【摘要】 2001-2021年全球油气上游资产并购活动经历了常规资产主导期、过渡转换期和非常规资产主导期。近年来，全球油气上游资产并购金额进入平台期，交易数量处于相对低谷，天然气与致密油资产交易大幅提升；在低碳背景下，国际大石油公司持续优化上游业务，积极出售非核心资产，归核化趋势明显；低碳相关领域并购支出呈现明显上涨趋势。国际油价变化周期、公司发展战略以及重大突发事件都会影响国际大石油公司油气上游资产的并购行为。《巴黎协定》签订以来，国际大石油公司积极推动低碳能源转型，建议中国石油企业积极通过并购与剥离等手段快速调整优化业务结构和区域结构，重视对天然气和可再生能源资产的并购，持续关注复杂多变形势下的发展新机遇。更多还原

【Abstract】 From 2001 to 2021, global upstream merger and acquisition activities experienced the conventional asset dominant period, the transition period, and a non-conventional asset dominant period. In recent years, the amount of global upstream oil and gas assets M&A has reached a plateau, the number of transactions has at a relatively low point, and the transactions of natural gas and tight oil assets have increased significantly. Under the background of low-carbon, international oil companies continue to optimize upstream business, actively sell their non-core assets, show their refocusing, and M&A spending in low-carbon related fields show a significant upward trend. The global oil price cycle, corporate development strategies, and major emergencies will affect M&As of international oil and gas upstream assets. Since the adoption of the Paris Agreement,IOCs have been ardently promoting the low-carbon energy transition. It is suggested that Chinese petroleum enterprises quickly adjust and optimize their business structure and regional structure by means of M&A and divestiture, attach importance to M&A of natural gas and renewable energy assets, and continue to pay attention to new development opportunities under the complex and changeable situation.更多还原