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| Overseas Oil and Gas Exploration of Chinese Oil Companies:Challenges and Solutions |
| Dou Lirong1,2, Yuan Shengqiang1, Liu Xiaobing1 |
1. PetroChina Research Institute of Petroleum Exploration and Development;
2. China National Oil and Gas Exploration and Development Co. Ltd |
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| Guide |
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Abstract Chinese Oil Companies (COCs) have made fruitful achievements in their overseas oil and gas activities in multiple key fields worldwide over the past 29 years. In 2021, the overseas equity production of oil and gas totaled 1.61×108 tons of oil equivalent top three COCs (CNPC, Sinopec, and CNOOC). To achieve carbon peaking and carbon neutrality, as well as national energy security, it is vital to acquire all the more overseas oil and gas resources; meanwhile, there are plenty of challenges ahead, such as complex geopolitics, shrinking exploration blocks, limited remaining reserves, the fast natural decline of annual production, difficult asset optimization, and weakness in deep-water technologies. By benchmarking with the major international oil companies (IOCs), this paper puts forward a series of solutions, such as building large-scale production areas at a faster pace, stepping up efforts in acquiring new projects, particularly in countries along the Belt and Road, prudently evaluating and participating in unconventional projects, actively handling marginal assets, and synergizing efforts to tackle critical engineering technological problems. Looking ahead, COCs should follow the philosophy of high-quality development, safeguard national energy security and keep green and low-carbon development to progress in the "going global" activities and overseas oil and gas exploration.
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Published: 03 November 2022
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| Fund:funded by Research on Key Technologies of Fine Exploration in Overseas Complicated Rift Basins (Project No.:2021DJ3103) |
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2022, Vol. 29 
