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          CN 51-1183/TE

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Strengthening commercial functions of Chinese NOCs in their overseas upstream investment to gain better company performance
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Key Words:Commercial responsibilities; Value chain management; Petroleum Block Contract; Value increase
Abstract:Commercial excellence is critical across the value generation chain for an upstream petroleum company. It can significantly decrease investment or recover costs earlier or increase remuneration for the oil companies; it can also guide a more advisable procurement strategy based on good knowledge about the market and wise estimates of the market tendency; it can maximize integrated benefits through a good balance between costs and risks. For Chinese NOCs, they have implemented going global strategy for several decades and achieved leaping development in the upstream sector abroad. The current concern for Chinese NOCs going global is how to become stronger and more competitive after being larger through huge expansion these years. To meet this pursuit requires Chinese NOCs to improve their weak links in the commercial aspect both at overseas assets level and at domestic headquarter level. For the purpose of commercial risks control and enterprise value increase, Chinese NOCs need to do a lot of work including clarifying the commercial responsibilities division, improving the commercial sense, capabilities and skills of the whole organization.
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