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| Development Trend and Revelations Regarding the Oil and Gas Upstream Sector |
| Hou Mingyang |
| Sinopec Petroleum Exploration and Production Research Institute |
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Abstract Since July 2014, when the international oil price slumped, the upstream sector of global oil and gas industry has experienced a tough transformation phase lasting over two years. In terms of the development trend, the global upstream sector has demonstrated six characteristics since 2017:firstly, global upstream investment will probably demonstrate the trend of "touching the ground and rising again"; secondly, upstream operating costs will continually decline; thirdly, more favorable finance and taxation clauses will be offered for some resources to be developed through foreign cooperation; fourthly, global oil and gas output will probably further increase; fifthly, upstream exploration efficiency is anticipated to steadily increase; and sixthly, upstream geological understandings, theory and technology will continue to advance. In accordance with the above-mentioned development trends, Chinese oil enterprises must be prepared in four aspects for future rejuvenation. Firstly, persistent upstream investment has to be guaranteed, particularly in the exploration field; secondly, upstream operation efficiency must be promoted through the enhancement of technical research; thirdly, overseas upstream property must be purchased within the "time window"; and fourthly, reforms have to be carried out to realize transformation in the petroleum industry.
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Published: 29 July 2017
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2017, Vol. 24 
