Category: Money tips Release Date: 2007-04-07
China National Petroleum production higher than ever before, even in 2004, crude oil extraction growth rate of only 0.5%. If the company's successful acquisition of PK can be 6% increase oil production in one fell swoop, it would be a more than 10 years of the Great Leap Forward-style victory.
Away from the vivid memories of the failure of CNOOC's purchase of Unocal is only two weeks, China National Petroleum Corporation (hereinafter referred to as PetroChina) announced that the company bid for PK. This time, no one would believe that the oil will be empty-handed.
Look at the history of the world's oil we can see that on the world's largest competition for high-quality oil and gas resources, as early as 40 years ago, has basically ended. Wound up the world's top seven oil companies (known to history as the seven sisters), in 60 years in control of the world's crude oil production of more than Bacheng by the Western-led oil and gas division which is basically determined that China's oil enterprises to improve the absolute value of overseas oil and gas production, is very limited.
Comprehensive examination of the status quo, thin oil, even in the production of an unprecedented increase in 2004, crude oil extraction growth rate of only 0.5%. If the company's successful acquisition of PK can be 6% increase oil production in one fell swoop, it would be a more than 10 years of the Great Leap Forward-style victory.
The company's successful bid for PK, the availability of 5.5 million barrels of crude oil reserves to 4.18 billion U.S. dollars terms, 7.06 U.S. dollars a barrel. Comparable, the previously intended to 18.5 billion CNOOC to acquire Unocal 17.5 million barrels of crude oil reserves, more than 10 U.S. dollars per barrel. CNPC's bid has been quite attractive.
CNPC in Kazakhstan will get more of this neighbor. CNPC Aktobe oil field in Kazakhstan has a 70.4% interest, as well as North Buzachi oil 50% interest. Coupled with the acquisition, will make the oil in the country's oil reserves owned by more than 10 billion barrels of oil equivalent, representing Kazakhstan's total oil reserves of 2.5%.
The bid of the PK companies belonging to non-sensitive foreign assets to the listed company PetroChina Petroleum Company Limited (857, hk) injection of this amount of assets should be no suspense. Because the oil has recently concluded with the formation of a new subsidiary company, the new company's mission, that is, to give priority to the parent company purchased high-quality overseas assets.
