We may never be able to tap into the Methane Hydrate reserves. China, however, is not constrained by obeying any international treaty, regardless of whether they are a signatory or not. They have already been exploring the possibilities off the continental shelf in the South China Sea.
Which may relieve the pressures on the international petroleum supply. In the short term, it will provide some small respite, but inevitably, the leadership the US now enjoys will slip further, and China begins their long ascendency.
Why am I not surprised that Red China is taking the lead?