境外油气并购交易风险控制探析

Risk control of outbound oil and gas M&A transactions

境外油气并购交易涉及的风险因素众多,包括但不限于标的选择的风险、出价过高的风险、未能做好尽职调查的风险、聘用不合格外部顾问的风险、不采用符合国际惯例交易文本的风险、交易整合准备不充分的风险等。从系统性风险管控、交易流程风险管控、交易利益相关方风险管控以及交易风险应对措施管控4个方面着手,分析中国石油企业在开展境外油气并购过程中相关风险的控制方式和手段,供"走出去"的中国石油企业参考和借鉴。

There are many risk factors involved in outbound oil and gas M&A transactions and they includes but not limited to the risk of target screening, risk of overpayment, failure to conduct proper due diligence, engagement of unqualified external advisors, non-use of transaction documents in line with international practice, and failure to make adequate preparation for transaction integration, etc. Starting from such four aspects as systematic risk control, transaction process risk control, risk control of transaction stakeholders, and response measures against transaction risks, the paper analyzes the relevant risk control methods and means in the process of outbound oil and gas M&As to offer reference for Chinese oil enterprises to"go global".