In the process of the third oil and gas resource assessment implemented by the Petrochina Company Limited, the advancement of petroleum geological theories and exploration technologies plays an important role. The petroleum geological theories include the lower limit criterion for the organic matter abundance of effective hydrocarbon source rocks, the theory of oil and gas enrichment in foreland basin, the theory of litho-stratigraphic reservoir formation in non-marine sedimentary basins, the theory of petroleum accumulation and reservoir formation in middle-lower section of superimpose basins. The petroleum exploration technologies include the seismic exploration technique for complex structure in foreland basins, the acidizing and fracturing improvement technique for lower permeability reservoirs, the technique of high-resolution seismic reservoir inversion and forecast. These theories and technologies offered important theoretical and technical support for expanding petroleum exploration domains, realizing rapid transformation from oil and gas resources to reserves and objectively estimating petroleum resource potential. Applications of these theories and techniques have greatly promoted the cognition of petroleum resource potential in main petroliferous basins of China in recent years.