Since 2014, in order to cope with changes in the international oil market, the international oil giants have dynamically adjusted their upstream development strategies, including continuously promoting the "increase in reserves and production", steadily realising "cost reduction and efficiency increase", identifying future development areas, and focusing on overseas business areas. In this process, the international oil giants have implemented upstream strategic adjustment, achieving sound results. First, they have strengthened exploration to obtain oil and gas resources at a lower cost;second, they have implemented M&A and divestiture to optimize their upstream asset portfolios;third, they have strengthened cooperation with resource countries to avoid risks;and fourth, they have attached importance to technology and management innovation in order to improve efficiency. For Chinese oil enterprises, the trends and paths of the upstream strategic adjustment of international oil giants can provide valuable references. Chinese oil enterprises should attach importance to the study of upstream strategies. They should research both the strategic and tactical levels to provide a guarantee for defining the upstream strategy most suitable for their own development. In addition, they should learn from the existing experience of the upstream strategic adjustment of international oil giants in order to support the continuous improvement of the quality and efficiency of their upstream development.
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