(Yicai Global) Dec. 4 -- China will explore and develop deep-water and unconventional oil and gas resources including shale gas and combustible ice to increase supply and decrease dependence on foreign resources, the Ministry of Land and Resources' (MLR) Strategic Research Center of Oil and Gas Resources said.

The research center held a strategic seminar on the development of oil and gas resources on Dec. 2, state-run Xinhua news agency reported. The transition of China's energy structure is accelerating, and oil and gas will likely account for 32 percent and 35 percent of China's primary energy consumption by 2035 and 2050, respectively. Oil usage is set to decline after peaking in 2030, while gas usage is set to increase until 2040.

China will limit its dependence on oil and gas from abroad to an estimated 70 percent and 50 percent, respectively, by 2035.

The Chinese government will liberalize the exploitation market and encourage social funds and qualified private enterprises to participate in exploration and development to promote the formation of a competitive mechanism, the research center said.