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.

摘要： 研究选取大型国际油公司、国家油公司和独立油公司3 类40 家具有代表性的油公司，采用对标方法分 析低油价以来不同油公司的勘探特点和勘探策略，结果表明2017 年油公司勘探投资呈现两种趋势，勘探活动开始缓 慢恢复，勘探新发现呈现“一核两翼”态势。3 类油公司因其资金、资源和技术优势不同，在勘探策略、资产配置和 国际合作等方面表现出明显差异。国际油公司具有资金和技术优势，业务全球布局、资产多元储备，是全球前沿领域 的开拓者和主力军；国家油公司具有资源优势，业务布局一般在本土，勘探策略趋于保守，国际业务拓展有限；独立 油公司具有特色技术优势，重点布局和聚焦优势领域。以Total 公司为例剖析了典型油公司勘探策略，该公司注重勘 探资产获取，资产处置策略灵活，始终保持储量替代率大于1；差异化联盟策略确保勘探成效；勘探发现主要来自深 水领域，成效显著，2017 年SEC 口径桶油发现成本为4 美元/bbl；不同成熟度资产配置合理，可持续发展态势稳健； 保持稳定勘探投资，稳步发展成熟探区，聚焦前沿勘探领域。建议中国油公司加强对市场形势的跟踪，及时调整勘探 策略，适度加大勘探投资，重视合作伙伴选取和勘探风险分摊，建立灵活的资产进出机制。

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