Analysis of Upstream Oil and Gas Asset Structure and Cost–Benefit Benchmarking for International Oil Companies

This study conducts an in-depth analysis of the disparities in upstream oil and gas asset scale and cost–benefit performance between PetroChina and major international oil companies. By comparing core indicators, including oil and gas asset distribution, reserves, production scale and structural changes, cost management capacity, profitability, and return on investment over the past five years among PetroChina and seven mainstream international oil corporations, namely ExxonMobil, Shell, BP, Chevron, TotalEnergies, Equinor, and Eni, this paper identifies the competitive strengths and weaknesses of PetroChina in the global energy market. The research question is: what is PetroChina’s competitive position relative to IOCs across three dimensions—asset scale, cost–benefit performance, and strategic management—and what is the nature and magnitude of the gaps, and what are the actionable pathways for improvement? PetroChina and the seven benchmark companies are all SEC-reporting firms and cover both U.S. and European IOC models, ensuring comparability of reserve and financial data. The results show that PetroChina holds a clear advantage in overall asset scale, while a notable gap remains in cost control and capital investment returns compared with peer international enterprises. This gap is particularly pronounced in exploration expenditure, but is partly attributable to geological endowment and investment timing rather than operational efficiency alone. Accordingly, targeted strategies are proposed to optimize its asset portfolio, promote technological innovation, improve capital allocation efficiency, and accelerate the low-carbon energy transition, so as to enhance its global competitive edge. This research can provide reliable references for the internationalization layout and strategic decision-making of Chinese petroleum enterprises.