Abstract:  To overcome the impact of low oil price on Chinese petroleum companies`s oversea strategic investment, to prepare for the risks and to improve efficiency in overseas oil exploration and development, this paper analyzes the background of low oil price and its trend, studies the measurements that international companies took for the low oil price, and summarizes the current overseas exploration situation of Chinese petroleum companies and global oil gas resources and trend. Geopolitical gaming and interest conflicts are the major factors in stirring the oil price. A good practice at the low oil price taken by international companies is to optimize assets in pursuit of co-integration effect, to diminish investment and to transfer oil gas business into low cost and low risk domains. This paper presents suggestions for Chinese oil companies against low oil price on controlling cost, adjusting structure, optimizing project allocation and maximizing investment benefits, focusing on the co-integrated effect of existing projects with prospects, weighing the proportion of targets exploration and strategic exploration by appropriately using capital, and acquiring highquality projects under low oil price.

Key words: low oil price, overseas exploration, investment strategy 

摘要：  为了应对低油价对中国油公司海外油气投资战略的影响，提高应对风险的能力，实现海外勘探开发的高效，分析低油价形成的背景和下一步走向，研究国际公司在历次面对低油价时的措施和策略，总结中国油公司海外勘探现状和国际油气资源现状及发展趋势。认为地缘政治博弈和利益冲突是油价动荡的主要原因之一；面对低油价，国际公司优化公司资产并追求协同效应，压缩投资，把油气业务向低成本、低风险区域转移。并提出了中国油公司低油价时期的应对策略，对于现有项目，研究降低成本的办法，实现提质增效，加快结构调整，优化项目配置确保投资效益最大化；对于远景目标获取，注重与现有项目的区域规模协同效应，调整核心勘探区块和战略勘探区块的比重，调整资金分配比例，实现低油价背景下优质项目获取。

关键词:  , 低油价；海外勘探；投资战略