国际石油经济2026，Vol.34Issue(2)：90-97,8.DOI:10.3969/j.issn.1004-7298.2026.02.008
国家石油公司海外液化天然气业务发展策略
Strategies for overseas LNG business development for national oil companies based on lessons from Mozambique Block Transactions
摘要
Abstract
Against the backdrop of global energy transition and profound geopolitical restructuring,investment and acquisition strategies in overseas liquefied natural gas(LNG)projects have become a critical determinant of the sustainable development capacity of national oil companies(NOCs).This paper examines the innovative approach of Abu Dhabi National Oil Company(ADNOC)in acquiring an interest in Block 4 of the Ruvuma Basin in Mozambique,systematically analyzes its timing strategy and risk governance structure centered on"contingent payment",a mechanism that closely ties payment milestones to key project developments,and reveals a significant change in the overseas LNG investment strategy of NOCs,shifting from the conventional"resource acquisition"model toward a"structure-driven"approach with the core of risk control and value creation through a comparative analysis with acquisitions of the same block by other international oil companies,as well as with overseas LNG project acquisitions by QatarEnergy,another Middle Eastern NOC.NOCs should draw insights from ADNOC's innovative practices by placing greater emphasis on the strategic design of transaction structures in overseas expansion,achieve efficient acquisition of high-quality projects by precisely timing investments and effectively allocating risks to promote continuous optimization of the corporate asset portfolio and a comprehensive enhancement of the company's sustainable development capabilities.关键词
能源转型/国家石油公司/液化天然气/海外业务/或有条件支付/莫桑比克4区块/阿布扎比国家石油公司Key words
energy transition/national oil company(NOC)/LNG/overseas business/contingent payments/Mozambique Block 4/Abu Dhabi National Oil Company分类
管理科学引用本文复制引用
孙沛霖,王建君,孙杜芬..国家石油公司海外液化天然气业务发展策略[J].国际石油经济,2026,34(2):90-97,8.
