Characteristics and Insights of Offshore Oil and Gas Exploration and Development Investment

The oceans'vast expanse has given rise to copious oil and gas resources,with recent years witnessing a steady unlocking of offshore oil and gas potential,positioning them as a key successor in global energy reserves.Currently,offshore oil and gas extraction constitutes nearly a third of the world's oil and gas output.This segment has evolved into a mutually beneficial ecosystem where operators and service providers collaborate closely around exploration and development activities.Investment in offshore oil and gas typically follows a dual "one-third’"pattern,reflecting high upfront costs but promising returns.It also underscores the stark variations in project viability and regional economic efficiency,with monopolistic traits seen at both national and corporate levels.Collaboration has emerged as a key tactic for resource-rich countries and oil companies to advance their offshore ventures.Given the distinct nature of offshore oil and gas development,Chinese oil companies are advised to seize opportunities in marine exploration,emphasize the coordination and planning abilities of the global supply chain,focus on the reserves of offshore oil and gas development technologies,as well as the capabilities of commercial talents and other forms of support,courageously pursue significant offshore assets,and effectively utilize global technology,equipment,and expertise,and rapidly build a competitive edge in offshore oil and gas projects.

Petroleum geological characteristics and exploration targets of the oil-rich sags in the Central and West African Rift System

Based on seismic,drilling,and source rock analysis data,the petroleum geological characteristics and future exploration direction of the oil-rich sags in the Central and West African Rift System(CWARS)are discussed.The study shows that the Central African Rift System mainly develops high-quality lacustrine source rocks in the Lower Cretaceous,and the West African Rift System mainly develops high-quality terrigenous organic matter-rich marine source rocks in the Upper Cretaceous,and the two types of source rocks provide a material basis for the enrichment of oil and gas in the CWARS.Multiple sets of reservoir rocks including fractured basement and three sets of regional cap rocks in the Lower Cretaceous,the Upper Cretaceous,and the Paleogene are developed in the CWARS.Since the Late Mesozoic,due to the geodynamic factors including the dextral strike-slip movement of the Central African Shear Zone,the basins in different directions of the CWARS differ in terms of rifting stages,intervals of regional cap rocks,trap types and accumulation models.The NE-SW trending basins have mainly preserved one stage of rifting in the Early Cretaceous,with regional cap rocks developed in the Lower Cretaceous strata,forming traps of reverse anticlines,flower-shaped structures and basement buried hill,and two types of hydrocarbon accumulation models of"source and reservoir in the same formation,and accumulation inside source rocks"and"up-source and down-reservoir,and accumulation below source rocks".The NW–SE basins are characterized by multiple rifting stages superimposition,with the development of regional cap rocks in the Upper Cretaceous and Paleogene,forming traps of draping anticlines,faulted anticlines,antithetic fault blocks and the accumulation model of"down-source and up-reservoir,and accumulation above source rocks".The combination of reservoir and cap rocks inside source rocks of basins with multiple superimposed rifting stages,as well as the lithologic reservoirs and the shale oil inside source rocks of strong inversion basins are important fields for future exploration in basins of the CWARS.

Impact of Reservoir Heterogeneity on Bitumen Content in the Mackay River Oil Sands,Athabasca(Canada)

The Lower Cretaceous Manville Group of Upper Mc Murray Formation is one of the main bitumen reservoirs in Athabasca.In this study,the relationship between reservoirs heterogeneity and bitumen geochemical characteristics were analyzed through core and microscopic observation,lab analysis,petrophysics and logging data.Based on the sedimentology framework,the formation environment of high-quality oil sand reservoirs and their significance for development were discussed.The results indicate that four types lithofacies were recognized in the Upper Mc Murray Formation based on their depositional characteristics.Each lithofacies reservoirs has unique physical properties,and is subject to varying degrees of degradation,resulting in diversity of bitumen content and geochemical composition.The tidal bar(TB)or tidal channel(TC)facies reservoir have excellent physical properties,which are evaluated as gas or water intervals due to strong degradation.The reservoir of sand bar(SB)facies was evaluated as oil intervals,due to its poor physical properties and weak degradation.The reservoir of mixed flat(MF)facies is composed of sand intercalated with laminated shale,which is evaluated as poor oil intervals due to its poor connectivity.The shale content in oil sand reservoir is very important for the reservoir physical properties and bitumen degradation degree.In the context of regional biodegradation,oil sand reservoirs with good physical properties will suffer from strong degradation,while oil sand reservoirs with relatively poor physical properties are more conducive to the bitumen preservation.

CO_(2)flooding in shale oil reservoir with radial borehole fracturing for CO_(2)storage and enhanced oil recovery

This study introduces a novel method integrating CO_(2)flooding with radial borehole fracturing for enhanced oil recovery and CO_(2)underground storage,a solution to the limited vertical stimulation reservoir volume in horizontal well fracturing.A numerical model is established to investigate the production rate,reservoir pressure field,and CO_(2)saturation distribution corresponding to changing time of CO_(2)flooding with radial borehole fracturing.A sensitivity analysis on the influence of CO_(2)injection location,layer spacing,pressure difference,borehole number,and hydraulic fractures on oil production and CO_(2)storage is conducted.The CO_(2)flooding process is divided into four stages.Reductions in layer spacing will significantly improve oil production rate and gas storage capacity.However,serious gas channeling can occur when the spacing is lower than 20 m.Increasing the pressure difference between the producer and injector,the borehole number,the hydraulic fracture height,and the fracture width can also increase the oil production rate and gas storage rate.Sensitivity analysis shows that layer spacing and fracture height greatly influence gas storage and oil production.Research outcomes are expected to provide a theoretical basis for the efficient development of shale oil reservoirs in the vertical direction.

Sedimentary build-ups of pre-salt isolated carbonate platforms and formation of deep-water giant oil fields in Santos Basin,Brazil

In response to the problems of unclear distribution of deep-water pre-salt carbonate reservoirs and formation conditions of large oil fields in the Santos passive continental margin basin,based on comprehensive utilization of geological,seismic,and core data,and reconstruction of Early Cretaceous prototype basin and lithofacies paleogeography,it is proposed for the first time that the construction of pre-salt carbonate build-ups was controlled by two types of isolated platforms:inter-depression fault-uplift and intra-depression fault-high.The inter-depression fault-uplift isolated platforms are distributed on the present-day pre-salt uplifted zones between depressions,and are built on half-and fault-horst blocks that were inherited and developed in the early intra-continental and inter-continental rift stages.The late intra-continental rift coquinas of the ITP Formation and the early inter-continental rift microbial limestones of the BVE Formation are continuously constructed;intra-depression fault-high isolated platforms are distributed in the current pre-salt depression zones,built on the uplifted zones formed by volcanic rock build-ups in the early prototype stage of intra-continental rifts,and only the BVE microbial limestones are developed.Both types of limestones formed into mound-shoal bodies,that have the characteristics of large reservoir thickness and good physical properties.Based on the dissection of large pre-salt oil fields discovered in the Santos Basin,it has been found that both types of platforms could form large-scale combined structural-stratigraphic traps,surrounded by high-quality lacustrine and lagoon source rocks at the periphery,and efficiently sealed by thick high-quality evaporite rocks above,forming the optimal combination of source,reservoir and cap in the form of“lower generation,middle storage,and upper cap”,with a high degree of oil and gas enrichment.It has been found that the large oil fields are all bottom water massive oil fields with a unified pressure system,and they are all filled to the spill-point.The future exploration is recommended to focus on the inter-depression fault-uplift isolated platforms in the western uplift zone and the southern section of eastern uplift zones,as well as intra-depression fault-high isolated platforms in the central depression zone.The result not only provides an important basis for the advanced selection of potential play fairways,bidding of new blocks,and deployment of awarded exploration blocks in the Santos Basin,but also provides a reference for the global selection of deep-water exploration blocks in passive continental margin basins.

Theoretical and technical progress in exploration practice of the deep-water large oil fields, Santos Basin, Brazil

The history and results of petroleum exploration in the Santos Basin, Brazil are reviewed. The regularity of hydrocarbon enrichment and the key exploration technologies are summarized and analyzed using the seismic, gravity, magnetic and drilling data. It is proposed that the Santos Basin had a structural pattern of two uplifts and three depressions and the Aram-Uirapuru uplift belt controlled the hydrocarbon accumulation. It is believed that the main hydrocarbon source kitchen in the rift period controlled the hydrocarbon-enriched zones, paleo-structures controlled the scale and quality of lacustrine carbonate reservoirs, and continuous thick salt rocks controlled the hydrocarbon formation and preservation. The process and mechanism of reservoirs being transformed by CO_(2)charging were revealed. Five key exploration technologies were developed,including the variable-velocity mapping for layer-controlled facies-controlled pre-salt structures, the prediction of lacustrine carbonate reservoirs, the prediction of intrusive/effusive rock distribution, the detection of hydrocarbons in lacustrine carbonates, and the logging identification of supercritical CO_(2)fluid. These theoretical recognitions and exploration technologies have contributed to the discovery of deep-water super-large reservoirs under CNODC projects in Brazil, and will guide the further exploration of deep-water large reservoirs in the Santos Basin and other similar regions.

Analysis of the world oil and gas exploration situation in 2021

The global exploration investment, new oil and gas discoveries, exploration business adjustment strategies of oil companies in 2021, and future favorable exploration domains are systematically analyzed using commercial databases such as IHS and public information of oil companies. It has been found that the world oil and gas exploration situation in 2021 has continued the downturn since the outbreak of COVID-19. The investment and drilling workload decreased slightly, but the success rate of exploration wells, especially deepwater exploration wells, increased significantly, and the newly discovered reserves increased slightly compared with last year. Deep waters of the passive continental margin basins are still the leading sites for discovering conventional large and medium-sized oil and gas fields. The conventional oil and gas exploration in deep formations of onshore petroliferous basins has been keeping a good state, with tight/shale oil and gas discoveries made in Saudi Arabia, Russia, and other countries. While strengthening the exploration and development of local resources, national, international, and independent oil companies have been focusing on major overseas frontiers using their advantages, including risk exploration in deep waters and natural gas. Future favorable exploration directions in the three major frontiers, the global deep waters, deep onshore formations, and unconventional resources, have been clarified. Four suggestions are put forward for the global exploration business of Chinese oil companies: first, a farm in global deepwater frontier basins in advance through bidding at a low cost and adopt the “dual exploration model” after making large-scale discoveries;second, enter new blocks of emerging hot basins in the world through farm-in and other ways, to find large oil and gas fields quickly;third, cooperate with national oil companies of the resource host countries in the form of joint research and actively participate exploration of deep onshore formations of petroliferous basins;fourth, track tight/shale oil and gas cooperation opportunities in a few countries such as Saudi Arabia and Russia, and take advantage of mature domestic theories and technologies to farm in at an appropriate time.

Overseas Oil and Gas Exploration of Chinese Oil Companies:Challenges and Solutions

Chinese Oil Companies(COCs)have made fruitful achievements in their overseas oil and gas activities in multiple key fields worldwide over the past 29 years.In 2021,the overseas equity production of oil and gas totaled 1.61×10^(8) tons of oil equivalent top three COCs(CNPC,Sinopec,and CNOOC).To achieve carbon peaking and carbon neutrality,as well as national energy security,it is vital to acquire all the more overseas oil and gas resources;meanwhile,there are plenty of challenges ahead,such as complex geopolitics,shrinking exploration blocks,limited remaining reserves,the fast natural decline of annual production,difficult asset optimization,and weakness in deep-water technologies.By benchmarking with the major international oil companies(IOCs),this paper puts forward a series of solutions,such as building large-scale production areas at a faster pace,stepping up efforts in acquiring new projects,particularly in countries along the Belt and Road,prudently evaluating and participating in unconventional projects,actively handling marginal assets,and synergizing efforts to tackle critical engineering technological problems.Looking ahead,COCs should follow the philosophy of high-quality development,safeguard national energy security and keep green and low-carbon development to progress in the“going global”activities and overseas oil and gas exploration.

Progress in Overseas Oil and Gas Exploration of Chinese Oil Companies

In 1993,responding to the national call,Chinese Oil Companies(COCs)started their“Going global”.In this paper,the overseas oil and gas exploration and development activities carried out by COCs in the past 29 years have been divided into four stages:initiation,growth,expansion,and optimization.Nowadays,COCs are operating(including onshore,deep-water,conventional and unconventional resources)all over the world,especially in six oil and gas cooperation regions,becoming as vital players in the international petroleum sector.During overseas operations,COCs acquired a number of large oil and gas fields through M&As and consolidated China’s reserve base as a response to the Belt and Road Initiative.Overseas oil and gas exploration and development of COCs has become an important safeguard for China’s national energy security in the context of rising dependence on foreign oil and gas.Nevertheless,COCs need to summarize the experience and lessons of“Going global”,and improve their overseas oil and gas operations depending on the latest global situation,so as to realize a longer-term development.

New understanding and exploration direction of hydrocarbon accumulation in Termit Basin, Niger

Based on the seismic and drilling data, casting thin sections, geochemical analysis of oil and rock samples, and hydrocarbon generation history simulation, the hydrocarbon accumulation characteristics and exploration direction of Termit superimposed marine–continental rift basin are discussed. The Termit basin is superimposed with two-phase rifts(Early Cretaceous and Paleogene). The subsidence curves from two wells on the Trakes slope in the east of the basin show high subsidence rate in the Late Cretaceous, which is believed to be high deposition rate influenced by transgression. However, a weak rift may also be developed. The depositional sequences in the Termit basin were controlled by the Late Cretaceous marine transgression cycle and the Paleogene lacustrine transgression cycle, giving rise to two types of superimposed marine–continental “source-sink” deposits. The marine and continental mixed source rocks developed universally in the whole basinduring the marine transgression period, and are overlaid by the Paleogene Sokor 1 reservoir rocks and Sokor 2 caprocks developed during the lacustrine transgression period, forming the unique superimposed marine–continental basin in WCARS. The early low geothermal gradient in the Termit basin resulted in the late hydrocarbon generated by the source rock of Upper Cretaceous Yogou in Paleogene. Mature source rock of Upper Cretaceous Donga developed in the Trakes slope, so that the double-source-supply hydrocarbon and accumulation models are proposed for the Trakes slope in which formed the oil fields. Due to virtue of the newly proposed hydrocarbon accumulation model and the exploration activities in recent years in the Termit superimposed marine–continental rift basin, an additional effective exploration area of about 2500 km2has been confirmed in the east of the basin. It is believed that potential domains such as Sokor 1, Donga and Upper Cretaceous lithologic traps in the southeast of the basin are key expected targets for exploration and frontier evaluation in future.

Effective source rock selection and oil–source correlation in the Western Slope of the northern Songliao Basin,China

This study considers the Upper Cretaceous Qingshankou Formation,Yaojia Formation,and the first member of the Nenjiang Formation in the Western Slope of the northern Songliao Basin.Dark mudstone with high abundances of organic matter of Gulong and Qijia sags are considered to be significant source rocks in the study area.To evaluate their development characteristics,differences and effectiveness,geochemical parameters are analyzed.One-dimensional basin modeling and hydrocarbon evolution are also applied to discuss the effectiveness of source rocks.Through the biomarker characteristics,the source–source,oil–oil,and oil–source correlations are assessed and the sources of crude oils in different rock units are determined.Based on the results,Gulong and Qijia source rocks have different organic matter primarily detrived from mixed sources and plankton,respectively.Gulong source rock has higher thermal evolution degree than Qijia source rock.The biomarker parameters of the source rocks are compared with 31 crude oil samples.The studied crude oils can be divided into two groups.The oil–source correlations show that group I oils from Qing II–III,Yao I,and Yao II–III members were probably derived from Gulong source rock and that only group II oils from Nen I member were derived from Qijia source rock.

Distribution and potential of global oil and gas resources

Using conventional and unconventional oil and gas resource evaluation methods with play as a unit, this study evaluates the oil and gas geology and resource potential of conventional oil and gas resources and seven types of unconventional resources in the global major oil and gas basins(excluding China). For the first time, resource evaluation data with independent intellectual property rights has been obtained. According to evaluation and calculation, the global recoverable conventional oil resources are 5 350.0×108 t, the recoverable condensate oil resources are 496.2×108 t, and the recoverable natural gas resources are 588.4×1012 m3. The remaining oil and gas 2 P recoverable reserves are 4 212.6×108 t, the reserve growth of oil and gas fields are 1 531.7×108 t. The undiscovered oil and gas recoverable resources are 3 065.5×108 t. The global unconventional oil recoverable resources are 4 209.4×108 t and the unconventional natural gas recoverable resources are 195.4×1012 m3. The evaluation results show that the global conventional and unconventional oil and gas resources are still abundant.

An improved portfolio optimization model for oil and gas investment selection

For oil company decision-makers,the principal concern is how to allocate their limited resources into the most valuable opportunities.Recently a new management philosophy,＂Beyond NPV＂,has received more and more international attention.Economists and senior executives are seeking effective alternative analysis approaches for traditional technical and economic evaluation methods.The improved portfolio optimization model presented in this article represents an applicable technique beyond NPV for doing capital budgeting.In this proposed model,not only can oil company executives achieve trade-offs between returns and risks to their risk tolerance,but they can also employ an ＂operational premium＂ to distinguish their ability to improve the performance of the underlying projects.A simulation study based on 19 overseas upstream assets owned by a large oil company in China is conducted to compare optimized utility with non-optimized utility.The simulation results show that the petroleum optimization model including ＂operational premium＂ is more in line with the rational investors＇ demand.

International Oil Companies' Responses and Motivations to Climate Change

To adapt to global climate governance changes, international oil companies’(IOCs) response to climate change and low-carbon development went through four stages. In 1960-1988, the stage of common cognition, when research on climate change in the oil and gas industry was conducted, efforts were made to reduce environmental pollution caused by harmful emissions;new energy sources and energy-saving measures were developed to deal with the oil crisis.

Tectonic features,genetic mechanisms and basin evolution of the eastern Doseo Basin,Chad

The features of the unconformity,fault and tectonic inversion in the eastern Doseo Basin,Chad,were analyzed,and the genetic mechanisms and basin evolution were discussed using seismic and drilling data.The following results are obtained.First,four stratigraphic unconformities,i.e.basement(Tg),Mangara Group(T10),lower Upper Cretaceous(T5)and Cretaceous(T4),four faulting stages,i.e.Barremian extensional faults,Aptian–Coniacian strike-slip faults,Campanian strike-slip faults,and Eocene strike-slip faults,and two tectonic inversions,i.e.Santonian and end of Cretaceous,were developed in the Doseo Basin.Second,the Doseo Basin was an early failed intracontinental passive rift basin transformed by the strike-slip movement and tectonic inversion.The initial rifting between the African and South American plates induced the nearly N-S stretching of the Doseo Basin,giving rise to the formation of the embryonic Doseo rift basin.The nearly E-W strike-slip movement of Borogop(F1)in the western section of the Central African Shear Zone resulted in the gradual cease of the near north-south rifting and long-term strike-slip transformation,forming a dextral transtension fault system with inherited activity but gradually weakened in intensity(interrupted by two tectonic inversions).This fault system was composed of the main shear(F1),R-type shear(F2-F3)and P-type shear(F4-F5)faults,with the strike-slip associated faults as branches.The strike-slip movements of F1 in Cretaceous and Eocene were controlled by the dextral shear opening of the equatorial south Atlantic and rapid expanding of the Indian Ocean,respectively.The combined function of the strike-slip movement of F1 and the convergence between Africa and Eurasia made the Doseo Basin underwent the Santonian dextral transpressional inversion characterized by intensive folding deformation leading to the echelon NE-SW and NNE-SSW nose-shaped uplifts and unconformity(T5)on high parts of the uplifts.The convergence between Africa and Eurasia caused the intensive tectonic inversion of Doseo Basin at the end of Cretaceous manifesting as intensive uplift,denudation and folding deformation,forming the regional unconformity(T4)and superposing a nearly E-W structural configuration on the Santonian structures.Third,the Doseo Basin experienced four evolutional stages with the features of short rifting and long depression,i.e.Barremian rifting,Aptian rifting–depression transition,Albian–Late Cretaceous depression,and Cenozoic extinction,under the control of the tectonic movements between Africa and its peripheral plates.

Numerical Simulation and Experimental Analysis of the Influence of Asymmetric Pressure Conditions on the Splitting of a Gas-Liquid Two-Phase Flow at a T-Junction

Dedicated experiments and numerical simulations have been conducted to investigate the splitting characteristics of a gas-liquid two phase flow at a T junction.The experiments were carried out for different gas-liquid velocities.The flow rates in the two branches were measured accurately to determine how the two considered phases distribute in the two outlets.The experimental results have shown that when the two outlet pressures are asymmetric,the two-phase flow always tends to flow into the outlet which has a lower pressure.As the inlet liquid velocity increases,however,the two-phase flow gradually tends to split evenly.Compared with the experiment results,the pressure difference between the two outlets can be determined more accurately by means of numerical simulation.The trends of experimental results and simulations are in very good agreement.

An Experimental Analysis of Gas-Liquid Flow Breakdown in a T-Junction

When a gas-liquid two-phase flow(GLTPF)enters a parallel separator through a T-junction,it generally splits unevenly.This phenomenon can seriously affect the operation efficiency and safety of the equipment located downstream.In order to investigate these aspects and,more specifically,the so-called bias phenomenon(all gas and liquid flowing to one pipe,while the other pipe is a liquid column that fluctuates up and down),laboratory experiments were carried out by using a T-junction connected to two parallel vertical pipes.Moreover,a GLTPF prediction model based on the principle of minimum potential energy was introduced.The research results indicate that this model can accurately predict the GLTPF state in parallel risers.The boundary of the slug flow and the churn flow in the opposite pipe can be predicted.Overall,according to the results,the pressure drop curves of the two-phase flow in the parallel risers are basically the same when there is no bias phenomenon,but the pressure drop in the parallel riser displays a large deviation when there is a slug flow-churn flow.Only when the parallel riser is in a state of asymmetric flow and one of the risers produces churn flow,the two-phase flow is prone to produce the bias phenomenon.

Exploration discovery and hydrocarbon accumulation characteristics of the Doseo strike-slip and inverted basin, Chad

Several international oil companies had conducted petroleum exploration, but failed to make any commercially viable discoveries in the Doseo Basin for over 30 years. In this article, an integrated analysis, based on the latest seismic and drilling data combined with exploration practice and tectonic, sedimentary as well as petroleum-geological characteristics of the basin, has been conducted with the aim to disclose the key factors of hydrocarbon accumulation and enrichment and then to find the potential petroleum plays. The Doseo Basin in Chad is a Meso-Cenozoic lacustrine rift basin developed on the Precambrian crystalline basement in the Central African Shear Zone. It is a half graben rift controlled by the strike-slip fault at the northern boundary, and can be divided into two sub-basins, an uplift and a slope. The basin experienced two rifting periods in the Cretaceous and was strongly inverted with the erosion thickness of 800–1000 m during the Eocene, and then entered the depression and extinction period. Structurally, a large number of normal faults and strike-slip faults are identified in the basin, and the boundary faults are inverted faults with normal at first. The main structural styles include inverted anticlines, fault noses, complex fault-blocks and flower structures. The Lower Cretaceous is the main sedimentary strata, which are divided into the Mangara Group, Kedeni, Doba and Koumra Formations from bottom to up. Two transgressive-regressive cycles developed in the Lower Cretaceous indicates with mainly lacustrine, fluvial, delta, braided-delta, fan-delta sandstone and mudstone. The effective source rock in the basin is the deep-lacustrine mudstone of the Lower Cretaceous containing the type Ⅰ and type Ⅱ;organic matters. Furthermore, Inverted anticlines and fault-complicated blocks comprise the main trap types and the Kedeni Uplift is the most favorable play, followed by the Northern Steep Slope and Southern Gentle Slope. Lateral sealing capacity of faults controls the hydrocarbon abundance.

Forecast and analysis of the "roof effect" of world net oil-exporting capacity

Oil is extremely crucial to the development of the modern economy. It is important to forecast the oil supply capacity due to its scarcity and non-renewability. This paper attempts to forecast and analyze thirty-five current and potential net oil-exporting countries. Integrating both qualitative and quantitative methods, the oil production and consumption are predicted based on historical data, so that the world net oil-exporting capacity can be obtained. The results show that the ＂roof effect＂ of the world net oil-exporting capacity may appear before 2030. Unconventional oil will play an important role in the future world oil market. The competition and cooperation relationships between OPEC and non-OPEC will last for a long time.

Construction of Value-Creation Oriented Carbon Assets Management System of Oil Companies

As climate change draws more attention globally,the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development.The increasingly strict control of carbon emission is making carbon emission rights a scarce resource and endowing the rights with the attributes of assets and commodities.China has announced the goal of“carbon emission peaking before 2030 and carbon neutralization before 2060”.Responding to this goal,as major carbon emitters,oil companies play the role of a driving force for green and low-carbon development.Carbon assets management is a key path for oil companies to achieve emission reduction goals and low-carbon transformation.However,the carbon assets management of China’s oil companies is still in the initial stage,with the system and regulations not yet sound,and the management process not yet closed loop.First the modes and experiences of carbon assets management in major international oil companies is introduced.Then the objective logical relationship and linkage laws between carbon assets management and enterprise value creation are comprehensively analyzed by integrating the basic theories of economics and management.On this basis,a value-creation oriented carbon assets management system for oil companies is constructed,mainly covering aspects such as enterprise strategy,control mechanisms,carbon inventory,and management modes.