2018年全球油气资源并购市场特点及前景展望

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英文篇名：Global oil and gas M&A in 2018 and its prospects 作者：侯明扬 英文作者：HOU Mingyang;Exploration & Production Research Institute of SINOPEC; 关键词：全球油气资源 ; 并购 ; 国际石油公司 ; 国家石油公司 ; 长期评价油价 ; 勘探资产 英文关键词：global oil and gas resources;;mergers and acquisitions;;international oil company;;national oil company;;long-term evaluation oil prices;;exploration assets 中文刊名：国际石油经济 英文刊名：International Petroleum Economics 机构：中国石油化工股份有限公司石油勘探开发研究院; 出版日期：2019-03-25 出版单位：国际石油经济 年：2019 期：03 语种：中文; 页：45-53 页数：9 CN：11-3112/F ISSN：1004-7298 分类号：F416.22;F271

摘要

2018年全球油气资源并购市场未能延续2017年来的复苏态势,全年交易总金额1100亿美元,与2017年相比下降约14%,创2004年以来的最低值;并购交易总数量为344宗,与2017年相比下降11%。2018年全球油气资源并购市场呈现四大特点:一是北美地区"一家独大",中东和亚太地区增长明显;二是各类国际石油公司上游并购金额明显走低,国家石油公司交易金额维持十年内低位;三是并购交易的评价油价震荡走低,与国际油价走势基本一致;四是页岩油相关资产主导非常规油气并购交易,页岩气和油砂相关资产交易金额大幅降低。从发展前景看,尽管不同类型石油公司及私募资本的战略目标以及聚焦重点资产的种类与区域各有不同,但都把现阶段并购上游油气资产作为保障未来发展的重要手段。预计2019年各类石油公司将采取差异化并购策略优化资产,二叠纪盆地页岩油仍是并购市场聚焦热点,非油气背景机构股权投资行为可能大幅增长,公司整体并购活动或将多于往年。
        The global oil and gas M&A market failed to sustain its recovery in 2018, with the total value of deals for the year at just $110 billion, down about 14% from 2017 and the lowest since 2004. The total number of M&A was 344, down11% from 2017. It presented four development characteristics. First, North America was in the dominance, the Middle East and the Asia-Pacific region grew significantly. Second, the number of upstream M&A of various international oil companies was significantly lower, and the transaction amount of national oil companies was maintained at the lowest level in 10 years.Thirdly, the evaluation oil price of M&A declined and it is basically in line with the trend of international oil prices. Fourthly,shale oil-related assets dominated unconventional oil and gas M&A and the transaction amount of both shale gas and oilsands related assets decreased drastically. Although different types of oil companies and private equity have different strategic objectives and focus on the different types and regions of key assets, they all take the acquisition of upstream oil and gas assets at the current stage as an important means to ensure their future development. It is expected that various oil companies will adopt differentiated M&A strategy to optimize their portfolio in 2019. Permian shale oil is still the focus of the M&A market,the equity investment behavior of institutions with non-oil and gas background is likely to increase significantly, and the overall M&A activity of companies may be more than the year before.

引文

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    (1)国际石油巨头指埃克森美孚、BP、壳牌、道达尔、雪佛龙和挪威国家石油公司6家跨国石油公司,其他无资源国或消费国政府背景的体量相对较大的国际石油公司为大中型国际石油公司。