2020年全球油气资源并购市场特点及前景展望

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2024年4月21日发(作者：)

年度专稿

NNUAL FEATURE

2020年全球油气资源并购市场特点

及前景展望

侯明扬

( 中国石化石油勘探开发研究院）

摘　要：

２０２０年，受“欧佩克＋”减产延期谈判破裂以及新冠肺炎疫情在世界范围内持续扩散导致全

球经济大幅衰退等影响，全球油气资源并购市场延续了２０１６年来的低迷走势，年内全球油气资源并购交易

总数量为１５３宗，较２０１９年降低３３％，创有记录以来最低值；并购交易总金额为６９０亿美元，较２０１９年降低

约４４％，创自２００４年以来新低。２０２０年世界油气并购市场总体呈现４方面特点：一是全球各地区上游市场交

易金额普遍下降，部分区域成交数量小幅增长；二是大中型国际石油公司保持强势，国家石油公司表现创

近１０年新低；三是并购交易的评价油价震荡走低，与国际油价走势差异较大；四是美国页岩油相关资产主

导非常规资源并购交易，加拿大油砂当年并购交易“颗粒无收”。展望２０２１年，随着国际油价出现反弹走

势以及全球范围内疫情逐步稳定，预计全球油气资源并购市场将趋于活跃，但企业投资纪律约束油气资源

并购交易活动，国际石油巨头将持续剥离上游资产，“超级并购”或将再度发生。

关键词：

全球油气资源；并购；国际石油公司；国家石油公司；长期评价油价；发展效益

Global oil and gas M&A in 2020 and its prospects

HOU Mingyang

(Exploration & Production Research Institute of Sinopec)

Abstract：In 2020, affected by a sharp global economic downturn due to the “OPEC+” production cuts extension talks

broke down and the COVID-19 pandemic throughout the world, the global oil and gas M&A market has continued to be low

since 2016. The total number of 153 cases of M&A, 33% lower than in 2019, hit a record low and the total value of M&A deals

was $69 billion, down about 44% from 2019 and being the lowest since 2004. The global oil and gas M&A market in 2020

showed such four characteristics as the number of transactions in the upstream market in all regions of the world generally

declined while the number of transactions in some regions increased slightly, large and medium-sized international oil companies

remained active and the performance of national oil companies hit the lowest level in nearly 10 years, the implied long-term oil

price shocked and declined and had a large gap with international oil price trend, U.S. shale assets dominated unconventional

resource M&A and Canadian oil sands assets reaped nothing. Looking forward to 2021, with the rebound of international oil

prices and the gradual stabilization of the global pandemic, it is expected that the global oil and gas M&A market will become

more active. However, the investment discipline of enterprises will restrict the oil and gas M&A activities. International oil majors

will continue to facilitate upstream assets divestment, the super assets transactions may happen again.

Key words：global oil and gas resources; mergers and acquisitions; international oil companies; national oil

companies; implied long-term oil prices; development effectiveness

45

Vol.29, No.3

2021

国际石油经济

INTERNATIONAL PETROLEUM ECONOMICS

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本文标签： 并购油气交易资源