Reflections on Exploration Block Merger and Acquisition by International Oil Companies

doi:10.3969/j.issn.1002-302x.2019.01.009

Abstract

Abstract: International oil companies are the main players in the merger and acquisition activities of the upstream exploration assets. This article analyzes the mergers and acquisitions made by seven international oil majors -- ExxonMobil, Shell, Total, BP, Equinor, ENI and Chevron -- in the area of upstream exploration assets between 2017 and 2018. It also summarizes the characteristics of the mergers and acquisitions cases exploration assets, such as access conditions, operatorship, important exploration fields and trading opportunities. International oil companies have extensively attached great importance to mergers and acquisitions of exploration assets, setting a record high in transactions number. They actively compete for operatorship of main exploration blocks and reasonably control the proportion of interests. Deepwater oil and gas exploration has become an important exploration area. Global frontier risk exploration becomes a focus of attention from the petroleum community. It is proposed that the domestic oil companies should make greater efforts for the research on mergers and acquisitions of exploration blocks, strengthen risk assessments, pay active attention to deepwater exploration assets, step up international cooperation, focus on periodic analysis of oil and gas industry, continually optimize the assets portfolio, and take advantage of the favorable window to bring about rapid business development.

摘要： 国际油公司是上游勘探区块并购活动的主要参与者，通过对埃克森美孚、壳牌、道达尔、 BP、挪威国家石油公司、埃尼、雪佛龙七大国际油公司2017—2018 年上游勘探区块并购情况进行梳理，总结了国际油公司勘探区块的主要获取情况、作业权益、重要勘探领域以及交易时机等方面特点。分析表明国际油公司普遍重视勘探区块收并购，交易数量创历史新高；积极争取主要勘探区块作业权，合理控制权益占比；深水油气勘探已成为当前重要勘探领域，全球前沿风险领域勘探受到广泛关注。建议国内石油公司重视勘探区块收并购研究，强化风险评价，积极关注深水勘探资产，加强国际合作；注重油气行业周期分析，不断进行资产组合优化，把握有利窗口期实现快速发展。

关键词: 国际油公司, 勘探区块, 收并购, 资产优化, 合作权益

CLC Number:

Zhang Ningning, Wang Qing, Wang Jianjun, Li Haowu, Liu Mingming. Reflections on Exploration Block Merger and Acquisition by International Oil Companies[J]. Petroleum Science and Technology Forum, 2019, 38(1): 56-62.

张宁宁　王　青　王建君　李浩武　刘明明. 国际油公司勘探区块收并购趋势与启示[J]. 石油科技论坛, 2019, 38(1): 56-62.

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