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| Strategic Trends of International Oil Companies |
| An Qier1, Ouyang Ting2 |
1. Petro China Research Institute of Petroleum Exploration & Development;
2. China Petroleum Technology and Development Corporation |
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Abstract This paper reviews the changes in international oil prices, world oil demand and oil production in 2021-2022, collates the upstream business performance, asset changes, exploration expenditure and progress in reserve replacement of international oil companies, and summarizes the oil production trend, development strategies for oil and gas businesses, energy transition and business diversification of major oil companies in the coming years. The study finds that the oil market has been highly uncertain in recent years, and oil prices may remain at a moderate or high level in the short term; despite the rising oil prices, oil companies are spinning off their upstream businesses; and the differentiated transformation of oil companies has entered a substantive stage. On these grounds, two recommendations for the high-quality development of the oil and gas businesses of Chinese oil companies are proposed:First, Cost decreasing and benefit increasing around the main oil and gas businesses should be continuously promoted; Second, Business planning should be enhanced to achieve global optimal oil and gas businesses.
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Published: 30 March 2023
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International Oil Majors are Betting Big on New Energy[J]. China Petroleum Enterprise, 2022(07):34-35.
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2022, Vol. 29 
