Status, trends and enlightenment of global oil and gas development in 2021

By analyzing the distribution of global oil and gas fields and the reasons why some oil and gas fields are not in production, the distribution characteristics of oil and gas remaining recoverable reserves and their year-on-year changes, the distribution characteristics of oil and gas production and their year-on-year changes, and the development potential of oil and gas to be tapped in 2021, this paper sorts out systematically the current status and characteristics of global oil and gas development, summaries the major trends of global oil and gas development, puts forward enlightenment for international oil and gas cooperation. In 2021, oil and gas fields were widely distributed, the number of non-producing oil and gas fields was large;the whole oil and gas remaining recoverable reserves declined slightly, unconventional oil and gas remaining recoverable reserves dropped significantly;the overall oil and gas production continuously increased, the outputs of key resource-host countries kept year-on-year growth;undeveloped oilfields had abundant reserves and great development potential. Combined with global oil and gas geopolitics, oil and gas industry development trends, oil and gas investment intensity, and the tracking and judgment of hotspot fields, the major trends of global oil and gas development in 2021 are summarized. On this basis, the four aspects of enlightenment and suggestions for international oil and gas cooperation and development strategies are put forward: attach great importance to the obligation of marine abandonment to ensure high-quality and long-term benefit development of offshore oil and gas;adhere to the principle of not going to dangerous and chaotic places, strengthen the concentration of oil and gas assets, and establish multi stable supply bases;based on the multi-scenario demand of natural gas, realize the transformation from integrated collaboration to full oil and gas industry chain development;increase the acquisition of high-quality large-scale assets, and pay attention to the continuous optimization of the shareholding ratio of projects at different stages.

Bargaining strategy of oil companies in international oil and gas development Projects-Based on a bilateral bargaining model

Bargaining between the host country and oil companies is very common to international oil and gas development projects.The existence of information asymmetry gives the host country an endogenous bargaining advantage.Foreign oil companies might change their unfavorable negotiating position by changing the order of bidding and adjusting bidding strategies.This paper introduces both factors into a bilateral bargaining model to study the impact of information asymmetry and bidding order on the strategy and equilibrium returns of oil companies.According to the ownership of the right to bid first,two scenarios are designed for the model to compare the equilibrium returns of the host country and oil companies.The results show that:1)There is a first-mover advantage in the process of bilateral bidding,so oil companies better bid first;2)The information asymmetry will lead to a higher nominal income ratio of oil companies and a lower nominal income ratio of the host country,but it doesn’t affect the total income ratio at all.

Deepwater and Deep Layers： the Strategic Choices for China＇s Oil and Gas Resources Development

On December 2, 2017, the 2nd Seminar on the Development Strategy of China＇s Oil and Gas Resources was held in Beijing. This seminar was hosted by the Strategic Research Center for Oil and Gas Resources, Ministry of Land （MLR） and Resources and sponsored by both the CNOOC Exploration Department and the School of Ocean and Earth Sciences of Tongji University. With the theme of ＂deepwater and deep-layer oil and gas resources and development strategy＂,

CNPC Beefs up Cooperative Development for Onshore Oil and Gas Fields

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Research progress and challenges of natural gas hydrate resource evaluation in the South China Sea

As an efficient clean energy,natural gas hydrate(NGH)has become a hot topic in recent researches.Since1990 s,China has made great achievements and progress in NGH exploration in the South China Sea(SCS),including determination of the favorable distribution areas and favorable strata thickness,identification of the dual source for accumulation,evaluation of the prospective gas contents,verification of the widespread existence,and confirmation of the technical recoverability of NGH resources.However,there are three major challenges in the NGH studies.First,all the 24 national key and major projects in the SCS focused on trial production engineering and geological engineering in the past 20 years,while 8 of the 10 international NGH research projects focused on resource potential.Second,resource evaluation methods are outdated and some parameter selection are subjective.Third,the existing resource evaluation results are low-level with a great uncertainty,and cannot be used to guide NGH exploration and production or strategic research.To improve the evaluation of NGH resources in the SCS,future researches should focus on four aspects:(1)improve the research on the criterion of the objective existence of NGH and the method of prediction and evaluation;(2)apply new theories and methods from the global NGH research;(3)boost the research on the difference and correlation of the conditions of hydrocarbon migration and accumulation in different basins;(4)innovate the theory and method of NGH resource potential evaluation.

Prospects of borehole NMR instruments and applications Dedicated to Professor Chaohui Ye on the occasion of his 80th birthday

Borehole nuclear magnetic resonance(NMR)is a powerful technology to characterize the petrophysical properties of underground reservoirs in the petroleum industry.The rising complexity of oil and gas exploration and development objectives,as well as the novel application contexts of underground reservoirs,have led to increasingly demanding requirements on borehole NMR technology including instrument design and related processing methods.This mini review summarizes the advances and applications of borehole NMR instruments along with some future possibilities.It may be helpful for researchers and engineers in the petroleum industry to understand the development status and future trends of borehole NMR technology.

Prospects for Distributed Energy Systems in China Released in Beijing

On the afternoon of October 30, the international Energy Agency （IEA） and chinaSe.com held a joint press conference in Beijing for the release of an IEA report： Prospects for Distributed Energy Systems in China.