2023年全球油气上游资源并购回顾及展望  

Review and Prospect of Global Upstream Oil and Gas Resources M&A in 2023

作　　者：刘丹凤 何萱 潘继平 宋涛 Liu Danfeng;He Xuan;Pan Jiping;Song Tao(CNOOC Ltd.,Beijing 100010;CNOOC Energy Economics Institute,Beijing 100013)

机构地区：[1]中国海洋石油有限公司,北京100010 [2]中国海油集团公司能源经济研究院,北京100013

出　　处：《中外能源》2024年第6期20-25,共6页Sino-Global Energy

摘　　要：2023年全球油气上游并购市场明显回暖。2023年全球油气上游并购交易数量共201宗,较2022年下降7.37%,但由于出现多宗较大规模的并购活动,交易金额达到2335.46亿美元,较上年增长163%。非常规油气资产交易活跃,交易金额约占全球油气上游并购交易总额的56%,天然气资产交易金额增长超60%,天然气资产已成为石油公司降低高碳资产占比、开展资产组合优化的重要抓手。美国是全球油气资源并购最活跃的地区,交易金额比上年上升127.13%,其中非常规油气资产是该地区并购交易的重点。换股并购成为主要的交易方式,2023年前三季度并购交易所采用的评价油价显著低于同期的布伦特原油期货结算价,说明石油公司对中长期油价走势的判断较为谨慎。展望2024年,全球油气上游大型并购活动或将持续,天然气与非常规油气资产将成为交易重点,而美国仍将是全球油气并购市场的重点地区。我国油气企业应适时加强全球油气并购参与程度,增强保障国家能源安全的能力;重点关注“一带一路”沿线国家,持续优化海外资产结构;同时要不断完善企业并购管理体系,提升资本运作能力。In 2023,the global upstream oil and gas M&A market is warming obviously.There were 201 global upstream oil and gas M&A transactions in 2023,a decrease of 7.37% from 2022,but due to a number of larger M&A activities,the transaction amount reached US$233.546 billion,an increase of 163%over the previous year.Unconventional oil and gas assets are actively traded,with transaction value accounting for approximately 56% of the total global upstream oil and gas M&A transactions.Natural gas asset transaction value has increased by more than 60%,and the natural gas assets have become an important starting point for oil companies to reduce the proportion of high-carbon assets and optimize asset portfolios.The United States is the most active region for oil and gas assets M&A,with transaction amount increasing by 127.13% over the previous year,among them,unconventional oil and gas assets are the focus of M&A transactions in the region.Stock-for-stock M&A has become the main transaction method.In the first three quarters of 2023,the evaluated oil prices adopted by M&A transactions are significantly lower than the settlement price of Brent crude oil futures in the same period,indicating that oil companies are more cautious in judging the trend of oil prices in the medium and long term.Outlook for 2024,large-scale M&A activities in the global upstream oil and gas are likely to continue.Natural gas and unconventional oil and gas assets will become the focus of transactions,while the US will remain the focus of the global oil and gas M&A market.Chinese oil and gas enterprises should promptly strengthen their participation in global oil and gas M&A and enhance their ability to ensure national energy security.Countries along the"Belt and Road"should be focused on and the structure of overseas assets should be continued to optimize.At the same time,it is necessary to continuously improve the management system of enterprise M&A and enhance the capital operation capabilities.

关 键 词：油气资源 并购交易 非常规油气 天然气资产 换股并购 资本运作 

分 类 号：F27[经济管理—企业管理]