2012年全球上游油气并购市场分析及展望

Analysis and Outlook of Global Upstream Oil and Gas M & A Market in 2012

受多起大型并购交易推动,2012年全球上游油气并购交易金额超过2500亿美元,创历史最高水平,但交易数量不增反降。美国和加拿大是全球交易价格最高的地区,非洲和中亚俄罗斯地区交易价格相对较低。北美和中亚俄罗斯地区是全球上游资产并购最活跃的地区,亚太、东非和西非的交易活动也明显活跃。交易方式主要是现金收购或股权和资产置换类交易。2012年全球上游油气并购规模大,页岩油取代页岩气成为交易最活跃的非常规资产,东非和西非因连续获得海上重大发现而逐渐成为交易热点地区,亚洲国家石油公司成为油气并购市场最大买家,国际大石油公司继续剥离边际和成熟资产,将收购重点放在页岩油和深水领域。展望2013年,大型公司并购和以非常规资产为主的资产交易将推动市场成交金额维持在较高水平,可能会有更多的非石油资本进入油气行业,亚洲石油公司还将继续进行大型并购。非常规资产仍然是市场的热点,但因气价因素影响,页岩气资产可能降温,页岩油资产交易活跃的趋势将延续。东非、西非地区在全球油气并购市场中的地位将有所上升。

In 2012,driven by several large-scale mergers and acquisitions,the value of global upstream oil and gas M ＆ A transactions reached a record more than USS250 billion although the number of deals concluded dropped.Transaction prices in the United States and Canada were the highest,while those in Africa and the Central Asia-Russia region were relatively low.North America and the Central Asia-Russia region were the most active regions in terms of upstream oil and gas M ＆ A activities,and transaction activities in the Asi- a-Pacific Region,East Africa and West Africa were also brisk.Most of the transactions were acquisitions with cash or equity and asset swaps.The sizes of upstream oil and gas transactions taking place in 2012 were generally large.Shale oil replaced shale gas as the most traded unconventional asset.Because of several major offshore discoveries made in succession,East Africa and West Africa became hot spots for transactions.Asian NOCs became the largest buyer in the oil and gas M ＆ A market.IOCs continued to divest marginal and mature assets focused on shale oil and deep-water areas when looking for acquisition targets.Looking into 2013,large corporation and unconventional asset transactions will drive the market turnover to remain at a high level.There may be more non-oil capital flowing into the oil and gas industry.Asian oil companies will continue to carry out large-scale mergers and acquisitions.The transactions of unconventional assets will re- main the hotspot in the market ,but shale gas transactions may be cooling down due to the gas price factor, while shale oil transactions will keep active.East Africa and West Africa will play a more important role than before in the global oil and gas M ＆ A market.