国际油气公司应对英国油气投资环境变化策略分析

Analysis of international oil and gas companies'strategies for responding to changes in the UK's oil and gas investment environment

近年来英国油气投资环境持续变化。国家战略层面,政府谋划绿色工业革命引领经济增长,工党执政后激进的转型目标和政策将进一步压缩油气行业发展空间;油气资源层面,北海盆地已进入衰退阶段,长期产量递减趋势难以逆转,油气田普遍面对减排和弃置压力;财税政策方面,针对油气生产商征收的能源利润税成为财政收入重要来源,征税力度不断加大。对此,美国大型跨国石油公司将英国资产识别为非核心资产,分阶段、分区域退出;欧洲大型跨国石油公司仍坚守区域供应基地,通过并购和剥离动态升级资产组合,埃尼则将“卫星”模式复制到英国。由私募股权投资公司支持的独立石油公司通过并购交易实现快速成长。建议中国企业的海外投资应加强对资源国投资环境及竞争格局的前瞻性研判,借鉴国际石油公司的应对策略与经验,维护已有投资利益并识别更多投资机会。

The oil and gas investment environment in the UK has changed in recent years.At the national strategic level,the government is planning for a green industrial revolution to lead economic growth,and the radical transition goals and policies of the Labor Party will further compress the development space of the oil and gas industry.At the level of oil and gas resources,the North Sea Basin has entered into a recessionary stage,it is difficult to reverse the trend of decreasing production in the long term,and the oil and gas fields are generally facing the pressure of emission reduction and assets disposal.At the level of financial and tax policies,the tax levied on the energy profits of oil and gas producers has become an important source of fscal revenue,and the tax has been increasing.In this regard,international oil companies have adopted different coping strategies.Large U.S.multinational oil companies have identified U.K.assets as non-core assets and exited in phases and by regions.Large European multinational oil companies are still holding onto their regional supply bases and dynamically upgrading their asset portfolios through mergers&acquisitions and divestitures,while Eni has replicated its"satellite"model in the UK.Independent oil companies backed by private equity firms have grown rapidly through M&A deals.It is recommended that Chinese companies should strengthen their forward-looking judgment on the investment environment and competitive landscape of resource countries,learn from the responsing strategies of international oil companies,safeguard their existing investment interests,and identify more investment opportunities.