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Energy Bridge: “The Only Chinese-language energy magazine of any petroleum exporting nation”

Energy Bridge, known in Chinese as “Canada Oil” (加拿大石油), recently won the accolade as being “the only Chinese-language energy magazine of a petroleum exporting nation.”  The magazine has the ambition to be the definitive window on to Canada’s oil & gas industry for Chinese energy professionals and investors.

Launched in the spring of 2011 as a quarterly, the publication is distributed throughout China via both print and web. Energy Bridge brought out its 2011 Summer Issue chock-full of insightful articles about the upstream sector. The editorial focus was on the Albertan oilsands.

The Summer Issue can be downloaded directly from the website here. The Spring Issue is available here.

The editorial line-up for the Summer Issue includes the following articles:

编者按: 中加商务因相互了解而蓬勃发展
Canada-China Business Thrives on Mutual Understanding
Sebastian Gault, PhD

加拿大石油气业新闻头条
Canadian Oil & Gas Industry News Headlines
Editorial Team

加拿大迷局:亚洲商人应认清在加拿大投资的复杂性
The Canadian Maze: Understanding Complexities of Asian Foreign Investment in Canada
Dr. Roger Gibbins and Robert Roach, Canada West Foundation

“不应该过度自信”:对加拿大油气行业健康的诊断
“Hubris is uncalled for”: Checking the Health of Canada’s Oil & Gas Industry
Peter Tertzakian, ARC Financial Corporation

加拿大液化天然气战略向全球新兴天然气市场看齐
Canada LNG Strategy Aligns With Emerging Global Gas Market
Robert Johnson, PhD, Director, Eurasia Group

双边投资条约:投资加拿大时需重点考量之因素
Bilateral Investment Treaties: Critical Considerations for any Investment in Canada
Michael Hooton, Taylor & Co LLC

阿尔伯塔省油砂业:土地复原义务——不断变化的景象
Alberta’s Oil Sands: The Changing Landscape of Reclamation Obligations
Thomas E. Valentine & KayLynn G. Litton, Macleod Dixon LLP (Calgary)

绸油的出砂冷采技术: 出砂如何帮助产油?
Cold Heavy Oil Production with Sand: How Sanding can Help You Produce Oil
Prof. Maurice Dusseault & Prof. Baoci XU, Waterloo University

亚洲加大对加拿大西部的投资
The Rise of Asian Investment in Western Canada
Lance Mortlock, Ernst & Young

风起云涌的社会责任投资运动:中国油气业准备好了吗?
The Rising Waves of the SRI Movement: Is the Chinese Energy Industry Ready?
Prof. Philip Chang, University of Calgary

加拿大油砂业:外国投资者的机遇与挑战
Canada’s Oil Sands: The Opportunities & Challenges for Foreign Investors
R. Ben Rogers, Norton Rose LLP

加拿大非常规天然气勘探与开发趋势
Exploration and Development Trends for Unconventional Gas in Canada
Mike Dawson, Canadian Society for Unconventional Gas

矿采油砂项目
Canadian Oilsands Mining Projects
Tang Xu PhD

阿尔伯塔省能源长官:Ron Liepert访谈录
Alberta Minister of Energy: Ron Liepert
Interview

Baytex能源公司公司简介
Baytex Energy Corp. Company Profile
Interview with Anthony Marino, CEO

评Ian Morris的《为何西方统治世界——暂时》
Why the West Rules – For Now by Ian Morris
Reviewed by Ken Lam, Lam Associates Inc.

评Jeff Rubin的《为什么世界将大变为小》
Why your World is about to Get a Whole Lot Smaller
by Jeff Rubin Reviewed by Jon Rozhon
Reviewed by Jon Rozhon

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Energy Bridge: New Chinese Oil & Gas Magazine Dazzles with Beautiful Cover Illustration

Spring 2011

Canada has become an energy superpower. But by becoming a superpower “of sorts” it must recognize that this extraordinary power brings with it serious challenges and responsibilities.

Energy Bridge magazine is a unique publication as it is written completely in Chinese and therefore communicates directly to all sectors of the world’s second largest economy that is interested in Canada’s energy resources.

In 2011 the publisher had made the subscription free.

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Energy Bridge Magazine’s Launch is Heralded in the Calgary Herald

The following story ran in David Parker’s column in the February 2, 2011 issue of the Calgary Herald.

Next month the Canadian oilpatch will find a new voice to the burgeoning Asian markets with the launch by Calgary publisher Zephyrus of Energy Bridge, a Chinese language oil and gas quarterly.

Publisher Sebastian Gault says the magazine is an inevitable product of the globalizing Canadian energy sector and oil and gas needs a dedicated communications bridge to China.

The investment magazine’s advisory board includes energy industry luminaries from both sides of the Pacific with the likes of ARC Financial’s chief energy economist Peter Tertzakian and Boqiang Lin, architect of the national energy strategy for China’s twelfth Five-Year-Plan.

More information about Energy Bridge, Canada’s Chinese Energy Periodical, can be found on the magazine’s website.

An overview of the contents of the spring issue can be downloaded in PDF format.

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Energy Bridge Magazine announces 2011 launch date in China

中文能源期刊架起加拿大油气工业通向亚洲市场的桥梁

【阿尔伯塔省卡尔加里2011年1月13日】《加拿大石油》杂志将于今年二月首发,这将使加拿大石油工业在急速增长的东亚市场获得又一个发言权。该杂志为石油天然气方面的中文季刊,由总部位于卡尔加里的Zephyrus公司发行。

《加拿大石油》杂志创办人、《阿尔伯塔石油(Alberta Oil Magazine》杂志前编辑Sebastian Gault说:“《加拿大石油》杂志是加拿大能源部门走向全球化的必然产物。加拿大石油天然气部门需要一座通向中国的专用联络桥梁,同样,中国这个世界第二大经济体也需要一个面向年产值达1000亿美元的加拿大油气行业的明亮窗口。”

《加拿大石油》是份投资杂志,其顾问委员会成员来自太平洋两岸能源工业的翘楚,如ARC金融公司首席能源经济学家彼得·特扎基安(Peter Tertzakian)和中国“十二五”规划国家能源战略的发起者林伯强教授。

《加拿大石油》杂志研究部主任唐旭指出:“与中国目前正在显现的能源需求增长相比,美国的能源需求增长相形见绌。加拿大的经济运行呈现这样一个规律,即资本最终会从消费其资源的国家和地区流入,因此,中加贸易和双边投资必然前途一片光明。”

杂志创办人Gault是名汉学博士,他认为:“能源涉及到一系列相辅相成的行业。不仅油气出口、并购活动和金融服务等方面同中国的贸易会增加,而且其它领域也会腾飞,比如说横渡太平洋的商务旅行、油田服务和技术交流等。”

中国有着4.2亿的互联网用户,这使得中国成为基于网络的读者和广告的终极市场。“作为一份针对幅员辽阔国度机构投资者和石油经营管理人员的投资杂志,本刊用于内容分发的主要格式是print-true PDF格式。但是,我们受过高等教育的读者群包括早期电子阅读器的用户,因此以前还必须采用ePub格式。技术创新精神必须与编辑方面的思想先行者地位相称。”Gault解释道。

除了深入的专题报道和固定专栏外,编辑内容还分为投资、并购活动、监管及司法问题、技术进展以及财务/经营分析等领域。每一期都有特定主题。2011年冬季这一期的主题是加拿大的小型油气公司。“随着中国的机构投资和能源界变得更加多样化、更加成熟,长期的趋势需要他们的兴趣从只是‘大手笔’投资转向‘小型’投资。《加拿大石油》杂志就是在组装评估加拿大独特商业环境的工具。”唐旭补充道。

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若要垂询广告事宜,请联系Reghan Ottenson,电话403-710-4345。本刊网站www.energybridge.ca上的媒体计划书中包括了广告价格。若要垂询其它事宜,请联系Sebastian Gault,电话403-613-0601(电子邮件:sgault@energybridge.ca)。

Press release English | Chinese

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Canadian Company Launches Chinese-language Energy Publication

加拿大公司EnergyBridge创办中文能源期刊《加拿大石油》

From the EnergyBridge.ca website:

Energy Bridge was founded in response to the need to customize first-class analysis of the Canadian oil and gas industry to the specific interests of energy-focused institutional investors in China. The periodical’s early supporters, many of them now members of the magazine’s advisory board, advocated persuasively for Chinese-language editorial — fully cognizant of the challenges this would entail.

The People’s Republic of China is currently undergoing an economic transformation of epic proportions that is directed towards raising the living standards of 1.3 billion people to developed world levels. Canada is richly endowed with energy resources making it, in effect, an energy superpower. Energy trade between these two great countries has only just begun. Energy Bridge is positioned to facilitate this important transpacific conversation.

More information, including advertising rates, is available in the Energy Bridge Media Kit 2011 v4.

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Norton Rose merges with Ogilvy Renault & Deneys Reitz

英国诺顿•罗氏律师事务所为了赢得更多国企在北美和非洲地区的投资并购项目,近日宣布已与加拿大律所Ogilvy Renault和南非律所Deneys Reitz达成合并协议。合并将于明年6月完成。

Norton Rose Group recent mergers with Canadian firm Ogilvy Renault and South African firm Deneys Reitz were, according to the firm’s head of Asia, David Stannard, driven largely by the desire to seize China-Canada-South Africa market share.

Norton Rose is seeing a considerable increase in the amount of business flowing between China and Canada and Africa. Indeed, for example, Chinese outbound acquisitions targeting Canada and the USA have increased 81% from the same period last year, reaching US$6.8bn collectively by the end of September 2010. The energy & resources sector alone accounts for 70% of this increase.

“Canada and South Africa are becoming more important economies for our Chinese clients. With lawyers from Canada and South Africa located in our offices on the ground, we will be able to more directly serve the needs of our Chinese clients doing business or investing in these markets,” said Stannard. “China is a major player in the global economy and set to continue to strengthen its presence. The country is South Africa’s largest export and import partner, and also has a strong business flow with Canada,” he added.

As part of Norton Rose’s focus on Asia, the Hong Kong office has doubled in size over the past few months, bringing headcount up to 90 lawyers. The firm has also established a new IP practice that is regionally headquartered in Hong Kong. “Our growth has been driven by the needs of our clients for legal services and this has principally come from our clients in China,” said Stannard.

While he admits that seizing China market share always poses significant challenges, the plan is to continue increasing the firm’s strengths, depth of resources and expertise across key sectors like energy & resources and IT.

The enlarged Norton Rose Group will now have more than 2,500 lawyers located in 38 offices worldwide.

China–North America Deal Highlights

By Jessica Seah | Monday, 22 November 2010

From ALB Legal News

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Geologist’s Arrest Highlights China’s Sensitivities to Foreign Interest in Domestic Resources

Xue Feng

The New York Times published the following report (December 1, 2010) on the Chicago University-educated IHS geologist Xue Feng who alledgedly stole a classified database relating to China’s oil & gas industry. Below we’ve included the recent NYT report together with the official story (July 6, 2010) from China’s Xinhua media.

New York Times: U.S. Barred From Hearing of Xue Feng in Beijing

BEIJING – The United States Embassy was denied access to an appeal hearing for an American geologist sentenced in July to eight years in prison for buying a database on China’s oil industry, an American official said here Tuesday.

The hearing began in the morning, and no result had been announced by the evening.

Robert Goldberg, the embassy’s deputy chief of mission, said outside the courtroom in Beijing that the embassy had made a formal request to attend the hearing of the geologist, Xue Feng. The Beijing High People’s Court denied the request, he said, even though Dr. Xue is entitled to consular representation under the 1980 United States-China Consular Convention.

“Regardless of the outcome of today’s hearing, we urge the High Court and the Chinese government to ensure fairness and transparency in the process of Dr. Xue’s appeal,” Mr. Goldberg said. “We urge the Chinese to grant Dr. Xue humanitarian release and immediate deportation, so that he can return home to the U.S. and reunite with his family.”

Mr. Goldberg said the embassy had filed a formal protest with the Foreign Ministry over the denial of consular representation. Asked about the complaint at a news conference on Tuesday afternoon, a ministry spokesman, Hong Lei, said, “The Chinese judicial authorities will handle the case according to law and continue to fulfill our obligations according to the China-U.S. treaty on consular affairs.”

Dr. Xue was detained three years ago and later charged under a vague state secrets law. He had signed a purchase contract on behalf of an energy consulting company based in Colorado, IHS Energy, for a database on the Chinese oil industry. A court sentenced him on July 4 to eight years in prison and immediate deportation. It also fined him $30,000. American officials were present at his first trial.

Dr. Xue was born in China but received citizenship in the United States before returning here as a businessman. The White House had lobbied Chinese leaders on his behalf, and American officials had visited him in jail nearly 30 times. The American ambassador to China, Jon Huntsman, has called for his release.

The harsh sentence imposed on Dr. Xue reveals China’s sensitivities to business dealings related to natural resources. In March, an Australian businessman born in China, Stern Hu, was sentenced to 10 years in prison by a Shanghai court partly on charges of stealing commercial secrets involving Chinese purchases of iron ore. As in Dr. Xue’s case, that trial called attention to the opacity of China’s justice system.

New York Times, December 01, 2010

美籍地质学家窃取我国国家机密获刑

□综合环球时报报道

据报道,北京市第一中级人民法院以“窃取国家机密罪”判处美籍华裔地质学家薛峰8年徒刑。 2007年,薛峰因参与向其美国雇主出售中国石油行业商业数据库被国安以 “窃取国家机密”为由逮捕,美国政府曾为此多次施压无果。

报道称薛峰出生于中国并在芝加哥大学接受培训,后受雇于美国能源公司IHS能源。他安排向IHS公司出售了中国石油行业的商业数据库,并因此与 2007年底被捕。薛峰被拘押后不久,美大使馆就开始关注,曾20多次探视,据称奥巴马访华时曾在北京提到该案;中国官员称此案是2007年底2008年 初破获的一起间谍案,有扎实证据证实此人窃取国家机密。

报道称,在被监禁2年之后,曾在芝加哥大学接受培训的薛峰仍被关押在北京某一地点。由于购买石油产业商业数据库,他被指控窃取国家秘密。该报道还称,据随奥巴马访华的匿名白宫官员透露,奥巴马在北京还提到了薛峰的案子。

报道还称,美国驻中国大使馆表示,自薛峰被拘押后不久,他们就开始关注此案,曾20多次探视薛峰,传达薛峰家庭的信息。一名中国官员证实,这起 案件是2007年底2008年初中国方面破获的一起间谍案,“我方有非常扎实的证据证实此人窃取了国家机密,触犯了中国法律”。

2010年07月06日

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China’s CNPC cuts 2011-2015 overseas investment plan

Nov 23 (Reuters) – State-owned China National Petroleum Corp (CNPC) has cut its annual overseas oil and gas investment plan for the five years ending 2015 to focus on returns rather than output.

The parent of PetroChina Co Ltd (0857.HK)(600028.SS)(PTR.N) did not specify the percentage of cuts or annual investment plan.

“To evaluate an overseas project, (we) should look at overall returns instead of just production,” CNPC Deputy General Manager Wang Dongjin was quoted as saying in the China Petroleum Daily, a company newspaper.

The top oil and gas company in China had set specific indicators including returns on capital, net cash flow and internal rate of return for overseas projects, and was no longer only targeting fast expansion, the report said.

CNPC sealed nine oil and gas deals in 2009 alone, four of which have production capacity of more than 10 million tonnes of oil equivalent per year. It was operating 81 oil and gas projects in 29 countries, up from 58 projects in 22 countries at the end of 2005, according to a separate report in the company newspaper.

It had 595 service and engineering units operating in overseas markets, the second report said.

Crude output from overseas projects increased at an annual rate of more than 15 percent in the past five years, it added.

In 2009, CNPC produced a record 69.62 million tonnes, or 1.39 million barrels per day (bpd), of crude oil from its overseas projects, although output was shared by the company and its foreign partners.

CNPC units in Kazakhstan and Turkmenistan would develop new projects in the coming five years, while maintaining steady output growth in existing projects, a development that would greatly boost its production in central Asia, the report added. (Reporting by Jim Bai and Aizhu Chen; Editing by Chris Lewis)

A more detailed Reuters account of the cited CNPC-website report is available in Chinese:

中石油削减”十二五”海外油气业务投资,因海外环境更具挑战

路透北京11月23日电—中国石油天然气集团公司周二称,因海外投资更具挑战性,中国石油海外油气业务”十二五”(2011-2015年)期间确定的每年投资额比规划之初将有所降低.

刊登在中石油网站的新闻稿称,预计到”十二五”末期,中国石油海外油气作业当量将达到中国石油的”半壁江山”,中国陆上跨境油气输送通道将全面建成,海外原油加工能力将比”十一五”(2006-2010年)大幅提高.

中国石油(601857.SS: 行情)(0857.HK: 行情)的母公司中石油集团没有指出其削减海外油气业务的计划规模,但新闻稿援引集团公司副总经理汪东进称,”如何评价一个海外项目,要看综合效益而不仅仅是产量.”

对于中石油海外勘探开发公司来说,”十二五”期间,土库曼斯坦阿姆河天然气产能建设、中亚天然气管道建设、中东两伊地区的大型项目等一批重大战略项目都将 开始後续建设.到”十二五”末,中亚油气合作区的作业产量将在”十一五”基础上有较大增长,而哈萨克斯坦地区公司和阿姆河天然气公司也将在保障老项目稳产 增产的同时积极开发新项目.

新闻稿并指出,在新的历史条件下,中国石油面临的国际形势发生了许多变化,包括资源国能源政策调整、国际恐怖事件频发、国际投机炒作、美元汇率变化、国际油价震荡以及油田勘探开发难度加大、成本上升、效益下降等局面.

“十一五”期间,中国石油海外业务先後中标和签订30个油气项目,新进入7个国家.由”十五”(2001-2005年)末的22个国家58个投资项目,扩展到29个国家,管理和运作着81个项目,海外油气业务由加快发展迈入规模发展阶段.

新闻稿并称,十一五期间,中石油在中亚—俄罗斯、中东、非洲、美洲和亚太海外五大油气合作区布局基本完成,四大油气通道建设快速推进,三大国际油气运营中 心初现端倪.仅2009年,中石油就新获9个项目,其中千万吨级以上油气项目4个,在中东两伊地区新项目开发及中亚、亚太、北美地区油气资产收购上不断取得成功.(完)

The full-length official CNPC communique is given below:

中国石油海外油气业务“十二五”发展展望

“走出去”尚不足20年的中国石油海外业务,在“十一五”取得丰硕成果、进入规模化发展阶段之后,如何在复杂多变的国际形势下实现更好的发展,关乎中国石油的未来,更关系到大型央企的重要使命。

11月上旬,中国石油海外勘探开发公司在北京召开中国石油海外油气业务“十二五”规划研讨会。在近两天的时间里,集团公司计划、财务、外事部门 有关负责同志,以及海外板块各大地区公司负责人和相关专家认真研讨,使编制了近一年时间的中国石油海外业务“十二五”发展规划脉络更加清晰,发展目标与重 点进一步明确。

站在新的历史起点上,展望“十二五”海外业务的发展前景,令人心潮澎湃。预计到“十二五”末期,中国石油海外油气作业当量将达到中国石油的“半壁江山”,我国陆上跨境油气输送通道将全面建成,海外原油加工能力将比“十一五”大幅提高……

如何实现这一目标?拟订的“十二五”规划做出了响亮的回答:必须坚持以效益为中心,加快发展方式转变,提高发展质量,坚持低成本发展战略,加强风险防范,提高资产质量,实现规模有效可持续发展。

回顾中国石油海外业务17年的发展历程,“十二五”期间海外业务发展方式的转变格外引人注目。

从要规模到要效益

规模是前提,有效是核心。海外业务既要有量的积累,要注重质的保证,还要实现连带效益。

中国石油海外业务在“十一五”期间完成了全球业务布点,形成的五大海外油气合作区具有了储量、产量、炼量、运量上的预期规模。在新的历史条件 下,中国石油面临的国际形势发生了许多变化:资源国能源政策调整、国际恐怖事件频发、国际投机炒作、美元汇率变化、国际油价震荡以及油田勘探开发难度加 大、成本上升、效益下降等局面,使海外投资更具挑战性。

在这种情况下,规划不仅要保证项目的可持续发展,而且要切实考虑到内外部的实际问题。为此,“十二五”规划做出了科学调整,更加强调和突出投资效益。

正如集团公司副总经理汪东进所说:“如何评价一个海外项目,要看综合效益而不仅仅是产量。”正是基于这种思路,经过一系列的工作,中国石油海外 油气业务“十二五”期间确定的每年投资额比规划之初有所降低,对于能切实反映项目效益水平的资本回报率、净现金流、内部收益率等数据一一明确,指标更易于 操作、便于执行。

在“从要规模到要效益”的发展转变中,我们可以看出,不再一味求大、求快,而是求稳、求实,每一分钱都要用在刀刃上,这种思想已经从海外板块的要求,转变为每个项目公司的切实行动。

走低成本发展道路

对于海外勘探开发公司来说,“十二五”期间,土库曼斯坦阿姆河天然气产能建设、中亚天然气管道建设、中东两伊地区的大型项目等一批重大战略项目都将开始后续建设。

为此,在“十二五”规划中,走低成本发展道路被提到了重要位置。走低成本发展道路,就是要保持艰苦奋斗、勤俭节约的传统作风,就是要通过科技创新降低成本,提升科技创新对于成本下降的贡献率,就是要大力倡导精细管理,进一步优化海外油气业务布局和投资结构。

坚持走低成本发展道路,到“十二五”末,海外油气业务将保持较高的平均资本回报率,海外油气业务经济增加值也将逐年增长。

中亚示范效应凸显

“十一五”期间,集团公司海外油气业务的主导和示范作用,历史性地落在中亚油气合作区上。

以哈萨克斯坦地区公司、中亚天然气管道公司和阿姆河天然气公司为主体的中亚油气合作区将成为中国石油海外实现“五化一强”的合作示范区。

早在2009年,集团公司就提出将中亚地区建设成为集团公司海外油气合作示范区的目标。在“十二五”规划中,这一目标正通过科学规划得到进一步 明确。“十一五”期间,中哈原油管道一期工程以及中亚天然气管道A线、B线相继投产,中亚油气合作获得重大发展。“十二五”期间,中国石油海外业务中一些 重要的油气管道项目将继续按计划推进,哈萨克斯坦地区公司和阿姆河天然气公司也将在保障老项目稳产增产的同时积极开发新项目。“十二五”末,中亚油气合作 区的作业产量将在“十一五”基础上有较大增长。通过努力,中亚油气合作区还将在其他相关领域发挥示范作用,成为海外油气业务发展过程中的又一里程碑。

会议结束后,代表们一致认为,2009年11月开始着手编制的“十二五”规划,在经过一次次修改、一遍遍优化中逐渐成熟,也更趋于务实、便于操作,集团公司最终形成的海外油气“十二五”规划更具有全球视野、更体现科学发展理念。

在规划的科学指引下,中国石油海外业务必将实现中国石油海外油气当量占公司“半壁江山”的宏伟目标。同时,也将为“十三五”乃至今后更长远的发展扎牢根基。

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Accenture to China: Buy Foreign Energy Resources Jointly

Arthur Hanna

In a November 4, 2011 interview with Caijing magazine, Accenture’s Global Managing Director for Energy, Arthur Hanna, and the Chairman the Accenture Global Energy Board, Lord Browne, gave the recommendation to China’s resource-hungry energy companies to resist the temptation “to go it alone” in acquiring overseas assets.

Host countries are very suspicious of attempts to acquire their natural resources — and this applies equally to companies from China as well as England.

The article does not state specifically that host country companies should participate in the envisioned joint ventures, but this is implicit in the remarks. This strategy brings with it a host of merits: access to markets, technology, assets and property as well as financing.

This represents a new trend in the area of energy M&A, pointed out Hanna.

埃森哲:联合收购能源资产胜算大

【《财经》记者 李纬娜】“通过和其他企业联合共同参与竞购,可以把获得市场、获得技术、获得资源资产和获得融资汇聚在一起。”11月4日,埃森哲全球能源事业部董事总经理阿瑟•汉纳对《财经》记者表示,“这是能源并购领域出现的新趋势”。

埃森哲全球能源委员会主席布朗也认为,在油气行业当中,建立合作伙伴关系尤为重要,与其他企业联合进行资源收购并购,胜算会更大,“获得资源的方法多种多 样,既可以参与勘探、开采,也可以直接购买,既可以参与到资源商品的交易市场当中,也可暂时拥有供应生产的设备设施。”

布朗认为,油气资源是每个国家财产的重要组成部分,任何企业去收购这些资源,资产所在国政府都必然会去考虑监管规则和收购方的意图。例如在安哥拉,无论是中国石油企业还是英国石油企业,都必须考虑到资源对当地政府的敏感性。

至于收购溢价高低问题,阿瑟•汉纳和布朗均认为,不要在收购刚刚完成就下判断。在能源领域,收购企业都是在一次性支付未来前景,产生收益之后才好评价溢价是否合适、收购时点是否准确等。

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“Monopolistic Structures Impede Growth of China’s Energy Sector”

Chen Weidong

Chen Weidong, the chief of energy research at China National Offshore Oil Corporation (CNOOC), stated in a recent interview with business magazine Caijing that the current “institutional mechanisms” supported by the monopolistic state-run companies making up China’s petroleum industry are hampering the growth of critical emergent energy sectors.

This is a revealing confession from one of the masterminds behind CNOOC’s recent foray into US shale gas, where CNOOC recently acquired a $10 billion position with Chesapeake in the Eagle Ford shale gas play. The principle purpose of CNOOC’s acquisition is widely believe to be for CNOOC to learn as much about the business of shale gas operations so as to repatriate the know-how to China in order to exploit the vast domestic shale gas potential.

Chen points out that there are 8000 oil & gas companies operating in the United States. (He does not give a figure for the number of O&G companies China, but we do know that there are only four with licenses for hydrocarbon exploration.) He points out that 85% of all the shale gas produced in the US is derived from small to intermediate sized companies. This high number he attributes to the highly competitive American economy where smaller companies show greater agility and seem to have the knack of making more innovative use of new technologies to identify and take advantage of niche opportunities.

Chen cites the case of China’s vast subsidies for coalbed methane (CBM). Despite all the money invested and the favourable terms offered, the coalbed methane industry has made only very poor progress after more than a decade of vigorous efforts.

The solution is obvious, he points out: China must dismantle the monopolistic structures that straightjacket its energy industry in order to allow for small and medium E&P companies to thrive. Without this there is a good chance that the shale gas revolution will actually never get underway in China.

[Note: Chen has studied the effects of monopolies on the petroleum industry in different parts of the world. In his review,Merits and Demerits of Oil: From the Soviet Union to Russia, of the Chinese-translated book by Michaeal Economides Oil's Supremacy: Russia's Path of Petroleum Politics, Chen warns China against the many dangers of adhering to the Russian model.]

陈卫东:垄断思维不利于新兴能源开发

与美国页岩气勘探开发条件相似的中国能否成为商用国家现在还没有答案

【《财经》记者 李纬娜 王奇华】国内的能源企业垄断思维里不利于中国新兴能源的开发。11月2日,中海油能源经济研究院首席能源研究员陈卫东对《财经》记者表示。

陈卫东表示,美国8000余家石油公司中,85%的页岩气由中小公司生产,而中国大约只有15%的中小企业参与到页岩气勘探和开发中。

美国能源市场鼓励竞争,竞争带来的强大经营压力驱动中小企业时刻创新,它们会更注重技术的综合使用,千方百计地在一些不起眼的领域挤出一点点生存空间。

陈卫东指出,美国是唯一页岩气商用国家,中国页岩气与美国的勘探开发条件相似,但能否也成为商用国家,现在还没有答案。

“像我们的煤层气走了十几年,政策很先进,补贴也很丰厚,但始终发展得不尽如人意,这是体制机制的问题。”陈卫东对《财经》记者说,唯有改变目前的市场机制,才能促进一些新兴能源的开发与发展。

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