关键词: 低油价, 国际油公司, 国家油公司, 独立油公司, 勘探策略, 勘探支出

Abstract: This paper studies 40 typical oil companies in three main kinds -- large-scale international oil companies, national oil companies and independent oil companies. It uses the bench-marking method to analyze the exploration characteristics and strategies of different oil companies during the low oil price period. The analysis results indicates the two trends for exploration investment from oil companies in 2017 -- sluggish resumption of exploration activities and the “one core two wings” situation in new exploration discoveries. The oil companies of the three kinds are quite different from one another in exploration strategies, assets structure and international cooperation thanks to their differences in fund, resources and technological advantages. With the advantages of fund and technology, international oil companies establish their business presence world and have a multi-element stockpile of assets. They are the explorers and main force in the global frontier areas. National oil companies are advantageous in resources and usually base their business on the homeland. They tend to formulate conservative exploration strategies and made limited efforts for international business expansion. Independent oil companies have the advantages for their characteristic technology and concentrate themselves on the advantageous areas. Take Total for example to analyze the exploration strategy of the typical oil company. This company attaches importance to acquisition of exploration assets and has flexible policies for assets restructure, thus keeping its reserve replacement rate higher than 1 all the time. The strategy of the differentiation alliance assures the company of exploration performance. Exploration discoveries are made mainly in the deepwater areas where the achievements are remarkable. The discovery cost for a SEC- caliber barrel of oil was US$4 in 2017. The company reasonably structures the assets of the different maturity and maintains a stable trend for sustainable development. It also steadily invests for exploration and makes stable progress in the mature areas while focusing on the frontier exploration areas. It is proposed that the Chinese oil companies should pay more attention to market situation, timely adjust their exploration strategies, appropriately increase investment for exploration, emphasize selection of partners and exploration risk sharing, and establish the flexible mechanism for purchase and sale of assets.