The decommission of oil and gas fields represents the final stage in the life-cycle of their development and is an indispensable part of the entire development process. Analysis of the financial annual reports of China's three major petroleum companies in recent years reveals a steady increase in abandonment costs. This trend is closely related to the increase of overseas oil and gas fields entering into the later stages of development and the growing environmental awareness in oil and gas resource-rich countries worldwide. Compared with the decommissioning technology of foreign companies, disposal technology in China is limited. Chinese abandonment teams have relatively weak foundation of operation. Furthermore, compared with domestic oil and gas projects, overseas oil and gas projects face more complex and diverse oil and gas financial and tax contract models. Different models have different abandonment fee payment models, which will directly affect the economic benefits of the projects. This makes the management of overseas decommissioning more complex and difficult to handle. Abandonment management is a significant challenge faced by all Chinese oil companies expanding overseas. International oil companies attach great importance to the decommission management. Drawing on the advanced experiences of these international firms, three recommendations are proposed for the abandonment management of Chinese petroleum companies. At first, Chinese petroleum companies should strategically plan and mitigate risks by leveraging local country abandonment policies at different stages of oil and gas project development. Secondly, they should prioritize technological advancements, develop abandonment technologies to reduce costs, and strengthen cost control measures. Finally, Chinese petroleum companies should enhance the investment efficiency of overseas projects by leveraging host country fiscal and tax clauses to achieve reasonable tax avoidance.