Industry Report - Oil and Gas in China.pdf
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1、 China - Oil natural gas and pipelines; refining and chemicals; marketing and trading; overseas oil and gas operations; international trade; oilfield services; engineering and construction; and petroleum equipment manufacturing. Through its exploration and production segment, CNPC has oil and gas re
2、serves in the Bohai Bay, the Songliao, Ordos, Sichuan, Tarim, Junggar, Qaidam, and Hailaer Basins in China. Moreover, the oil and gas reserves proved to be 715.12 million metric tons of oil and 487.90 billion cubic meters of gas. Natural gas has become a new economic growth point and profit source a
3、mong the main businesses of CNPC. Natural gas output was primarily from the four major gas provinces: Tarim; Changqing; Sichuan; and Qinghai. CNPC has opened some of its blocks in China to foreign companies to jointly explore and develop oil and gas resources. The companys joint blocks and projects
4、are mainly located in Daqing, Jilin, Liaohe, Dagang, Changqing, Southwest, and Xinjiang oil and gas provinces, covering risk exploration, development of complex oil and gas fields, offshore exploration and development, and exploration and development of unconventional oil and gas resources. CNPC has
5、 a network of oil and gas pipelines across China connecting the four major gas-producing regions of the Southwest, Changqing, Tarim, and Qinghai to key consumer markets. CNPCs oil and gas pipelines in China total 60,257 kilometers in length, including 14,807 kilometers for crude oil, 36,116 kilomete
6、rs for natural gas, and refined products pipelines of 9,334 kilometers. The refining and chemicals segment of the company processed 144.84 million metric tons of crude oil in the domestic market. The annual refined products output reached 93 million metric tons. The company produces polyethylene, po
7、lypropylene, polyester, and acrylon. It also produces chemical products which include acrylonitrile butadiene styrene (ABS), ethylene oxide, polybutadiene rubber, acrylon, butanone, polyester, terylene, and benzene. CNPCs overseas oil and gas operations are carried out primarily by its wholly-owned
8、subsidiary, the China National Oil and Gas Exploration and Development Corporation (CNODC), and its holding subsidiary, PetroChina Company (PetroChina). To increase international trade, the company promotes activities such as domestic and international processing, exchange transactions, and internat
9、ional re-exportation, while expediting the retail and wholesale business of the end distributors. In addition, CNPC invests in and constructs storage facilities and oil depot wharves at home and abroad, and buys or rents oil tanks in the major source and consumption regions of oil in the world by me
10、rger, acquisition, investment, and stake holding. China - Oil petroleum pipes; and refining and chemical production equipment and instruments. Equipment manufactured by CNPC is exported to several countries and regions including North America, South America, the Middle East, Southeast Asia, South As
11、ia, Africa, Russia, and Italy. Key Metrics The company recorded revenues of $425,166 million in the fiscal year ending December 2012, an increase of 12.7% compared to fiscal 2011. Its net income was $18,189 million in fiscal 2012, compared to a net income of $16,714 million in the preceding year. Ta
12、ble 8: China National Petroleum Corporation (CNPC): key financials ($) $ million 2008 2009 2010 2011 2012 Revenues 201,597.1 193,372.2 272,654.3 377,289.4 425,166.4 Net income (loss) 11,214.1 11,022.8 15,408.5 16,713.7 18,189.2 Total assets 285,893.7 351,954.7 416,686.1 479,732.0 540,183.2 Total lia
13、bilities 78,201.3 126,920.6 168,237.2 210,278.6 244,836.5 SOURCE: COMPANY FILINGS M A R K E T L I N E Table 9: China National Petroleum Corporation (CNPC): key financials (CNY) CNY million 2008 2009 2010 2011 2012 Revenues 1,272,400.0 1,220,488.1 1,720,885.2 2,381,300.0 2,683,480.3 Net income (loss)
14、 70,778.8 69,571.3 97,252.3 105,490.0 114,802.9 Total assets 1,804,446.6 2,221,397.4 2,629,956.3 3,027,876.2 3,409,420.4 Total liabilities 493,575.4 801,072.1 1,061,845.7 1,327,194.4 1,545,309.7 SOURCE: COMPANY FILINGS M A R K E T L I N E China - Oil and refining, transportation, storage, and market
15、ing of crude oil and petroleum products. These activities also include production and sale of basic petrochemical products, derivative chemical products, and other chemical products. PetroChina is controlled by CNPC, an integrated international energy company, which holds 86.51% equity interest in t
16、he company. The company primarily operates in China. PetroChina operates through five business segments: exploration and production; refining and chemicals; marketing; natural gas and pipeline; and others. The exploration and production segment is engaged in crude oil and natural gas exploration, de
17、velopment, production, and sales. Substantially all of the companys total estimated proved crude oil and natural gas reserves are located in China, principally in northeastern, northern, southwestern, and northwestern China. The Songliao basin, located in Heilongjiang and Jilin provinces in northeas
18、tern China, including the Daqing and Jilin oil regions, accounts for a significant portion of PetroChinas crude oil production. The company also has significant crude oil reserves and operations in the area around the Bohai Bay. The Bohai Bay basin includes the Liaohe, Dagang, Huabei, and Jidong oil
19、 regions. PetroChinas proved natural gas reserves and production are generally concentrated in northwestern and southwestern China, specifically in the Erdos, Tarim, and Sichuan basins. The company entered the Australian coal seam gas business in conjunction with Royal Dutch Shell through acquisitio
20、n of Arrow Energy in FY2010. In the same year, the total crude oil and natural gas output of the company was 1,285.6 million barrels of oil equivalent, including 886.1 million barrels of crude oil and 2,396.4 billion cubic feet of marketable natural gas. The refining and chemicals segment is engaged
21、 in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, and derivative petrochemical products, and other chemical products. Most of the companys chemical plants are co-located with its refineries and are also connected with the refineries by
22、pipelines. The refining and chemicals operations include the refining, transportation, storage, and marketing of crude oil, and the wholesale, retail, and export of refined products, including gasoline, diesel, kerosene, lubricant, paraffin, and asphalt. PetroChinas exploration and production, refin
23、ing and marketing, and natural gas and pipeline operations supply substantially all of the hydrocarbon feedstock requirements for its chemicals operations. The company produces petrochemicals that include propylene, ethylene, and benzene. It also produces synthetic resins, synthetic fiber, synthetic
24、 rubber, intermediates (alkylbenzene), and other chemicals (such as urea). The companys chemical products are distributed to a number of industries that manufacture components used in a range of applications, including automotive, construction, electronics, medical manufacturing, printing, electrica
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