Research on decision-making management mechanism of venture exploration projects of international oil companies and enlightenments

doi:10.3969/j.issn.1672-7703.2025.03.003

Abstract

Abstract: In order to cope with challenges faced by Chinese oil enterprises in overseas risk exploration, including difficulties in acquiring high-quality assets and limitations in developing existing assets, and enhance international competitiveness, the risk exploration decision-making mechanisms of leading international oil companies are systematically analyzed. After collecting core data through expert interview and consulting research, six representative international oil companies, i.e., ExxonMobil, Eni, Shell, Equinor, TotalEenergies, and bp are optimally selected, and the decision-making management systems of three strategically balanced type enterprises, Equinor, Eni, and Shell are deeply analyzed. The study results indicate that international oil companies have established a four-stage standardized decision-making workflow (preliminary assessment and screening, in-depth study, implementation program, and operation), and three core mechanisms have been formed: (1) The full-process support has been achieved by professional team division system integrating “new venture team, exploration technical team, management team, and quality control team”; (2) The risks and returns are balanced by strategically-oriented portfolio optimization; (3) The technological collaborative innovation mechanism has been constructed, and the high-performance computing platforms and intelligent decision-making systems have been integrated to enhance decision-making efficiency. The typical case studies reveal that Equinor has shortened decision-making chains via regionally integrated organizational structures, Eni has achieved strategic goals through “dual exploration mode” and “multi-track parallel decision-making”, while Shell has optimally selected exploration targets using its play portfolio analysis framework. In terms of institutional characteristics of Chinese oil companies, a four-dimensional improvement roadmap is proposed, namely, strategic–asset portfolio synergetic optimization, standardized decision-process rebuilding, intelligent management platform development, and internal control system enhancement. These suggestions provide theoretical basis and practical reference for improving overseas oil and gas exploration decision-making and facilitating the transformation from scale-driven expansion to value-centric operation of Chinese oil companies.

Key words: risk exploration, decision-making mechanism, international oil company, 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 on decision-making management mechanism of venture exploration projects of international oil companies and enlightenments[J]. China Petroleum Exploration, 2025, 30(3): 40-50.

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