IOC Strategy After Coronavirus and Suggestions for Chinese Oil Companies

Abstract

Affected by Coronavirus and low oil price, global oil and gas M&A has been in a downturn in 2020. Countries with oil and gas resource intended to revise fiscal terms, enhancing the economics of producing assets and new developments. Many oil companies have faced severe challenges with impact on Coronavirus and oil price crash. According to IHS expectation, the same tightness will continue into 2021. Learned from international oil companies experience, Chinese oil companies should pay more attention to cost reduction, seize opportunities of the M&A market to get high quality projects, and focus more on energy transition.