- 双重勘探模式意味着在已发现的油田仍在升值时出售其股份，然后将所得资金再投入到下一个勘探活动中，从而使勘探预算基本实现自给自足。.
- 它缩短了投资回报期：价值曾经被锁定十年，直到发现第一桶油后几年内才能部分实现，而无需承担新的债务。.
- Eni pioneered and named the model; recent examples include the 2025 sell-down of 30 percent of the Baleine field offshore Cote d'Ivoire for around 1 billion euros.
- "Dual" captures that one discovery delivers value twice, as future production and as a tradeable asset that can be sold early or used as merger currency.
- The same discover-prove-monetise discipline now extends to whole business units through Eni's satellite model, and the logic is spreading to other majors looking for self-funding growth.
双重探索模型定义
The dual exploration model is a way of financing upstream oil and gas growth by treating a discovery as two distinct sources of value rather than one. The first is the conventional one: the hydrocarbons the field will produce over its life. The second is financial: the discovery itself, once de-risked, is a tradeable asset that can be partly sold to partners or national oil companies while its value is still climbing. "Dual" refers to extracting value along both paths from the same barrels.
实际上，该公司会以高股权进行勘探，通常持有大量股份或运营股份，以便在发现油气资源时获得最大收益。随后，该公司通过评估证实资源的存在，并在资产处于增值阶段（即从确认发现到全面投产的过渡期，此时资产价值增长最快）出售相当可观的少数股权。所得款项将用于下一轮勘探活动。至关重要的是，该公司保留了部分权益，因此能够持续参与已发现油气田的勘探活动，同时比传统的持有至投产模式提前数年释放资金。.
图 01上游价值，旨在尽早出售该模型存在的意义：打破十年投资回报期
传统的勘探经济模式代价高昂。大型石油公司将大量资金投入到新兴盆地，等待近十年才能产出第一桶油，之后才能开始收回投资。在此期间，资金始终处于锁定和风险之中，而下一轮勘探的预算还要与其他所有公司现金需求竞争。双重勘探模式打破了这种恶性循环，将价值提前释放。.
通过提前变现股权，该公司可以将流动性差、期限长的资产转化为几乎可以立即重新部署的现金。原本需要十年才能收回的投资，现在只需很短的时间就能实现。勘探预算基本实现自筹资金，这意味着公司可以在不增加债务或削减其他优先事项的情况下，维持积极的勘探计划。在许多西方大型石油公司为了维护资产负债表而削减股票回购和出售资产的时期，这无疑是一项决定性的优势。.
除了现金流之外，还有战略层面的考量。正如《能源情报》杂志所总结的那样，一项发现可以出售套现，而另一项发现则可以作为与大型企业合并的筹码。一系列风险降低、部分可出售的发现，能够为公司提供流动性和交易杠杆，而那些以传统方式融资增长的公司则不具备这些优势。.
工作原理（分步详解）
该模式以可重复的循环运行，是经过精心设计而非临时拼凑的。首先，以高股权进行勘探，以最大化任何发现的收益份额。然后，进行评估并降低风险，确保资源得到验证，并对外部买家具有可信度。在价值增值窗口期出售少数股权，在保留战略利益的同时获取溢价。之后，将所得资金重新投入到下一个勘探项目中，并重复上述过程。.
The 2025 divestment of 30 percent of the Baleine field offshore Cote d'Ivoire, for proceeds of around 1 billion euros, is the pattern in miniature: discover, de-risk, monetise, redeploy. Eni retained the majority and operatorship, so it kept control and upside while recovering a large share of its outlay years ahead of first full production.
这种做法所强制推行的纪律与它释放的资金同样重要。因为每个矿藏从一开始就被设计成可以部分出售，所以商业机制、数据室、储量文件、合作伙伴就绪的管理体系，都与钻探计划本身一样经过精心准备。货币化在项目初期就已纳入设计，而不是在买家出现后才临时添加。如果一个矿藏的价值无法检验和验证，就无法提前出售，因此，对外部资本的可读性成为一项核心工程要求，而不是事后考虑的因素。.
该模型产生了什么结果？
The clearest evidence sits in Eni's exploration-led growth and its run of early monetisations. Beyond Baleine, Eni has repeatedly used high-equity exploration followed by strategic sell-downs across its frontier portfolio, and has extended the same monetise-early logic from individual discoveries to whole business units through its satellite model. Together these have turned exploration from a cost centre into a recognised capital engine that analysts track as a distinctive part of the Eni investment case.
下表从对资本配置决策至关重要的维度，将双重勘探模型与传统的持有生产方法进行了比较。.
| Dimension | Traditional model | Dual exploration model |
|---|---|---|
| Payback timing | ~10 years, after first oil | Partly realised within a few years of discovery |
| Capital recycling | Slow, tied to production cash flow | Fast, via early stake sales |
| Funding of next campaign | Competes for company cash and debt | Substantially self-financing from proceeds |
| Retained exposure | Full equity held to production | Majority/operatorship kept, minority sold |
| Commercial discipline | Monetisation considered late | Sellability engineered in from day one |
从发现到卫星：同样的逻辑，规模化应用
双勘探模式和卫星模式是同一理念的两种表现形式：将已探明的资产打包，以便外部资本尽早投资，从而获得资金并保持战略控制权。双勘探模式将这一理念应用于单个油田。卫星模式则将其应用于整个企业，剥离出专注于特定领域、独立融资的公司，例如挪威的Var Energi、安哥拉的Azule Energy、英国的Ithaca Energy、零售电力和可再生能源领域的Plenitude以及生物燃料和交通运输领域的Enilive。.
Each satellite raises its own capital and is valued in its own right, which puts a market price on a business that was previously buried inside a consolidated balance sheet. The transition satellites alone imply a combined enterprise value above 23 billion euros, with roughly 5.8 billion euros of third-party cash realised in 2025. For the full breakdown of the satellite portfolio and what it means for suppliers, see our dossier on Eni's dual exploration and satellite model.
为什么这不仅仅关乎埃尼集团
这种模式之所以被研究和效仿，是因为它解决了所有勘探公司都面临的一个难题：如何在不导致债务膨胀或等待十年才能获得回报的情况下，为积极的增长计划提供资金。随着越来越多的大型公司采用早期变现模式，其基本逻辑——降低资产风险、向外部资本定价、在资产升值时出售股份并循环利用所得资金——正逐渐成为一种标准工具，而不再是埃尼集团的特例。.
对于B2B供应商、服务公司和技术供应商而言，其影响显而易见。早期资产剥离及其衍生项目改变了预算的掌控者：采购、技术评估和供应商选择越来越多地在资产或衍生项目层面进行，每个项目或衍生项目都有自己的采购委员会和区域性需求，而非由单一的企业中心统一管理。资本事件、股权出售、资产剥离和资本市场动态成为最清晰的预警信号，预示着哪些项目（以及哪些采购渠道）将获得资金支持；能够洞察这些信息的供应商会在正式招标前数月就采取行动。.
There is a lesson for any company's own commercial strategy, too. Dual exploration is, at its heart, a discipline of making value legible to buyers early. The same discipline applies to how a supplier presents itself: documented case studies, procurement-ready evidence packs and a measurable digital footprint are the commercial equivalent of a well-run data room. Value that cannot be inspected cannot be sold, whether the asset is an oil discovery or your own pipeline.
You sell into the energy majors. Which consequence of the dual exploration model affects your commercial strategy most?
常见问题
It is the strategy of selling a stake in a proven oil or gas discovery while it is still appreciating, then recycling the cash into the next exploration campaign, so payback arrives years earlier than the traditional hold-to-production model.
Because a single discovery delivers value twice: once as the hydrocarbons it will eventually produce, and again as a de-risked, tradeable asset that can be partly sold early or used as currency in mergers and deals.
Eni pioneered and named the model, building it over roughly a decade as a way to keep funding aggressive, high-equity exploration without expanding debt. The 2025 sell-down of 30 percent of the Baleine field offshore Cote d'Ivoire for around 1 billion euros is a recent example.
Ordinary disposals usually happen late, often once a field is mature or to raise cash under pressure. Dual exploration sells a minority stake early and by design, during the value-appreciation window, while keeping majority control and operatorship, and recycles the proceeds straight into the next campaign.
They are the same idea at different scales. Dual exploration monetises individual discoveries early; the satellite model applies the same discover-prove-monetise logic to whole business units such as Var Energi, Azule, Ithaca, Plenitude and Enilive, each separately funded while the parent keeps strategic control.
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