Abstract: Corporate venturing risk is of important significance to transition and development of an oil and gas enterprise. With integration of energy transition with smart transition accelerated, the oil and gas enterprises should adjust the key areas for their venture capital and managerial pattern. It is characterized for early investment and preference of small projects. This article investigates eight international oil majors including Shell and Chevron about their venture capital risk trend. The investigation shows each company attached great importance to in-depth integration of risks control with innovation ecology in the investment process. They had obvious features of strategic investment, and detailed division of managerial responsibilities for risk investment. Focusing on the current conditions of venture capital of the Chinese oil and gas enterprises, the article comes up with a series of development suggestions, which included emphasizing the roles of venture capital and establishing the strategic fulcrum for each stage, aiming at the long-term technological development and putting aside the patient capital, stressing internal and external innovation ecological integration and making long-chain innovation, and optimizing internal structure to improve the ability for operation of venture capital, thus helping the Chinese oil and gas enterprises take the development opportunities for venture capital and bring about great-leap-forward development.

Key words: corporate venturing; energy transition; patient capital; long-chain innovation

摘要： 企业风险投资对油气企业的转型发展具有重要意义。能源转型、智能化转型交融提速，油气企业风险投资的重点及管理方式随之调整，投早投小特征明显。调研壳牌、雪佛龙等8家国际大石油公司的风险投资动向，显示各公司注重投资过程风险控制，与创新生态深度融合；战略型投资特征凸显，风险投资管理职责细分。针对中国油气企业风险投资现状提出了发展建议，包括重视风险投资的作用，分阶段打造成战略支点；瞄准技术长远发展，打造耐心资本；注重内外创新生态融合，打造长链创新；强化内功修炼，提升风险资本运作能力，以推动中国油气企业抓住风险投资的发展机遇，实现跨越式发展。

关键词: 企业风险投资；能源转型；耐心资本；长链创新