Sponsor(s): Petroleum Industrial Press
6 issues per year
Current Issue: Issue 04, 2020
Gives an insight into a panorama of China’s oil and gas exploration strategic policies, exploration principles, new theories, new technologies, new methods and managerial experiences to meet the demand for oil and gas exploration development both inside and outsideChina. Focusing on the key issues in oil and gas exploration, it provides a platform of discussion and mutual exchange for decision-makers, engineering and technological professionals and scientific researchers in an attempt to better serve the country’s oil and gas exploration.
Editor-in-Chief: Zhao Wenzhi
Major achievements of CNPC overseas oil and gas exploration during the 13 th Five-Year Plan and its prospects
China Petroleum Exploration,2020,Vol 25,No. 04
Since the 13 th Five-Year Plan, the oil price has continuously remained low and the global investment environment has become increasingly complicated. How to adapt to the complicated internal and external environments as soon as possible, and how to achieve accurate deployment and benefit exploration are major issues faced by CNPC overseas oil and gas exploration. The company has focused on benefits, actively seeking for large-scale, high-quality and rapidly-recoverable reserves and vigorously carrying out risk exploration and fine exploration. A series of effective exploration management measures have been gradually formed, including innovating and implementing the integrated research organization mode of “industry-college-institute-application cooperation”, optimizing the decision-making process of the headquarters, adhering to the integration of exploration-development-engineering, strengthening international cooperation in deep-water exploration, and actively exploring new exploration projects based on screening of the global large basins. In 2016–2019, through the implementation of the above deployment and measures, CNPC overseas oil and gas exploration has made 12 major breakthroughs and strategic discoveries. In mature exploration areas, findings have been achieved in several exploration areas through fine exploration. The cumulative proven oil and gas geological reserves are more than 10 × 10 8 t oil equivalent, the discovery cost per barrel is less than $2, and the average success rate of exploration is 76%. At present, CNPC overseas oil and gas exploration is still facing challenges such as the continuously low international oil price, the sharp decrease in exploration projects, the increasingly fierce competition for new blocks, the inferior quality of conventional oil and gas resources, the increasingly complex exploration objects, and the weak capacity of independent exploration and development of deep-water oil and gas. But the undiscovered oil and gas resources are still rich in the world. The cross-border integration of advanced technologies will certainly promote the transformation of exploration concepts and innovation of technologies, implying that prospects of overseas oil and gas exploration are broad.