关键词: 国际大石油公司；勘探区块获取；收并购；资源基础；资产优化

Abstract: As the global oil and gas industrial leaders, seven international oil majors have acquired exploration blocks and participated in the mergers and acquisitions (M&A) activities in the benefit-oriented principle, which represents their industrial judgments on international geopolitics, industrial trends and hot areas. This article makes a systematic analysis of the characteristics and methods for acquisition of exploration blocks and transactions of assets made by seven international oil majors since the year of 2000. Generally speaking, there are four characteristics: (1) They continually acquired the large-area exploration blocks and consolidated the basis of resources for sustainable development. (2) They appropriately slowed down the pace of acquisitions at the time of high oil prices and increased their global shares to the acquisition areas at the time of low oil prices. (3) The M&A transactions were made against the oil prices. They acquired a few firms by annexations of companies at high cost at the time of low oil prices. They focused on acquisition of assets in a large quantity at low cost at the time of low oil prices. (4) They followed the oil price trends for sell their assets. They were reluctant to sell at the time of low oil prices, leading to a small quantity and a small scale of transfers. They sold assets in large quantities at the time of high oil prices, leading to a large quantity of transfer projects with a high unit price. China’s big-three oil companies acquired lots of exploration blocks before 2014, taking active part in M&A transactions. The blocks acquired by the Chinese companies dropped dramatically after 2015 with the M&A activities being basically at standstill. The basis for follow-up development was not solid enough. There are three enlightenments that can be offered to the Chinese oil companies in their effort to expand the upstream business. (1) Make good plans and continue efforts for acquisition of exploration blocks with determination. (2) Consolidate the foundation and increase stockpiles while continually improve business competence. (3) Screen in advance, diversify the sources and make lasting efforts for the target pool of new ventures.

Key words: international oil majors; acquisition of exploration blocks; mergers and acquisitions; basis of resources;optimization of assets