并购海外油公司项目的技术经济评价思路及方法

在常规单一油气资产项目评价方法的基础上,以目标公司为一个整体,提出整体并购海外油公司项目的技术经济评价思路和方法。运用该方法对目标油公司资产的技术评估的内容包括3部分:①评估目标公司资产的现状与潜力,主要包括上游勘探开发状况(核实已发现油气田的剩余经济可采储量、估算勘探区块的远景圈闭资源量等)、下游生产运营状况(管线以及炼厂运营情况等)、勘探开发部署与生产运营规划以及目标公司上、下游资产具备的潜力;②评估(假定)并购完成后可能产生的协同效益;③分析目标公司资产中存在的各种风险。在技术评价的基础上,利用多种估值方法对不同技术规划方案进行评价,估算出目标公司的价值区间。并通过对目标公司的财务和法律事务分析,调整目标公司的价值区间。简述了该技术经济评价思路和方法在并购Petro-Kazakhstan公司的技术经济评价中的成功应用。

Philosophy and methodology of technical and economic evaluation for overseas oil-company acquisition project

The principle, philosophy and methodology of technical and economic evaluation for overseas oil company acquisition project were discussed. On the basis of the conventional evaluation method for a single asset, this technical evaluation method for the whole oil company asset is composed of three parts, including ①technical assessment of the status and potential of assets in upstream and downstream; ②technical assessment of synergetic effect for assuming successful acquisition; ③risk analysis for asset of acquiring the oil company. According to the technical evaluation results, several economic evaluation methods were used to estimate the value range of the objective oil company. Then, the value of the objective oil company was adjusted according to the result of financial and lawsuits related analyses. The application of the technical and economic evaluation methodology for overseas oil company acquisition project in the case of acquiring PetroKazakhstan Inc. was briefly discussed.