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

摘要： 国际七大油公司作为全球油气行业翘楚，其勘探区块获取和资产收并购以效益为导向，代表了业内对国际地缘政治、行业走势和热点领域的判断。系统分析2000年以来七大油公司勘探区块获取、资产收并购与出售的特点及做法，总体展现出4个特点：（1）持续大面积获取勘探区块，夯实可持续发展资源基础。（2）高油价适当放缓获取节奏，低油价提升获取面积全球占比。（3）逆油价趋势收并购。低油价主攻公司并购，数量少金额高；高油价聚焦资产收购，数量多花费少。（4）顺油价趋势的出售。低油价惜售，转让项目数量少规模小；高油价大卖，出售项目数量多单价高。国内三大油公司2014年以前勘探区块获取力度较大，收并购活动较为活跃，2015年之后区块获取急剧减少，收并购活动基本停滞，后续发展基础不够牢靠。有3点启示可供中国油公司拓展海外上游业务借鉴：（1）做好规划，保持定力，持续加强勘探区块获取；（2）固本强基，加强储备，持续加强商务能力建设；（3）超前筛选，拓展来源，持续加强新项目目标池建设。

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