世界油气上游并购现状及发展趋势

Current development and future trends of worldwide oil and gas upstream M&A

世界油气上游并购交易随油价和资本市场起落而大幅波动。受国际油价不断走高和石油公司利润大幅增加等因素影响,2005-2007年全球油气并购金额和数量不断增加。从2008年下半年至2009年一季度,受国际金融危机的影响,世界油气上游交易额和交易数量大幅下降,但2009年二季度已出现明显回升。从交易主体看,国家石油公司的并购活动更加积极,国际大石油公司的资产剥离活动仍在继续。从交易地区看,北美地区是全球油气资产交易最活跃的地区,亚太地区是资产交易增幅最大的地区。从交易类型看,非常规油气资源交易额不断增加,天然气储量交易比例继续上升。目前,世界经济危机仍在持续,油气市场仍处于动荡之中,不少石油公司仍处于战略调整中,其资产处置将带来更多的资产交易机会。预计全球油气并购活动将迅速回升;国家石油公司在国际并购市场将更加活跃;北美仍是油气资产交易最活跃的地区,非洲和中东地区不乏机会。

Transactions of upstream mergers and acquisitions(M&A)in oil and gas industry worldwide have been fluctuating drastically with the up-and-downs of oil price and capital market.Thanks to continuously climbing international oil prices,huge profit increase witnessed by oil companies,and other factors,the volume and transactions of upstream M&A in oil and gas industry worldwide had been keeping increasing from 2005 to 2007.Affected by the international financial crisis,the global oil and gas upstream transactions and volume had been greatly decreasing from the second half of 2008 to the first quarter of 2009,while apparently rallying for the second quarter of 2009.As for transaction participants,national oil companies are more actively involved in M&A,and major international oil companies are continuing their asset divestiture.Concerning transaction region,North America is the leading region around the globe where oil and gas asset transactions are most vivacious,while the Asian-Pacific has seen the greatest increase in asset transaction.As to the transaction type,nonconventional oil and gas resources have undergone continuous increase in transaction volume,and the proportion of natural gas reserves is rising.At present,with the persisting world economic crisis and the tumultuous oil and gas market,many oil companies are under strategic adjustment,and their asset-related activities will produce more asset transaction opportunities.Resurgence of worldwide oil and gas M&A is expected to be rapid.National oil companies will play a more active role in the international merger market.North America will be the most active region for oil and gas asset transactions,and there will be no lack of opportunities in Africa and Middle East.