Abstract: Since the second half of 2014, the situation of low oil prices has lasted for more than three years.In the past year, the oil price has bottomed out and continued to fluctuate.The crude oil market has returned to the environment of medium oil price.Aiming at the difficulties and challenges faced by domestic oil companies, this paper puts forward countermeasures and suggestions for the development of upstream business of Chinese oil companies to ensure the sustainable and rapid development of upstream business of Chinese oil companies.