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The oil and gas industry are an important pillar of the energy system. The impact of energy transition, energy security, and international prices cannot be ignored. Investment efficiency indicates the capability of oil and gas projects in allocating resources and serves as a significant indicator of the operating conditions. In the present, it has turned into an important issue that maximize the investment efficiency of oil and gas projects and facilitate the effective allocation of resources. This article constructs the DEA analysis model based on the theory of Data Envelopment Analysis. On the basis of the WOODMAC data, taking 16 Chinese overseas upstream oil and gas projects as samples, it analyzes the reasons behind the changes and differences in project investment efficiency from multiple dimensions including time, region, contract and work rights. The study analyzes changes in investment efficiency, evaluates regional resource allocation levels, identifies key areas for efficient investment support and redirects investments toward high-quality projects, which holds certain reference significance for the production management and efficiency enhancement of overseas projects of Chinese oil companies. For Chinese companies, it is of paramount importance to concentrate on the key domains and crucial issues of major oil and gas projects, break through the technical obstacles of project development, and enhance investment efficiency. Regarding regional resource allocation, it is proposed that asset types be centralized in areas with technical superiority or those familiar to the company. It is recommended that Chinese overseas projects pay heightened attention to projects in developed countries such as Canada and Australia that have implemented carbon taxes and mainly adopt the royalty contract model. Concerning cooperation management and the exercise of shareholder rights, it is suggested that minority shareholders in small projects utilize supervisory measures to advance management, guarantee the consistency of decision-making and implementation of cooperative projects, and the operators of projects should take into account the localization demands of resource countries and leverage their integrated advantages to boost investment efficiency.

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Construction and Application of Analysis Model of Investment Efficiency for Overseas Oil and Gas Projects Based on the DEA Theory

  • 会议论文

  • 发表日期：

    2026年

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  • Jia Li,
  • Hong-Jia Cui,
  • Wei Yan,
  • Yun Peng,
  • Chen-Ye Liu,
  • Jie-Xin Yi,
  • He-Ming Wang,
  • Rui Miao

摘要

The oil and gas industry are an important pillar of the energy system. The impact of energy transition, energy security, and international prices cannot be ignored. Investment efficiency indicates the capability of oil and gas projects in allocating resources and serves as a significant indicator of the operating conditions. In the present, it has turned into an important issue that maximize the investment efficiency of oil and gas projects and facilitate the effective allocation of resources. This article constructs the DEA analysis model based on the theory of Data Envelopment Analysis. On the basis of the WOODMAC data, taking 16 Chinese overseas upstream oil and gas projects as samples, it analyzes the reasons behind the changes and differences in project investment efficiency from multiple dimensions including time, region, contract and work rights. The study analyzes changes in investment efficiency, evaluates regional resource allocation levels, identifies key areas for efficient investment support and redirects investments toward high-quality projects, which holds certain reference significance for the production management and efficiency enhancement of overseas projects of Chinese oil companies. For Chinese companies, it is of paramount importance to concentrate on the key domains and crucial issues of major oil and gas projects, break through the technical obstacles of project development, and enhance investment efficiency. Regarding regional resource allocation, it is proposed that asset types be centralized in areas with technical superiority or those familiar to the company. It is recommended that Chinese overseas projects pay heightened attention to projects in developed countries such as Canada and Australia that have implemented carbon taxes and mainly adopt the royalty contract model. Concerning cooperation management and the exercise of shareholder rights, it is suggested that minority shareholders in small projects utilize supervisory measures to advance management, guarantee the consistency of decision-making and implementation of cooperative projects, and the operators of projects should take into account the localization demands of resource countries and leverage their integrated advantages to boost investment efficiency.