Comparison Of Evaluation Methods And Case Study For Domestic & Overseas Petroleum Exploration Venture

With the rapid development of the domestic economy, the energy demands areinfluencing the continuous economic development, and the energy strategy is becomingone of the most important national strategies. Chinese oil companies are going toexpand their overseas E&P business rapidly;however, they are facing more technicallydifficult E&P projects and the fact that the global oil major players have occupied themost shares in the global E&P market. Hence, Chinese petroleum explorationists haveto put more attention to studying the evaluation methods for the global oil exploration inorder to overcome the difficulties in the new business.In the thesis, the Chinese traditional five levels of oil-gas evaluation, namelyPetroliferous Province,Petroliferous Basin, Depression & Uplift, Zones/or PetroleumAccumulative Zones, and Trap, are systematically discussed. Meanwhile, the Westernfour levels of petroleum investigation, namely, Sedimentary Basin, Petroleum System,Play, and Prospect, are also described. Based on the above discussion and description,the comparison of Chinese and Western petroleum evaluation systems is carried out,stressing the relationship of Chinese petroliferous basin analysis and Western PetroleumSystem, figuring out the conceptual differences between Play and PetroleumAccumulative ZonesIn the thesis, based on the discussion of the characteristics of the overseaspetroleum exploration venture, four characteristics of the assessment for the overseaspetroleum exploration venture are summarized as the followings:â‘  The geo-technical assessment always concentrates on the petroliferous prospectof the venture under the uncertainty;â‘¡ Risk analysis is the key factor through all processes of the venture;â‘¢ Play and Prospect are two critical levels during the venture assessment;â‘£ Economical evaluation is supporting the final decision for the venture.Furthermore, three parts of the feasibility study for the overseas petroleumexploration venture are discussed, including Investment Environment Analysis,Resources Demonstration, and Engineering & Economical Demonstration.In the thesis, based on the different stages and acquisitions of the overseaspetroleum exploration ventures, three kinds of work flow, concerning the blockevaluation, the objective evaluation, and the massive petroleum asset transaction, arecompiled respectively. Furthermore, total 4 cases, which demonstrate the different kindsof domestic and overseas petroleum exploration ventures, are analyzed. According tothe analysis, it's concluded that the specific evaluation method, workflow, and stresswill apply to the corresponding petroleum exploration ventures.At the end of the thesis, it's discussed how Chinese oil companies improve theirassessment for the overseas petroleum exploration venture in order to meet the need oftheir overseas business. Also, the following viewpoints can be advised::â‘  The international assessment methods should be applying to the overseapetroleum exploration venture;â‘¡ Play and prospect are playing as the important roles in the assessment ofoversea petroleum exploration venture, especially play is acting as an operation unit ofthe petroleum exploration.â‘¢ Risk analysis and economical evaluation of the project are providing the solidbasis for the final decision.