低油价下投资加拿大油气面临的挑战和机会

Challenges and opportunities for petroleum investment in Canada under a low oil price environment

介绍低油价对加拿大石油公司的影响,分析加拿大石油公司在低油价环境下的投资策略,并对未来在低油价环境下的投资策略进行探讨,认为目前加拿大油气市场值得一些具有长期投资目标的资金(包括中国投资者)予以关注。建议投资者一是寻求能够产出现金流的项目,利用市场的低谷来找到投资机会,等待油价回升;二是寻求长期资金并以股权方式为主进行融资,降低财务风险;同时要有一个优秀的加拿大本地管理团队,以便充分利用加拿大的公司运作、企业文化、石油行业的规则以及本地资源等。

This article studies the influence of low oil price on Canadian oil companies, analyzes the investment strategies of Canadian oil companies and discusses the preferred investment strategy in the foreseeable future under a low oil price environment. It is believed that Canadian petroleum industry is still worth investing, especially for the fund with long-term investment goal（including Chinese investors）. And several suggestions are put forward： first, the investor should seek for those projects that could provide a positive operating cash flow; second, the project should be funded mainly through equity investment so as to reduce the financial leverage risk; finally, an experienced local management team need to be in place to make full use of Canadian companies＇ operation, corporate culture, the rules of the oil industry and local resources.