抓住低油价机遇积极获取优质油气资产

Seize the opportunity of low oil price to acquire high-quality oil & gas assets actively

为优化公司资产结构、聚焦核心业务,资产并购已成为石油公司快速发展的重要手段。受新冠肺炎疫情和低油价的影响,2020年上半年全球油气资产收并购是近20年来同期的最低点。2020年7月雪佛龙公司以144亿美元收购诺贝尔能源公司给全球油气工业的复苏带来了一丝曙光。通过分析发现,高负债是油公司/资产被收购的主因,优质储/产量、协同创效和投资组合的互补是交易的价值所在,深水和环非洲圈是交易的热点地区。建议中国的石油公司抓住低油价的机遇,立足环非洲圈,密切跟踪一批大型石油公司拟剥离的优质油气项目和拥有优质油气储量的中小公司,注重低碳资产,创新交易方式,稳妥开展技术经济评价,力争获得几个拥有优质油气储量和较大勘探潜力的项目。

In order to optimize the company’s portfolios and focus on the core business,mergers and acquisitions(M&A)of assets has become an important approach for the rapid development of oil companies.Affected by COVID-19 epidemic and low oil price,the first half of 2020 is the lowest year-to-year period for the M&A of oil and gas assets in the past 20 years.Chevron’s$14.4 billion acquisition of Nobel Energy in July 2020 offers a glimmer of hope for the recovery of the global oil and gas industry.Through analysis,this paper finds that high debt is the main reason for oil companies or assets to be acquired,high quality reserves and production,run-rate synergy and portfolio complementarity are where the transaction value lies,and deep water frontiers and the circle-Africa are the hot spots for the transaction.It is suggested for Chinese oil companies to seize the opportunity of low oil price,to focus on the circle-Africa and deep water frontiers,closely to track a number of high-quality oil&gas assets which are planned to be stripped by super-majors and small and medium-sized companies which have high-quality reserves,to innovate the M&A methods,and finally to acquire several assets which have high-quality reserves or good exploration potential.