并购海外油公司项目的技术经济评价思路及方法

28220073ACTAPETROLEISINICAVol.28Mar.No.22007:(J22019001):,,197611,2004(),,EOmail:wangqing@cnpcint1com:0253O2697(2007)02O0144O071,232332(11100083;21100034;31100083):,,3:,()();();,,,Petro2Kazakhstan:;;;;:TE-94:APhilosophyandmethodologyoftechnicalandeconomicevaluationforoverseasoil2companyacquisitionprojectWangQing1,2WangJianjun3WangXiangdong2QiMei3WangSuhua3HuXiangyu2(1.ChinaUniversityofGeosciences,Beijing100083,China;2.ChinaNationalOilandGasExploration&DevelopmentCorporation,Beijing100034,China;3.PetroChinaExplorationandDevelopmentResearchInstitute,Beijing100083,China)Abstract:Theprinciple,philosophyandmethodologyoftechnicalandeconomicevaluationforoverseasoil2companyacquisitionpro2jectwerediscussed.Onthebasisoftheconventionalevaluationmethodforasingleasset,thistechnicalevaluationmethodforthewholeoil2companyassetiscomposedofthreeparts,includingtechnicalassessmentofthestatusandpotentialofassetsinupstreamanddownstream;technicalassessmentofsynergeticeffectforassumingsuccessfulacquisition;riskanalysisforassetofacqui2ringtheoil2company.Accordingtothetechnicalevaluationresults,severaleconomicevaluationmethodswereusedtoestimatethevaluerangeoftheobjectiveoil2company.Then,thevalueoftheobjectiveoil2companywasadjustedaccordingtotheresultoffinan2cialandlawsuits2relatedanalyses.Theapplicationofthetechnicalandeconomicevaluationmethodologyforoverseasoil2companyac2quisitionprojectinthecaseofacquiringPetroKazakhstanInc.wasbrieflydiscussed.Keywords:oil2companyacquisition;asset;technicalandeconomicevaluation;evaluationmethod;applicationcase,[1O7],,,(),,3,,20058,(CNPC)PetroKazakhstan(PK),(CNPCI)PK2:1451,,,(1):,1Fig.1Workflowoftechnicalandeconomicevaluationforforeignoil2companyacquisitionproject;,,;();,,;2,,,,,[1,3O4],3:,:();;;;(),:;;;,;,:,,[3O4],;,33:;;,311(),,(2)31111,(),,146200728[8O15]:;(SEC,SPE)2Fig.2Workflowoftechnicalevaluationforupstreamassetsofoilcompany,,,,,,[15O21],,;,,,,,;,[15O16,20O21],311122080,4[22O25],,33(Otis,1997;)Fig.3Explorationevaluationprocess,;,Chevron,,4,,2:1474[22](),([22]),,,,,,,,[25O32](),,;[22,27,33]31113,(SPE2P),(),[20,31],(Rt),Rt=Ra+RbRa;Rb();,()()(),,[31]31114:;;;[11]312,,,,[11,32]4(EBITDA)[11,34O40]411,[11,34O36],,(),,412[33,37O40]3,,,413()(),,[3,11,15],,,,EBITDA,,,148200728,5PK,5,PK22116CNPC,PK3,PK,PKPK3:,PK,;PKCNPC,,;PKPK:200511,PK2P01873108m3(5149108)(NationalInstru2ment51O101);t;P50t,P90t,,,:PK,,;,PK;PK,EBITDA,,CNPCPK6(1),,,,,,,,,(2),(3)(4),,,(5),(6),,[1],.[J].,1995,3(3):37O40.TongXiaoguang,ZhuXiangdong.Evaluationofinternationalpe2troleumexplorationanddevelopmentprojects[J].InternationalPetroleumEconomics,1995,3(3):37O40.[2],.[M].:,2001:10O18,238O252.TongXiaoguang,HeDengfa.Principlesandmethodsforhydro2carbonexploration[M].Beijing:PetroleumIndustryPress,2001:10O18,238O252.[3],.[M].:,2005:1O17.TongXiaoguang,CuiYaonan.Evaluationtechnology&methodfornewoverseasoil&gasfieldprojects[M].Beijing:PetroleumIndustryPress,2005:1O17.2:149[4],,,.[J].,2005,26(5):42O47.GuoRui,YuanRuie,ZhangXing,etal.EvaluationmethodfornewinvestmentprojectsofoverseasoilOgasfielddevelopment[J].ActaPetroleiSinica,2005,26(5):42O47.[5],,.[J].,2002,23(2):1O5.JinZhijun,ShiXingchun,HanBaoqing.Thefoundationandap2plicationoftheintegratedmodelofeconomicevaluationinexplo2rationanddevelopment[J].ActaPetroleiSinica,2002,23(2):1O5.[6].[J].,2002,9(1):21O23.LuoDongkun.Methodofeconomicevaluationofoil2gasexplora2tioninvestment[J].PetroleumGeologyandRecoveryEfficiency,2002,9(1):21O23.[7],.[J].,2002,23(6):12O15.LuoDongkun,YuYunke.Studyonamodelforoilandgasre2sourceseconomicevaluation[J].ActaPetroleiSinica,2002,23(6):12O15.[8]MeneleyRA,CalverleyAE,LoganKG,etal.Resourceassess2mentmethodologies:Currentstatusandfuturedirection[J].AAPGBulletin,2003,87(4):535O540.[9],.[J].,2002,23(1):19O23.JinZhijun,ZhangJinchuan.Fundamentalprinciplesforpetrole2umresourcesassessments[J].ActaPetroleiSinica,2002,23(1):19O23.[10],,,.[J].,2005,26():12O17.ZhaoWenzhi,HuSuyun,ShenChengxi,etal.Philosophyandmethodologyofoilandgasresourceassessment[J].ActaPetro2leiSinica,2005,26(Supplement):12O17.[11]NickA,RobertA.Valuingoilandgascompanies[M].CambridgeEngland:WoodheadPublishingLimited,2000:27O259.[12]GraceJD,CaldwellRH,HeatherDI.Comparativereservesdefinitions:U.S.A.,Europe,andFormerSovietUnion[R].SPE25828,1993:97O108.[13]RobinsonJG,ElliottDC.Nationalinstrument51O101(NI51O101)reservesreconciliationOpart1[J].JournalofCanadianPe2troleumTechnology,2004,43(11):6O12.[14]RobinsonJG,ElliottDC.Nationalinstrument51O101(NI51O101)reservesreconciliationOpart2:Areviewoftechnicalrevi2sionsinannualinformationformfilingsforend2003[J].JournalofCanadianPetroleumTechnology,2005,44(2):6O11.[15].SEC[M].:,2004:93O139.JiaChengzao.SECestimationapproachforoil&gasreserves[M].Beijing:PetroleumIndustryPress,2004:93O139.[16],,.SEC[J].,2004,25(2):19O24.HuYundong,XiaoDeming,WangYongxiang.TenprinciplesforestimatingprovenreservesfollowingSECstandards[J].ActaPe2troleiSinica,2004,25(2):19O24.[17]CronquistC.Estimationandclassificationofreservesofcrudeoil,naturalgasandcondensate[M].Richardson:SocietyofPetro2leumEnginee