埃尼集团“双勘探模式”执行情况、实施要领与启示

doi:10.3969/j.issn.1672-7703.2025.06.005

中国石油勘探 ›› 2025, Vol. 30 ›› Issue (6): 58-69.DOI: 10.3969/j.issn.1672-7703.2025.06.005

埃尼集团“双勘探模式”执行情况、实施要领与启示

秦雁群,肖坤叶,陈忠民,袁圣强,王利,欧亚菲,杨屿,周鸿璞

中国石油勘探开发研究院

出版日期:2025-11-14 发布日期:2025-11-14
通讯作者: 袁圣强（1982-），男，河南许昌人，博士，2009年毕业于中国科学院海洋研究所，高级工程师，现主要从事海外盆地沉积和石油地质研究及勘探部署工作。地址：北京市海淀区学院路20号，邮政编码：100083。
作者简介:秦雁群（1982-），男，安徽巢湖人，博士，2011年毕业于中国地质大学（北京），高级工程师，主要从事海外油气勘探与技术支持工作。地址：北京市海淀区学院路20号，邮政编码：100083。
基金资助:
国家科技重大专项“海外探区重点盆地页岩油富集规律与勘探开发技术”（2025ZD1403902）；中油国际海外技术研发项目“海外重点盆地成藏规律与风险勘探领域研究”（2025ZYGJCJ011）；中国石油集团基础性前瞻性科技专项“基于大数据的常规油气可采资源智能化评价技术研发”（2023ZZ0702）。

Execution, implementation essentials and insights of Eni’s“Dual Exploration Model”

Qin Yanqun, Xiao Kunye, Chen Zhongmin, Yuan Shengqiang, Wang Li, Ou Yafei, Yang Yu, Zhou Hongpu

PetroChina Research Institute of Petroleum Exploration & Development

Online:2025-11-14 Published:2025-11-14

摘要/Abstract

摘要： 在全球能源转型与低油价周期的双重压力下，国内外大油气公司均面临勘探投资萎缩、现金流紧张等生存挑战。意大利埃尼集团通过创新“双勘探模式”，结合深水技术优势在勘探发现后通过权益出售实现早期价值变现，成功构建了“发现—货币化—再发现”的闭环体系。通过系统梳理该模式的内涵、执行情况及实施要领，结合莫桑比克、埃及和科特迪瓦典型案例分析，揭示其通过技术驱动、资本优化和战略协同实现低成本发现与高效开发的路径。研究表明，“双勘探模式”具有低成本、大发现是基础，高权益、快变现是精髓，保留作业者身份和分散风险是保障等特点；主体实施过程包括区块购入、自主勘探和自循环三大阶段10个细分步骤；适用于低油价时期且同时满足特定的资源、管输、政策、资本和技术条件；现阶段仍面临资源稀缺、外部市场环境和内部技术能力等诸多挑战。基于中国石油海外油气资产经营现状，提出现有项目应构建全生命周期评估体系和权益管理矩阵、新项目获取应形成“能否持续变现”的新经营观等建议。

关键词: 双勘探模式, 埃尼集团, 经营策略, 投资组合, 卫星模式, 上游资产

Abstract: Under the dual pressures of global energy transition and low oil price cycles, major oil and gas companies worldwide face survival challenges, including shrinking exploration investments and tight cash flows. By innovatively developing a “Dual Exploration Model”, Italy’s Eni Group has leveraged its technical advantages in deep-water fields and achieved early value realization through equity sales after exploration discoveries, successfully establishing a closed-loop system of “discovery–monetization–rediscovery”. The connotation, execution status, and implementation essentials of the model have systematically been reviewed, and typical case studies from Mozambique, Egypt, and C?te d’Ivoire have been analyzed to reveal its path of achieving low-cost discoveries and high-efficiency development through technology-driven approaches, capital optimization, and strategic coordination. The study results show that the “Dual Exploration Model” is featured by the foundation of low cost and major discoveries, essence of high equity and fast monetization, and guarantee of retaining operator status and risk diversification. The main implementation process consists of three stages (block acquisition, independent exploration, and self-recycling) and 10 detailed steps. It is applicable for low oil price periods but requires specific resource, pipeline, policy, capital, and technical conditions. Currently, it still faces numerous challenges including scarce resources, external market environment, and internal technical capabilities. Based on the current status of CNPC’s overseas oil and gas assets, it is proposed that full-lifecycle assessment systems and equity management matrices should be established for current projects and a new business philosophy of “sustainable monetization” should be formed when acquiring new projects.

Key words: Dual Exploration Model, Eni Group, business strategy, investment portfolio, satellite model, upstream assets

中图分类号:

TE122.11

秦雁群, 肖坤叶, 陈忠民, 袁圣强, 王利, 欧亚菲, 杨屿, 周鸿璞. 埃尼集团“双勘探模式”执行情况、实施要领与启示[J]. 中国石油勘探, 2025, 30(6): 58-69.

Qin Yanqun, Xiao Kunye, Chen Zhongmin, Yuan Shengqiang, Wang Li, Ou Yafei, Yang Yu, Zhou Hongpu. Execution, implementation essentials and insights of Eni’s“Dual Exploration Model”[J]. China Petroleum Exploration, 2025, 30(6): 58-69.

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埃尼集团“双勘探模式”执行情况、实施要领与启示

Execution, implementation essentials and insights of Eni’s“Dual Exploration Model”

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