New situation petroleum enterprises "going out" strategy _xxx654987

Executive summary of "going out" a Chinese oil company practicing scientific development concept, ensure domestic energy security and meet the demand of the inevitable choice. The financial crisis on our petrochemical enterprises "going out" brings opportunities, this paper studies the changes brought about by the financial crisis and the impact, the Chinese oil company in the "going out" strategy to adjust the target market selection and "going out" form options, to take a variety of project development tactics, to spread the project organization strategy, the Government increased security support, to promote our oil and gas companies overseas. Keywords financial crisis petroleum enterprise strategy papers selected for 2008, China became the world's second largest oil consumer and third largest oil-importing countries, the domestic petroleum reserves, production outweighs the oil consumption growth, oil imports and external dependence has increased, the sustainable development of national economy and national petroleum security challenges. Chinese oil companies only vigorously implement the strategy of "going out", the effective use of domestic resources and markets, to meet the economic and social development needs of the oil, the oil of the sustainable development support energy and sustainable development of economic society. First, China's oil supply and demand situation grim (a) our oil reserves are limited, and stable, increasing difficult land may 2008 published the latest data show that China's oil recoverable resource quantity only 212 million tons. In the remaining proved recoverable reserves, low or very low permeability, heavy oil, heavy oil and burial depth greater than 3500 m of oil reserves accounted for 50 per cent, exploration and development of great difficulty. In recent years, major oilfield Eastern China has entered a high water content, high output, high production rate of development in the Middle, and high pressure. 2000-2007, China's crude oil production in 1.6-1.9 billion tons, future growth limited (ii) our oil consumption continued fast growth as industrialization, urbanization, marketization and internationalization process faster, our oil consumption into rapid growth phase, consumption from 1991 1.18 billion tons of growth to the 2008 3.9 billion tonnes, the average annual rate of 1600 million tonnes, the average annual increment 7.4 percent. (Iii) the rise of China's oil imports. External dependence breakthrough 50 per cent of the rapid growth of oil demand and limited supply of the domestic oil leads to the inevitable consequence of the increasing oil imports, external dependence. 2002-2007, China's oil net imports increased from 7773.5 million tons to 1.85 million tons, with an average annual growth rate reached 18.7% dependence on foreign oil from 2002 31.2% to 49.6 percent in 2007. In 2008 the net imports of petroleum in nearly 2 million tons, external dependence is the first time exceeded 50 per cent. Faced with rapid growth in oil demand and domestic oil resources are limited, rapidly increasing dependence on foreign oil and the contradictions of the national energy security, sustained high oil prices and growing domestic oil demand contradiction, rely solely on domestic resources are not enough. Chinese oil companies must start protecting national petroleum security and economic stability point of view, implementing the "going out" strategy, use of the two markets and two kinds of resources ultimately guarantee the safety of China's oil. Second, China Petroleum enterprises "going out" strategy problems (1), China Petroleum enterprises "going out" results significantly since 1993 States "going out" strategy, our oil companies began developing on overseas oil and gas cooperation, China Petroleum enterprises "going out" of increasing overseas oil and gas business has developed rapidly. There are already more than 50 countries and regions have more than 100 oil and gas projects, and gradually formed a Africa, Russia and Central Asia, South America and Asia Pacific-based five overseas oil and gas production area. As of 2007, China's overseas oil and gas job output nearly 90 million tons, the interest yield 40 million tons. Where the overseas petroleum liquids production nearly 30 million tons of petrochemical 700 million tons, CNOOC nearly 130 million tons. 2010 China overseas oil and gas jobs production will reach 1 million tons, the interest yield more than 50 million tons, accounting for domestic oil and gas production, the proportion of the total will exceed 25 per cent. (Ii) our oil enterprises "going out" problems despite our oil companies go out of the international petroleum cooperation achieved greater success, but in "going out" process still plagued with problems, also met with many obstacles. Summarize up mainly includes the following aspects: 1 in the face of resource State political risk, legal and economic constraints in more and more, the difficulty of international cooperation. As a result of Western multinational oil companies in occupies the center of the World Petroleum, petroleum enterprises "going out", the more time you can only enter the Western oil companies are reluctant to enter the country and region. While these countries often contains a larger political risks, including changes in the political system, war risk, the risk of social risks, changes in the economic policies of the host country, and our oil companies compared with Western companies, in response to the lack of experience of these risks. At the same time, the resources of international economic cooperation 2009 7 period in order to protect their own interests, developed a number of laws and regulations, while oil contract provides many of the restriction clause, for example, in addition to the payment of exploration, mineral resources, tax and other taxes, payment information or signing and other bonuses, a cost-recovery ratio restrictions, the import and export of crude oil exports, equipment as well as foreign currency export restrictions, leading Chinese oil companies get a chunk of difficulty overseas. 2 resource countries launched cooperation block exploration difficult, poor economic performance. Exploration and development task difficulty primarily in technical difficulty and high cost. Exploration projects such as land deep exploration, deep sea exploration, mountain, exploration of complex surface conditions; oilfield development projects such as the renovation of old oil fields, high water oil field, low permeability oilfields, heavy oil, pour point and oil development. If you do not have a corresponding advanced technology, it is very difficult to intervene in this type of project, even if access to this type of project,Its economic benefits are rather poor. In addition, in the South-East Asia, South America, North Africa and other regions of the world's major oil-producing part of the developing countries foreign tender chunks in a large number of existing projects in the oil field development in the early days of excessive yield, the late development of great difficulty, poor economic performance. This oil field not only mining technology has high requirements, workload, and yield potential. 3 potential target areas for international cooperation difficult. In addition to oil and gas exploration and development of hot spots and part of the oil and gas exploration and development earlier, more mature technology in developing countries, the remaining oil and gas rich in resources, international petroleum cooperation of States can roughly be divided into three categories: one is affected by job conditions or current technological constraints, exploration and development difficult or unable to exploration and development of the region, including the deep ocean, polar, mountain and desert areas; second, the resource state oil infrastructure lacks or away from oil and gas market, such as landlocked developing countries Niger and East Siberia; third, the Council is not very stable countries and regions, such as Ethiopia and Colombia, etc. 4 multinational oil companies involved in the international oil market is highly competitive. The majority of the world have the resource potential of countries are opening up to or part of the open its domestic oil and gas resources, there are thousands of companies involved, making the international oil market of more intense competition. Statoil has advantages in resources, the resource potential, proximity to market and easy exploration block firmly in control in your hands. Large multinational oil companies to its funds, equipment, technology, experience, expertise and market image, and many other advantages in international cooperation in occupies a dominant position. A large number of small and medium-sized oil companies operating flexibility, good PR, tend to have the permit block. Various types of funds, consortia or investment company with capital advantage in the world and find all kinds of investment opportunities, often at the international oil cooperation win a share in. 5 domestic oil enterprises "going out" process, lack of communication and coordination. More foreign oil project is obtained through competitive bidding, companies must compete, but also China's oil competition among enterprises. Our oil enterprise in the international competition is still in its own partition, the status of independent bucket is obviously not conducive to the development of individual enterprises abroad, foreign direct investment as a whole benefits. Third, China's oil enterprises "going out" strategic choice financial crisis to bring certain petroleum business tactics, but on the strategic level, has the potential to become China's petroleum enterprises "going out" in the history of the great opportunities that benefit our oil companies overcome these obstacles, and achieved a major breakthrough in overseas petroleum cooperation. Financial crisis will have on our petrochemical enterprises "going out" of strategic choices have a significant impact, whether it is going out of the targeting or methods, you need to study China's petroleum enterprise further effort to seize the opportunity to meet the challenge. (A) petroleum enterprises "going out" market choose our oil enterprises "going out" utilization of overseas oil and gas resources to strive to achieve a positive and safe, effective, and in the target market choice first to select preferred rich mineral resources exploration and development potential of countries. Next select the investment environment in good state, good investment environment is a combination of several factors, including political, economic, social, legal, cultural, etc. The third selection and our friendly countries. Summary, to the oil or oil, got the oil can get back to the right secure, mining industry, services, and a high degree of market. Before the financial crisis, China's enterprises overseas investment, jobs, yield up areas in Africa, project number, total number of items in China and overseas by 35 percent, job account overseas 43% of total production. Chinese enterprises not only in the African countries to oil exploration, oil refining and other businesses have also progressed, China Petroleum and Sudan Khartoum refinery, the cooperation of refining capacity of up to 500 tons. Russia in Central Asia is currently the second largest Chinese enterprises overseas oil and gas cooperation area, mainly concentrated in Kazakhstan, Turkmenistan and Russia. The third is the South American region, including Venezuela, and Ecuador. With the outbreak of the financial crisis and deepening, the world's major oil and gas cooperation area are to varying degrees. First, the African regional situation grim. African regional capital inflows mainly international aid and loans, foreign investment, remittances and tourism income and resources. Affected by financial crisis, Western countries on the Africa aid, loans and investments are in decline, from Europe and the sharp decline in remittances. At the same time, due to the sharp decline in the number of European and American tourists, foreign exchange earnings are reduced significantly. Energy, minerals and agricultural commodities prices also resulted in Africa's major oil producers income dropped. Secondly, Russia in Central Asia with the slowdown of economic growth. Russia domestic economic growth slowdown, foreign exchange reserves continued to shrink, several large oil companies have jointly request the Government to provide loans. The financial crisis itself on Kazakhstan and other countries, impact is not big, but international prices plummeted led to a sharp decline in revenue. The third is the Latin American region was affected the real economy. Venezuela, Brazil and other countries because of raw material prices continued to decline, leading to a sharp decline in revenues in local currency devaluation of Latin American countries, funds escape and multiple stock shocks, real economy affected, oil and gas industry before against the nationalist sentiment as well as the Government's tendency to temporarily relieve the nationalization. The Middle East region affected by financial crisis relatively small economic turmoil is not great, basic stable development. The influence of the Asia-Pacific region are severe, export-oriented economy in Europe, order insufficient fall, a large number of exporting firms. In this context, the Chinese oil company in the international oil and gas cooperation targeting must make the appropriate adjustments. Africa is rich in resources, and our relationship is good, this time on foreign investments and assistance requirements extremely urgent, is our oil enterprises to enter this area oil and gas exploration and development in the area of good time. Russia in Central Asia is rich in resources, and urgently needed overseas funds help alleviate debt pressure, freeing, China Petroleum enterprises should seize the opportunity, through the national oil company equity acquisitions, oil blocks between interest and equity transfer, the purchase of small and medium-sized private oil companies, active participationAnd oil and gas resources in the region. The Latin American region are accelerating and Asia-Pacific economic cooperation, to resist the financial crisis, but in view of the Latin American region long outstanding resource nationalism and nationalization, Chinese oil companies should cooperate actively with the Latin American national oil company, seeking to establish a refinery in China. (B) petroleum enterprises "going out" form select our oil enterprises "going out" in the form of wholly-owned, joint equity participation and investment in the non-equity arrangements. Wholly-owned that we all hold shares. Joint venture equity participation including two cases: one with the host joint stock oil company, the other is combined with international oil companies. Non-equity arrangements of a wide range, including the leasing system, management contract, yield into contracts, and technical assistance contracts, lease contracts, as well as a variety of industrial cooperation. Before the financial crisis, China's oil and gas enterprises to participate in international cooperation is participation and non-equity joint venture arrangements, especially to yield into contracts, service contracts, etc. mainly. Try to be wholly-owned international oil and gas cooperation efforts often because Governments on entering the country of the foreign oil companies in strict supervision and interference and gave up. The current international financial crisis, China's oil enterprises "going out" the preferred strategy is to strengthen the overseas assets acquisitions. Financial crisis, international oil prices, a large number of speculative funds withdrawal difficulty financing, international oil companies have been compressed. In recent years a large number of companies that purchased chunks because facing financing and debt pressure, can't get rid of the fate of being acquired, some small and medium-sized oil block due to lack of funding, has purchased the chunk to development, or even bankruptcy. And highly dependent on oil from the Middle East, Africa and Latin America to the oil-producing countries, due to financial pressure, but also sell project asset financing. Our large petroleum enterprise asset quality compared with a very big advantage. From a financing point of view, China's major State-owned petroleum company's asset-liability ratio lower than many international oil Corporation, China Petroleum balance rate of less than 30 per cent, financing without any problem. Chinese oil companies should grasp the opportunity and increased purchase overseas resources, occupy some energy resources for the strategic interests of our country. Chinese oil companies relative to financing more, less expensive, have large amounts of cash in hand, you should take advantage of this opportunity, actively purchased outside the block, or the use of funds, and international development cooperation of large oil companies, or even a large number of mergers and acquisitions with chunks of small and medium-sized oil company. At the same time, some of the development of oil and gas resource-rich but relatively backward countries in response to the financial crisis, may relax on the foreign oil companies to participate in the national oil and gas resource development, but also for our oil companies international petroleum cooperation opportunities. 4. petroleum enterprises "going out" tactical select Chinese oil companies adhere to the scientific concept of development as the Guide, in an existing overseas oil and gas cooperation area, making full use of the financial crisis of opportunity through the optimization goal, ways and means of innovation, constantly expanding the new areas and new projects, strengths, optimized layout, mutual benefit and win-win and common development, and establish a stable and reliable overseas energy supply base, ensuring national energy security, creating an internationally competitive modern transnational oil companies. In practice, but also have the right tactics, the need for Government and industry work together to ensure that strategic goals. (A) Government guarantees support select 1 increase the policy support and energy diplomacy. Due to the special status of oil and gas cooperation, overseas extremely competitive. Currently overseas petroleum investment is not just financial, technical and economic factors can determine, no State oil company in the international market of interest guarantee, it is necessary to rely on its strength and the Government's oil foreign policy support. Our Government should actively implementing energy diplomacy to advance and petroleum resources of the State of political, economic and cultural exchanges, strategic partnerships, strengthening and the International Energy Agency and the international oil channel official contact countries along our petroleum enterprises "going out" its overseas oil and gas cooperation towards better conditions. 2 perfect "going out" of the relevant policies and laws and regulations. State funded venture fund, as the "going out" of the enterprise provides project and product of political risk and non-commercial risks. The Government should actively with the relevant countries, investment protection agreements, double taxation agreements and the multilateral investment guarantee agency of the relevant provisions of the Convention, to protect our interests of foreign investment enterprises, for enterprises to create a secure environment for foreign investment, and by laws and regulations and appropriate management mechanisms to prevent overseas enterprise system risks. As high investment project, the risk of oil investments, and "go out" to overseas investment, enterprise financing costs will be higher. Our Government should take advantage of favorable opportunity now, extensive expansion financing, comprehensive use of various financial instruments, as our oil enterprises "going out" of providing funding support. 3 establishment of oil companies overseas business of unified coordination mechanisms should revise and improve the offshore oil and gas resources development coordination mechanism to avoid in the same country or region of the project and your company can compete with each other. To avoid some enterprises in China in the international market competition, should be carried out by the Government the establishment of coordination mechanisms, unanimity, several companies also interested oil project, a common tendering should be organized, the Government should be based on the company's strength, technical characteristics, the project work of the State in which the Foundation effective coordination across the company, determine the right job or the proportion of shares of the company. In addition to the regional options should also encourage Chinese oil companies through mergers, acquisitions and equity swaps for asset restructuring, the formation of strategic alliances, together with the use of global resources. (Ii) the Petroleum Corporation of tactical choice to speak, to optimization strategy selection, to the political, economic, and other comparative evaluations on the basis of a reasonable choice destination, to take a flexible and diverse project gets strategy, stock purchase, stock transfer, acquisition, and other the multi-pronged, attention should also be paid to take the appropriate project development tactics and project organization policy. 1 take a variety of project development strategy. The combination of exploration and development, early in project development, gradually increasing explorationOn the project. If you have a new oilfield opportunities for cooperation, should be the preferred item. Oilfield project enters the high cost of loss, improper operation may be very large. Exploration project access fee is relatively low, and is divided into stages, each stage of the obligations of the workload is not very large, once successful, the return may be very high. International major oil companies have exploration project, the main upstream industry profit from exploration. Gradually entered the field of ocean exploration and development. At present, the land of exploration on the whole, the level is relatively high, while the oceans of exploration and development level is relatively low, deep sea and the extent of the polar sea exploration. Remaining at sea for oil and gas reserves growth faster, with the exploration and exploitation of technological progress, Ocean Exploration from shallow water to enter the sham. Chinese oil companies should actively entering the field of ocean exploration and development. To participate in and actively into the natural gas project. Due to various constraints, foreign most natural gas project in the production of gas are difficult to use for our country. Given that there is a huge natural gas remaining recoverable reserves and exploration potential that in recent years, natural gas liquefaction technology have great progress, but natural gas is cleaner energy, conditions permitting, to actively select natural gas exploration and development project, or by natural gas projects of cooperation for petroleum exploration and development projects. Pay attention to the heavy fuel oil and oil sands mining project. Heavy oil and tar sand resource in geology, mainly in the basin edge, geographically, primarily in Canada, Venezuela, Russia, Central Asia and the United States of Alaska, etc. At present, international oil companies are increasing heavy oil and tar sand of exploration and development efforts, our oil companies to seize this opportunity to actively enter the heavy oil and tar sand exploration and development areas. 2 spread the project organization policy. Strive to be overseas project job seekers. Oil and gas exploration and development project with job seekers and job seekers, for both roles of capacity requirements are different, the requirements of the job seekers. From the capacity, the Chinese oil company after years of practice, the transnational management basically already have the capacity as workers and as operators to bring their own company's labor, material and equipment exports, easier to carry out its own strategic intent. Efforts to bring the labour, material and equipment exports. Chinese oil companies of foreign investment into a large part of the labor contract and equipment goods output, the Chinese oil company of professional technical services company through overseas project jobs and achieved experiences in transnational operations, increasing their visibility on the international market, facilitate international technical and engineering services market bids. At the same time, the technical service company for petroleum enterprises in China, providing a strong overseas investment project support. References tangjin pigeon, Shao million yum: oil exploration enterprise internationalization strategy, the international economic cooperation ", no. 5, 2008. Lu as Springs: China's major oil companies implement internationalization strategies need to accumulate five social capital, international petroleum economics, 2008, no. 6. Tan CHAN-Yu: China National Petroleum Corporation "going out" strategy, economics, 2007. Xu Shu autumn: China National Petroleum enterprise internationalization strategy, economics, 2006. New Wai, fen: China's petroleum industry internationalization architecture and strategy, the macro-economic management ", no. 3, 2009. Qin Jing: China National Petroleum Corporation international operations of the SWOT analysis, the China Petroleum and chemical industry economic analysis of law, 2007. 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