创新性交易机制在国有企业海外油气并购的应用研究

Research on Innovative Trading Mechanism for State-owned Enterprises’ Overseas Oil and Gas Merger & Acquisition

基于西方石油公司和雪佛龙公司竞购阿纳达科石油公司这场超级并购历程与交易实质分析,总结梳理了近年来在国际油气交易市场出现的九种创新交易模式,分析归纳了每种模式的内涵和特点。同时,根据我国油气企业海外并购多为现金交易模式的现象及其存在的风险,分别提出了勘探项目、开发项目、炼油和销售项目等不同类型项目海外并购交易模式的不同战略选项和模式组合,并提出了优化开展海外油气资产并购与剥离工作的几点建议。

Based on the super Merger & Acquisition(M&A) process and transaction essence bidding for Anadarko Petroleum between Western Petroleum and Chevron, this paper summarized nine transaction modes in recent international oil and gas transaction, and sorted out their innovative features. Based on the fact that there is only cash transaction mode and its risks in oversea M&A for state-owned oil and gas enterprises, the paper proposed various strategies and mixed modes for M&A in exploration, development, refining, and sales. It also put forward the suggestions for optimizing M & A and stripping overseas oil and gas assets.