Research On Risk Identification And Control Of Overseas Oil And Gas Development Project Of Chinese Oil Company

As an important strategic resource which safeguards the national economysecurity, petroleum has traditionally been put emphasis by all the countries aroundthe world. At present, the supply and demand gap of Chinese domestic oil and gasresources is increasing year by year. Based on the considerations of energy securityand the requirements of oil companies'own development, to accelerate the pace ofoverseas oil and gas development, and to increase the intensity of overseas oil andgas development have become an inevitable choice for Chinese oil companies.Compared with domestic oil and gas development activities, overseas oil and gasdevelopment activities are characterized with longer investment recycle time,greater regional risk, severer political risk, higher general risk and so on. Chineseoverseas oil and gas development is at the initial phase, the risk managementmechanism is not perfect now, and with the lack of existing literature for overseasoil and gas development project risk management research. For such perspective,this dissertation will do in-depth research on the problems of risk identification andcontrol of overseas oil and gas development project, with a view to providetheoretical reference and practical guidance for Chinese oil companies engaged inoverseas oil and gas development.Based on the research of current project risk management, this dissertationconstructs the risk management analytic framework for overseas oil and gasdevelopment project. Firstly, the concept of overseas oil and gas developmentproject is defined, its characteristics different from the general domestic projectsare analyzed, the process of overseas oil and gas exploration and development isanalyzed, and then the concept and characteristics of overseas oil and gasdevelopment projects risk are defined and analyzed. On this basis, combined withtransnational management theory and project risk management theory, the riskmanagement analytic framework for overseas oil and gas development project isconstructed, specifically including three parts: the understanding of thecharacteristics of overseas oil and gas development projects, risk identification andrisk control actions, the framework will be used to guide the research of riskidentification and control of overseas oil and gas development projects. Based on the taentmcatton of project rtsK tactors, tnts atssertatton Goesresearch on risk generation mechanism of overseas oil and gas developmentprojects. Firstly, the causes of risk factors are analyzed, specifically including thecauses of external risks and internal risks, the interpretative structural model of riskfactors system is constructed, which is used to analyze the relationship among therisk factors, and then the project risk structure and risk factors'function path onproject total risk are clear. Based on the analysis of the causes of risk factors andrelationship among risk factors, the model of risk generation mechanism ofoverseas oil and gas development projects is constructed, and the model isexplained. The project risk generation mechanism's revealing provides basis for thefurther risk-control study.Combined with project risk generation mechanism revealed, the uniquecharacteristics of overseas oil and gas development projects are specially analyzed,and the analysis shows that cooperative development should be an effective way forChinese oil companies to control the project risks. The risk evaluation index system andevaluation model of overseas oil and gas development projects are constructed,cooperation modes of overseas oil and gas development projects are identified, andthe cooperation mode selection method under specific risk state is given, which can beused for Chinese oil companies to select suitable cooperative mode to control the projectrisk.Finally, based on risk generation mechanism of overseas oil and gasdevelopment projects, the specific strategies for risk control of overseas oil and gasdevelopment project are proposed from the perspective of external environment riskand internal risk factors, and the safeguards measures for project risk control are alsoanalyzed from the perspective of the state and corporate itself, which provide referableadvices for Chinese oil companies to explore overseas oil and gas.