2015年4月殼牌公司收購英國天然氣集團案，凸顯石油價格修正已重塑全球油氣產業版圖。而根據2015年英國石油公司統計資料顯示，傳統方式開採生產的石油及天然氣尚有50-60年的可開採年限；若加上非傳統方式開採生產的石油及天然氣則可開採年限將至少倍增。油氣探採產業具有技術門檻高、經營風險高、投資金額高、作業時間長的特性。從長期獲利能力來看，油氣探採部門的績效一直是各大國際石油公司主要利潤來源，惟其營業利潤受國際油氣價格的起伏直接連動影響。個案公司油氣探採部門海外投資近年來成功取得美國、印尼、剛果及澳大利亞等地區的探勘新礦區，並與國際油公司在全球10 個國家25 處礦區有合作探採案；其中包括厄瓜多、印尼、尼日以及澳大利亞等具有油氣生產的礦區，歷年累計油氣生產績效卓越。 由於非傳統油氣之一的頁岩油氣開採技術進步，大幅提升美國油氣產量，OPEC產油國為維持市場占有率並未減產，加上全球經濟成長減緩，造成明顯的供過於求趨勢，影響近期油價呈現相對低檔。本研究以產業分析及SWOT分析等理論著手，探討目前經營環境的機會及風險，藉以擬定公司層級的策略方向並檢視成熟期產業環境下的競爭內涵，再從資源基礎論、經營選擇策略、管控流程風險，探討企業長期競爭優勢。 　　本研究經與個案公司海外分公司高階經理及總公司資深部門主管進行深入訪談方式，並且參酌公開的期刊、論文報告與網站資訊，進一步對照研究相關理論分析與個案公司實務案例，結果證實在運用購買LNG整合上下游投資、國際大油公司的策略聯盟、流程管控海外投資風險等均有助於提升競爭優勢，足以提供產業參考；同時建議後續研究個案公司落實平衡計分卡學習成長構面的相關要項，加強策略核心組織的競爭力，輔佐策略的執行，俾能提昇企業未來經營競爭力，達到永續經營之目的。 / The acquisition of BG Group by Royal Dutch Shell in April 2015 was the latest sign of how the slumping oil prices are reshuffling the global upstream petroleum business. BP’s Statistical Review of World Energy 2015 depicts that the reserves to production ratio is about 50 to 60 years for conventional petroleum resources, while this number almost doubles up for unconventional petroleum resources. The characteristics of upstream petroleum industry are the high technical threshold, high operational risk, highly capital-intensive investment, and long operational life. From the perspective of long-term earning power, the performance of upstream petroleum business division always drives the profitability for all major integrated oil companies, notwithstanding the operational profit is under direct impact from the fluctuations of the global oil prices. The successful overseas investment from the Exploration and Production Business Division of the company under study include many exploration rights in the new assets from U.S.A., Indonesia, Congo, and Australia, as well as the joint operation projects with international oil companies at 25 locations in more than 10 countries from Ecuador, Indonesia, Niger, and Australia with excellent profitability over the years. The advances made in the shale oil and gas production technology brought the U.S.A. oil production to another peak, which coupled with OPEC's non-cutting oil production strategy and global economy slowdown triggerd the dive of global oil price. This study first explores the opportunity and risk under current business environment using industrial analysis and SWOT analysis to propose strategic planning on corporate level and evaluates the competition nucleus in a mature industry cycle; secondly, explores the long-term competitive advantage of the company through Resource-Based Theory, Strategic Positioning, and Risk Management and Process Control. Through in-depth interviews with senior management from overseas division and headquarters office of the study company, published periodicals, journals, and web information, along with various related research analyses and company case studies, this study demonstrates the combination of liquefied natural gas (LNG) purchase contract with the acquisition of participating interest in LNG development project as a means of vertical supply chain investment, strategic alliance with international oil companies, and using risk management and process control on overseas investment are all beneficial to increasing the competitive advantages. Suggested follow-up research of implementing Balanced Scorecard (BSC) to the Learning & Growth Perspective, promoting competitive power through Strategy-Focused Organization, and execution on assising strategies can increase future competitive advantages and accomplish the objectives in sustainable management.