Abstract: Since the oil price significantly reduced, China Petroleum and Chemical Corporation (hereinafter referred to as Sinopec for short) has been active to update oil and gas exploration and development strategy which simply set efficient exploration as a long-term objective, and focused on large-scale targets and developed key and first projects based on large basins; and specifically, continuously made oil-gas breakthrough and large-scale reserve increase in marine carbonate reservoirs, eastern continental faulted basins, middle and western clastic rocks and shale oil-gas. This active strategy has delivered a new profile of sustainable oil reserve and production, and rapidly increasing natural gas reserve and production. Analysis of Sinopec's remaining oil-gas resources indicates that oil exploration is in early and intermediate stages and gas exploration is in early stage, and both of which has the resource basis for sustainable development. At present, influenced by multiple adverse factors such as sluggish oil price and poor resource endowment, exploration and development strategy should be further updated by focusing on eastern continental faulted basins, marine carbonate reservoirs, middle and western clastic rocks, shale oil and gas and sea areas with advancing development of theory, technology, techniques and management to promote precise exploration in old fields, make breakthrough in new fields and provide sound resource basis for sustainable development.

Key words: Sinopec, exploration progress, development strategy, efficient exploration, sustainable development