Abstract: China crude oil import has hit 239 million tons in 2010 and oil import rate has surpassed 55%. Up to 2010, SINOPEC, CNOCX, CNPC are running activities in more than 50 regions and countries. SINOPEC's overseas oil production has increased from 9.01 million tons in 2008 to 17 million tons in 2009. Under the "going-out" policy, in order to protect energy security of our country, SINOPEC is actively looking for overseas oil resources investment opportunities. SINOPEC. overseas oil resources investment should be focused on the top 30 countries with the richest reserves and the largest production, including 7 countries in Asia Pacific, 6 countries in Africa, 7 countries in Middle East and 10 countries in Europe and West hemisphere. According to analysis of risks of politics, reserves, techniques, economy and environment protection, the prioritized regions should be respectively Middle East, Africa, South America, Asia Pacific and Central Asia. As for the political, economic, managerial, technical and environmental risks in investment countries, we should adopt different methods to mitigate challenges, such as cooperate with national and international oil companies, analyze local regulations, optimize portfolio management, adapt to local managerial systems, increase R&D investment and enhance HSE training, etc. To successfully execute the strategy of international oil resources investment in the future, SINOPEC should boast upstream investment, cooperate with international oil companies and develop competitive edges to make win-win situation, and, at least but not the last, access to oil resources through merger and acquisition in the more and more challenging international market.