Management Innovation and Practice of Full Life Circle in Offshore Petroleum Exploration Target

Abstract

Faced with the continued downturn of international oil price and increasing complexity of oil-gas geological conditions since 2013, CNOOC China Ltd., Zhanjiang has promoted management innovation of full life circle with the theme of "value to exploration-oriented", establishing QC system of multiple-dimension exploration to make exploration target management standardized and institutionalized, putting forward new ideas, closed-loop management of "big data" in full life circle to make exploration target and decision flow informationized, generating comprehensive reserve method of exploration target optimization and quantifiable management mode of "probabilistic method" evaluated by experts, and establishing "optimal solution" to management decision model to manage optimal target combination to drill and bring about lean management of exploration deployment. All the management innovations and practices have been carried out in oilfields of western South China Sea successfully, with corporation's exploration decision and deployment guided effectively, a great success of petroleum exploration, and remarkable economic as well as society benefits.