2022年全球上游油气资源并购回顾及展望

Review and Prospect of Global Upstream Oil and Gas Resources M&A in 2022

2022年,尽管国际油价时隔8年重回100美元/bbl以上高位,但全球上游油气并购市场却并没有表现出同等繁荣的景象,整体呈现量价齐跌的状况,全年完成上游油气资源并购交易总金额1547亿美元、交易总规模672×108bbl油当量,同比分别减少20%和10%。分类型来看,2022年页岩油气并购规模仅210×108bbl油当量,同比大幅下跌48%,与海上油气、陆上常规油气“三分天下”。分区域来看,北美仍是全球并购热点,上游勘探生产公司和独立石油公司在北美表现最为活跃,同时国际大型石油公司推动非洲及中东并购规模强劲增长。一部分国家石油公司继续加快剥离油气资产的步伐。展望2023年,若全年油价中枢在75~85美元/bbl,预计全球上游油气并购市场有望以天然气资源为热点,恢复较高并购规模。国际大型石油公司仍将结合转型路径,积极通过并购、剥离资产,以达到优化资产组合的目的。我国油气企业应持续加强海外上游油气资源并购市场参与程度,充分识别风险,加大资源获取力度,坚持以效益为导向、寻找优质油气资源,尤其要积极寻求天然气一体化并购项目。

In 2022,although the international oil price returned to a high of more than 100US dollars/bbl after 8 years,the global upstream oil and gas merger and acquisition(MA)market has not shown the same prosperity,and the overall volume and price fell.The total value of upstream oil and gas resource MA transactions was 154.7 billion US dollars,and the total transaction size was 672×108bbl oil equivalent,a yearon-year decrease of 20%and 10%,respectively.In terms of types,the shale oil and gas MA scale in 2022is only 210×108bbl oil equivalent,a sharp decline of 48%year-on-year,and it is"three parts of the world"with offshore oil and gas and onshore conventional oil and gas.In terms of regions,North America continues to be a hot spot for global MA,with upstream EP companies and independent oil companies being the most active in North America,while large international oil majors are driving strong growth in MA volumes in Africa and the Middle East.Some national oil companies continue to accelerate the pace of divesting oil and gas assets.Looking forward to 2023,if the annual oil price center is 75-85US dollars/bbl,it is expected that the global upstream oil and gas MA market is expected to focus on natural gas resources and resume a relatively high MA scale.Active mergers and acquisitions,divestiture of assets will be done combined with the transformation path for the large international oil companies so as to achieve the purpose of optimizing the asset portfolio.Chinese oil and gas enterprises should continue to strengthen their participation in the o-verseas upstream oil and gas resources MA market,fully identify risks,increase resource acquisition efforts,adhere to the benefit-oriented search for high-quality oil and gas resources,and especially actively seek natural gas integration MA projects.