国际石油公司低碳业务并购特征与发展趋势  

Characteristics and development trends of low-carbon business M&A of international oil companies

作　　者：孙和风 姜雪 SUN Hefeng;JIANG Xue(CNOOC International Ltd.;CNOOC Research Institute Lfd.)

机构地区：[1]中国海洋石油国际有限公司 [2]中海油研究总院有限责任公司

出　　处：《国际石油经济》2021年第7期36-44,共9页International Petroleum Economics

摘　　要：石油公司低碳业务并购是面向低碳转型的重要途径.国际主要石油公司低碳业务并购有明显的阶段性和方向性,主要体现在:2016年后,低碳并购投资显著增加,近期以电力业务、储电配电业务为重点.油气公司储量、资产负债率、资本收益率和低碳行业资本回报率等对低碳业务投资都有一定影响.对比国际主要石油公司低碳业务并购的差异,低碳业务的发展主要有综合能源提供商和能源-公共事业一体化服务商两个方向:以雪佛龙、艾奎诺为代表的综合能源提供商,低碳业务集中,重点发展生物质燃料、海上风电等综合能源;以bp、道达尔、壳牌、埃尼和雷普索尔为代表的能源-公共事业一体化服务商,低碳业务方向较广,直接面向客户侧的储电配电业务占比高,有向公共事业性质公司发展的趋势.油气公司未来的低碳业务,短期内应明确低碳业务的发展方向,中期需平衡传统油气业务与低碳业务投资组合的关系,长期应对激烈的市场竞争有所准备.Low-carbon M&A of oil companies is an important strategy for low-carbon transition and major international oil companies have obvious stages and direction of low-carbon business M&A. Low-carbon M&A investment increased significantly after 2016 for the stage and the recent focus is on power business, power storage and distribution business for the direction respectively. Such factors as reserves, debt-asset ratio, return on averaged capital employed of international oil companies and low-carbon business’ s return on invested capital would influence low-carbon M&A investments. Based on the characteristics of low-carbon M&A of international oil companies, the development of low-carbon business mainly includes such two directions as comprehensive energy corporation represented by Chevron and Equinor with high-concentrated in low-carbon business and focusing on comprehensive energy such as biomass fuels and offshore wind power;and energy-public utility integration corporation represented by bp, Total, Shell, Eni and Repsol with several lowcarbon service types, that the proportion of storage and power distribution business directly facing customers is high in the corporation and they have development tendency to public utilities. For low-carbon transition in future, development direction of low-carbon should be clear in the short term, it’s necessary to balance between traditional oil and gas portfolio and lowcarbon business in the medium term, and countermeasures should be prepared for the fierce market competition in the long term.

关 键 词：国际石油公司 低碳业务 低碳并购 投资组合 转型趋势 

分 类 号：X322[环境科学与工程—环境工程] F416.22[经济管理—产业经济] F271