diversified market entities. A-share listed companies such as Guanghui Energy, Shanghai Petrochemical, and CNOOC are involved in oil and gas reform related businesses.

The highly anticipated reform of the oil and gas system is gradually approaching. On September 14th, Lian Weiliang, Deputy Director of the National Development and Reform Commission, stated at a press conference of the State Council Information Office that an oil and gas reform plan will be released this year, and a mixed ownership reform plan will be announced by the end of the year. In areas with high entry barriers such as energy (oil, natural gas, electricity), projects that comply with industrial policies and are conducive to transformation and upgrading will be launched to non-state-owned capital.