The Research On Risk Management System Of CNPC's Overseas Investment

The change of political and economic structure in the world has resulted in some new changes in global energy market in recent years,namely,the change of oil and gas supply and demand pattern,the regional pricing characteristic of oil and gas,the applying of petroeuro and petroruble in energy finance settlement system,the shaken position of petrodollar,countries paying more attention to the exploration and development of unconventional oil and gas resources.All this presents new challenges for operation of Chinese oil enterprises' overseas projects.The actual status of oil and gas supply and demand isn't optimal in China,namely,the increasing gap between oil and gas supply and demand,the improving degree of external dependence,the low utilization efficiency of energy and the lagging price reform of oil and gas market,threaten China's energy security.Chinese oil enterprises had started international business from the year of 1993,and achieved some results,but there are still many problems and facing more and more complex risks.Establishing risk management system of Chinese oil enterprises' overseas investment becomes essential measures for ensuring the security of China's oil and gas supply,overseas projects assets and employee safety,and improving Chinese oil enterprises' international competitiveness.This paper describes the actual status of domestic and overseas oil and gas market,of China National Petroleum Corporation's overseas investment and brings the significance of overseas investment risk management in the first chapter.It describes risk management system of large foreign oil companies in order to provide references for the establishment of risk management system of CNPC's overseas investment in the second chapter.It describes the goal and imagination of the establishment of risk management system of CNPC's overseas investment in the third chapter.It lists specific methods of the establishment of risk management system of CNPC's overseas investment in the fourth chapter.Firstly,we should establish the principle and general organizing framework of overseas investment risk management through top-level designing risk management system.Secondly,we should establish internal assurance of risk management in several different ways,namely,building the regulations of international operation management,optimizing risk management and control processes,founding multi-level authorization operation system,strengthening employee training and institutional constraints.Thirdly,we should control the core information of risk management and enhance the gathering and utilizing of risk information.We should build,maintain,and update the risk information database and platform of overseas projects,and provide references for decision makers through writing risk analysis reports.Eventually,we should ascertain risk appetite and tolerance combining business strategy,and identify and cope with strategy,operation,finance,HSE and legal risks.The fifth chapter sums up the main point and limitions of the whole text.