In 2015, China’s oil companies’ overseas equity oil has grown steadily to approximately 150 milliontonnes. State-owned oil majors have turned from scale-oriented to profit-oriented by adjusting investment speed and optimizing portfolio to improve operating profit of overseas business. The overseas investment of private oil companies mainly focused on two fields: the first is to invest in countries along the Belt and Road(the Silk Road Economic Belt and the 21st-century Maritime Silk Road), and the second is to enter the oil industry of the developed countries by M&A. Limited progress has been made in the foreign cooperation of domestic upstream sector, while new changes emerged in the foreign cooperation of upstream sector. Some planned projects were postponed or delayed due to domestic or international market changes. Private oil companies, however, began to cooperate with foreign companies in the downstream sector after the former got the right to import crude oil. In 2015, China’s oil companies’ overseas equity oil has grown steadily to approximately 150 milliontonnes. State-owned oil majors have turned from scale-oriented to profit-oriented by adjusting investment speed and optimize portfolio to improve operating profit of overseas business. investment of private oil companies mainly focused on two fields: the first is to invest in countries along the Belt and Road (the Silk Road Economic Belt and the 21st-century Maritime Silk Road), and the second is to enter the oil industry of the Developed countries by M & A. Limited progress has been made in the foreign cooperation of domestic upstream sector. While new changes emerged in the foreign cooperation of upstream sector. Some planned projects were postponed or delayed due to domestic or international market changes. however, began to cooperate with foreign companies in the downstream sector after the former got the right to import crude oil.