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New overseas venture evaluation is key for oversea exploration of Chinese oil companies, whose credibility directly determine the degree of success of exploration for overseas blocks. The uniqueness of new overseas venture evaluation in short assessing cycle and limited data make project management vital. Project management includes human resource allocation, quality control and effective communication. In China National Offshore Oilfield Corporation (CNOOC), the new overseas venture evaluation system has been established. This system includes quality control system and assurance for new overseas venture evaluation, geological evaluation norms for overseas oil & gas exploration, regulations for new overseas venture evaluation and seismic interpretation methodology and procedure for new overseas venture evaluation. Directed by the new overseas venture evaluation system, three-level quality control and management of data-room visit are strictly reinforced, which guarantees the efficiency and quality of new overseas venture evaluation. As a result the new overseas venture evaluation boosts the development of young explorationists and leads to breakthroughs in exploring potential target areas of CNOOC and in the discovery of giant oil and gas fields, which underpins the development of overseas business in CNOOC.

Strengthening Project Management to Attain Overseas Blocks with High Potential for Exploration