Research and enlightenment on decision management mechanism of risk exploration projects of international oil companies

doi:10.3969/j.issn.1672-7703.2025.03.003

Abstract

Abstract: To address the challenges faced by Chinese petroleum enterprises in overseas risk exploration, including difficulties in acquiring high-quality assets and limitations in developing existing assets, the study systematically analyzes the risk exploration decision-making mechanisms of leading international oil companies. Core data were collected through expert interviews and consulting research, focusing on six representative international firms, including ExxonMobil, Eni, and Shell, with an in-depth examination of three strategically balanced enterprises. The findings indicate that international oil companies have established a four-stage standardized decision-making process (preliminary assessment, in-depth study, program implementation, and execution) supported by three core mechanisms: （1） a professional team division system integrating exploration new project teams, technical teams, management teams, and quality control teams for full-process support; （2）strategically-oriented portfolio optimization to balance risks and returns; and （3） technology collaborative innovation mechanisms that enhance decision efficiency through high-performance computing platforms and intelligent decision-making systems. Case studies reveal that Equinor shortened decision-making chains via regionally integrated organizational structures, Eni achieved strategic goals through a “dual exploration model” and multi-track parallel decision-making, while Shell optimized exploration targets using its play portfolio analysis framework. Tailored to Chinese enterprises’ institutional characteristics, this research proposes a four-dimensional improvement framework: strategic-asset portfolio synergy optimization, standardized decision-process reengineering, intelligent management platform development, and internal control system enhancement. These recommendations provide theoretical and practical insights for improving overseas oil and gas exploration decision quality in China, facilitating a transition from scale-driven expansion to value-centric operations.

Key words: risk exploration, decision-making mechanism, international oil companies, project management, internal control review

CLC Number:

TE02

Qu Junya, Li Zhi, Yang Zi, Hou Ping, Wang Zhaoming, Li Fuheng, Xu Hailong, Kang Hailiang, Shang Fei. Research and enlightenment on decision management mechanism of risk exploration projects of international oil companies[J]. China Petroleum Exploration, 2025, 30(3): 36-46.

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