Abstract: Following more than two decades of development, risk technological investment in the oil and gas industry has played the roles of a “searcher” in development of new technology and an “accelerator” for technological R&D and commercialization, serving as an important engine for oil companies to transform themselves and increase their value for higher profits. Chevron, Shell, BP, Saudi Aramco and Equinor have established the specialized organs for risk technological investment and shaped their own appropriate operating models and characteristics in sources and screening of investment projects, mode of investments, operational management, and mode of withdrawal. The trends for the latest investment activities of international oil companies are focused on extension of the applicable advanced technology over the full business chain and involvement of new technology into the full value chain. They are more inclined to choose the projects that can be commercialized to reduce investment risks. The investment regions are expanding from Europe and America to the whole world. Risk technological investment in China’s oil and gas industry is currently at its preliminary stage, with construction of the investment environment left behind. The mode of management needs to be reformed and innovated. It is proposed that the Chinese oil companies should strategically position themselves to open up the new paths for their transformation, enhance the capacity for operation of risk investment, perfect the management procedure and the system of methods for selection and appraisal, accelerate fostering of the cross-disciplinary talents necessary for risk investment, step up exchange and cooperation both at home and abroad, and accelerate accumulation of the experiences in operation of risk investment.

摘要： 油气行业科技风险投资经过20多年的发展，在新技术发现中的“搜寻器”作用、技术研发和商业推广中的“加速器”作用已充分展现，成为石油公司转型发展、增值获利的重要推动力量。雪佛龙、壳牌、BP、沙特阿美、挪威国家石油公司等都建立了专业化的科技风险投资机构，并在投资项目来源及筛选、投资方式、运营管理、退出方式中形成了适用的运作模式和特点。国际石油公司近期投资活动趋势是对适用先进技术进行全业务链推广，对新领域技术进行全价值链布局，更倾向于商业化推广项目以降低投资风险，投资区域由欧美向全球扩张。中国油气行业的科技风险投资尚处于起步阶段，投资环境建设滞后，管理方式有待改革创新。建议中国石油公司瞄准战略重点，为公司转型拓展新路径；加强风险投资运营能力建设，完善管理程序和筛选评估方法体系，加快培养风险投资所需复合型人才；加强国内外交流合作，加速风险投资运营经验学习积累。

关键词: 风险投资；科技管理；国际石油公司, 转型路径；运作模式；合资合作