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| Progress in Overseas Oil and Gas Exploration of Chinese Oil Companies |
| Dou Lirong1,2, Yuan Shengqiang1, Liu Xiaobing1 |
1. Research Institute of Petroleum Exploration and Development, PetroChina;
2. China National Oil and Gas Exploration and Development Company Ltd. |
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Abstract In 1993, responding to the national call, Chinese Oil Companies (COCs) started their “Going global”. In this paper, the overseas oil and gas exploration and development activities carried out by COCs in the past 29 years have been divided into four stages: initiation, growth, expansion, and optimization. Nowadays, COCs are operating (including onshore, deep-water, conventional and unconventional resources) all over the world, especially in six oil and gas cooperation regions, becoming as vital players in the international petroleum sector. During overseas operations, COCs acquired a number of large oil and gas fields through M&As and consolidated China’s reserve base as a response to the Belt and Road Initiative. Overseas oil and gas exploration and development of COCs has become an important safeguard for China’s national energy security in the context of rising dependence on foreign oil and gas. Nevertheless, COCs need to summarize the experience and lessons of “Going global”, and improve their overseas oil and gas operations depending on the latest global situation, so as to realize a longer-term development.
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Published: 04 November 2022
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Dou Lirong, Yuan Shengqiang, Liu Xiaobing. Overseas Oil and Gas Exploration of Chinese Oil Companies:Challenges and Solutions[J]. China Oil & Gas, 2022, 29(2): 3-8. |
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Wang Zhen, Ma Jie. Challenges and Opportunities Facing China's Oil and Gas Industry[J]. China Oil & Gas, 2022, 29(2): 9-15. |
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2022, Vol. 29 
