Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 11
2 China Energy Sector 12
2.1 China Energy Sector, Market Overview 12
2.2 China Energy Sector, Natural Gas 13
2.2.1 China Natural Gas, Overview
13
2.2.2 China Natural Gas, Supply and Demand Balance 13
2.2.3 China
Natural Gas, Regulatory Structure 18
2.2.4 China Natural Gas,
Infrastructure 18
3 China Fiscal Regime 19
3.1 China Petroleum Fiscal
Environment 19
3.2 License Terms 20
3.3 Key Fiscal Terms 21
3.4
Sample Cashflows Calculations 26
4 China Gas Upstream Investment
Environment Benchmarking 27
4.1 Introduction 27
4.2 The Overall
Ranking 27
4.3 Upstream Fiscal Attractiveness 27
4.3.1 Maximum
Government Take Index 29
4.3.2 Maximum State Participation 29
4.4 Gas
Sector Performance 30
4.4.1 Exploration Activity 32
4.4.2 Gas
Production 33
4.4.3 Gas Reserves 33
4.4.4 Gas Consumption 33
4.5
Economic Performance 34
4.5.1 GDP Growth Index 35
4.5.2 FDI Confidence
Index 35
4.5.3 Balance of Trade Index 36
4.6 Socio-Political
Performance 36
4.6.1 Democracy Index 38
4.6.2 Governance Index 38
5 China Exploration and Production Sector 39
5.1 China Exploration and
Production Sector, Country Snapshot 39
5.1.1 China Exploration and
Production Sector, Key Data 39
5.1.2 China Exploration and Production
Sector, Natural Gas Assets Map 39
5.2 China Exploration and Production
Sector, Marketed Natural Gas Production 40
5.2.1 China Exploration and
Production Sector, Marketed Natural Gas-Historical Production 40
5.2.2
China Exploration and Production Sector, Marketed Natural Gas Production by
Assets 41
5.2.3 China Exploration and Production Sector, Marketed Equity
Weighted Natural Gas Production by Company 42
5.2.4 China Exploration and
Production Sector, Market Share (%) based on Marketed Natural Gas Production
44
5.3 China Exploration and Production Sector, Marketed Natural Gas
Forecasts 45
5.3.1 China Exploration and Production Sector, Marketed
Natural Gas Forecasted Production 45
5.3.2 China Exploration and
Production Sector, Gross Revenue Forecast 45
5.3.3 China Exploration and
Production Sector, Government Take Forecast 46
5.3.4 China Exploration and
Production Sector, Contractor Take Forecast 46
5.4 China Exploration And
Production Sector, Natural Gas Asset Details 47
5.4.1 China Exploration
And Production Sector, Active Natural Gas Asset Details 47
5.4.2 China
Exploration And Production Sector, Planned Natural Gas Asset Details 48
6
China Pipeline Sector 49
6.1 China Pipeline Sector, Key Data 49
6.2
China Pipeline Sector, An Overview 49
6.3 China Pipeline Sector,
Comparison of Key Natural Gas Pipeline Companies 49
6.4 China Pipeline
Sector, Natural Gas Pipelines 51
7 China LNG Sector 54
7.1 China LNG
Sector, Key Data 54
7.2 China LNG Sector, Regasification 54
7.2.1
China LNG Sector, Regasification, Total Regasification Capacity 54
7.2.2
China LNG Gas Sector, Regasification Capacity- Wise (Bcf) Market Share By
Company 56
7.2.3 China LNG Sector, Asset- Wise Regasification Capacity
57
8 China Under Ground Storage Gas Sector 58
8.1 China Under Ground
Storage Sector, Key Data 58
8.2 China Underground Gas Storage Sector, An
Overview 58
8.3 China Underground Gas Storage Sector, Capacity-Wise Market
Share by Company 58
8.4 China Underground Gas Storage Sector, Storage
Capacity 59
9 Profile of PetroChina Company Limited 60
9.1 PetroChina
Company Limited, Key Information 60
9.2 PetroChina Company Limited,
Company Overview 60
9.3 PetroChina Company Limited, Business Description
60
9.3.1 PetroChina Company Limited, Business Description, Business
Overview 60
9.3.2 PetroChina Company Limited, Business Description,
Chemicals and Marketing 61
9.3.3 PetroChina Company Limited, Business
Description, Exploration and Production 62
9.3.4 PetroChina Company
Limited, Business Description, Natural Gas and Pipeline 63
9.3.5
PetroChina Company Limited, Business Description, Refining and Marketing
65
9.3.6 PetroChina Company Limited, Business Description, Major Products
and Services 67
9.4 PetroChina Company Limited, Value Chain Analysis
69
9.4.1 PetroChina Company Limited, Value Chain Analysis, Upstream 69
9.4.2 PetroChina Company Limited, Value Chain Analysis, Midstream 70
9.4.3
PetroChina Company Limited, Value Chain Analysis, Downstream 70
9.4.4
PetroChina Company Limited, Value Chain Analysis, Retail 71
9.5 PetroChina
Company Limited, SWOT Analysis 71
9.5.1 PetroChina Company Limited, SWOT
Analysis, Overview 71
9.5.2 PetroChina Company Limited, SWOT Analysis,
Strengths 72
9.5.3 PetroChina Company Limited, SWOT Analysis, Weaknesses
73
9.5.4 PetroChina Company Limited, SWOT Analysis, Opportunities 75
9.5.5 PetroChina Company Limited, SWOT Analysis, Threats 76
9.6 PetroChina
Company Limited, Revenue Analysis 77
9.6.1 PetroChina Company Limited,
Revenue by Segment 77
9.6.2 PetroChina Company Limited, Revenue by
Geography 78
9.7 PetroChina Company Limited, Financial and Operational
Review 79
9.7.1 Financial Statements 79
9.7.2 Financial Ratios 80
10 Profile of China Petroleum & Chemical Corporation 81
10.1 China
Petroleum & Chemical Corporation, Key Information 81
10.2 China Petroleum
& Chemical Corporation, Company Overview 81
10.3 China Petroleum &
Chemical Corporation, Business Description 81
10.3.1 China Petroleum &
Chemical Corporation, Business Description, Business Overview 81
10.3.2
China Petroleum & Chemical Corporation, Business Description, Chemicals 81
10.3.3 China Petroleum & Chemical Corporation, Business Description,
Exploration and Production 83
10.3.4 China Petroleum & Chemical
Corporation, Business Description, Marketing and Distribution 84
10.3.5
China Petroleum & Chemical Corporation, Business Description, Refining 85
10.3.6 China Petroleum & Chemical Corporation, Business Description, Major
Products and Services 87
10.4 China Petroleum & Chemical Corporation,
Value Chain Analysis 89
10.4.1 China Petroleum & Chemical Corporation,
Value Chain Analysis, Upstream 89
10.4.2 China Petroleum & Chemical
Corporation, Value Chain Analysis, Midstream 90
10.4.3 China Petroleum &
Chemical Corporation, Value Chain Analysis, Downstream 90
10.4.4 China
Petroleum & Chemical Corporation, Value Chain Analysis, Retail 91
10.5
China Petroleum & Chemical Corporation, SWOT Analysis 92
10.5.1 China
Petroleum & Chemical Corporation, SWOT Analysis, Overview 92
10.5.2 China
Petroleum & Chemical Corporation, SWOT Analysis, Strengths 93
10.5.3 China
Petroleum & Chemical Corporation, SWOT Analysis, Weaknesses 93
10.5.4
China Petroleum & Chemical Corporation, SWOT Analysis, Opportunities 94
10.5.5 China Petroleum & Chemical Corporation, SWOT Analysis, Threats 95
10.6 China Petroleum & Chemical Corporation, Revenue Analysis 96
10.6.1
China Petroleum & Chemical Corporation, Revenue by Segment 96
10.7 China
Petroleum & Chemical Corporation, Financial and Operational Review 98
10.7.1 Financial Statements 98
10.7.2 Financial Ratios 99
11 Profile
of CNOOC Limited 100
11.1 CNOOC Limited, Key Information 100
11.2
CNOOC Limited, Company Overview 100
11.3 CNOOC Limited, Business
Description 100
11.3.1 CNOOC Limited, Business Description, Overview
100
11.3.2 CNOOC Limited, Business Description, Independent Operations
101
11.3.3 CNOOC Limited, Business Description, Production Sharing
Contracts 101
11.3.4 CNOOC Limited, Business Description,Trading 102
11.3.5 CNOOC Limited, Business Description, Major Products and Services
102
11.4 CNOOC Limited, Value Chain Analysis 103
11.4.1 CNOOC Limited,
Value Chain Analysis Upstream 103
11.5 CNOOC Limited, SWOT Analysis
105
11.5.1 CNOOC Limited, SWOT Analysis Overview 105
11.5.2 CNOOC
Limited, SWOT Analysis Strengths 105
11.5.3 CNOOC Limited, SWOT Analysis
Weaknesses 107
11.5.4 CNOOC Limited, SWOT Analysis, Opportunities 107
11.5.5 CNOOC Limited, SWOT Analysis, Threats 109
11.6 CNOOC Limited,
Revenue Analysis 110
11.7 CNOOC Limited, Revenue by Segment 110
11.8
Revenue by Geography 111
11.9 CNOOC Limited, Financial and Operational
Review 112
11.9.1 Financial Statements 112
11.9.2 Financial Ratios
113
12 Financial Deals Landscape 114
12.1 Detailed Deal Summary
114
12.1.1 Acquisition 114
12.1.2 Debt Offerings 120
12.1.3
Partnerships 123
12.1.4 Asset Transactions 134
13 Recent Developments
138
13.1 License Awards 138
13.1.1 Mar 09, 2009: PetroChina Receives
Approval To Build LNG Terminal In Shenzhen 138
13.2 Strategy and Business
Expansion 138
13.2.1 Apr 01, 2009: Sinopec To Construct Four Oil Storage
Bases 138
13.2.2 Mar 31, 2009: Sinopec Plans To Expand Refining Capacity
By 2010 138
13.2.3 Mar 20, 2009: Total Plans To Start Refining And
Petrochemicals Projects In China 139
13.2.4 Mar 19, 2009: PetroChina Plans
To Increase Overseas Oil And Gas Production Operations 140
13.3 Recent
Discoveries 140
13.3.1 Mar 26, 2009: CNOOC Announces Two New Discoveries
In Bohai Bay, China 140
13.4 Drilling and Production Updates 141
13.4.1 Mar 24, 2009: Sinopec Processes 3.29 Million Bpd Of Crude Oil In
January And February 2009 141
13.4.2 Mar 20, 2009: CNOOC Commences Huizhou
Refinery In China 141
13.4.3 Mar 19, 2009: CNPC To Raise Overseas Oil, Gas
Production In Next 10 Years 142
13.4.4 Mar 18, 2009: CNOOC Commences
Production From PY 30-1 Gas Field At Pearl River Mouth Basin In Eastern South
China Sea 142
13.4.5 Mar 12, 2009: Anadarko Petroleum Plans To Drill
Exploration Wells In Indonesia And China 143
13.5 Financial Announcements
143
13.5.1 Mar 30, 2009: Sinopec Reports Net Profit Of CNY29.7 Billion For
Year-End 2008 143
13.5.2 Mar 25, 2009: PetroChina Reports Turnover Of
CNY1.1 Trillion For Year-End 2008 146
13.5.3 Mar 16, 2009: China Natural
Gas Reports 2008 Results 149
13.6 Other Significant Developments 151
13.6.1 Apr 01, 2009: CNOOC To Invest CNY44.2 Billion For Expansion Of Huizhou
Refinery, China 151
13.6.2 Mar 31, 2009: PetroChina Commences Operations
On China Lanzhou-Zhengzhou Oil Pipeline 152
13.6.3 Mar 27, 2009: Sinopec' s
Commercial Oil Reserve Base In Shanghai Comes Into Operation 152
13.6.4
Mar 27, 2009: China Natural Gas Announces Resignation Of Richard Wu As Chief
Financial Officer 153
13.6.5 Mar 26, 2009: China To Encourage Its Energy
Firms For More Ventures Overseas 153
13.6.6 Mar 24, 2009: Uruguay Calls
Chinese Firms To Bid In Its Oil, Gas Round 154
13.6.7 Mar 23, 2009:
PetroChina Xinjiang To Increase Oil Storage Capacity By 60% 155
13.6.8 Mar
20, 2009: Sinopec' s Phase I Sichuan-To-East Pipeline Project To Commence In
May 2009 156
13.6.9 Mar 19, 2009: Venezuela Starts Construction Of
Venezuelan-Chinese Oil Refinery: President Chavez Says 156
13.6.10 Mar 17,
2009: CNOOC Commences Trial Run On Huizhou Refinery In China 156
13.6.11
Mar 14, 2009: Iran, China Sign $3.3 Billion Agreement For South Pars Gas Field
157
13.6.12 Mar 12, 2009: China' s Crude Oil Output Drops By 1.7% In
January And February 2009 157
13.6.13 Mar 11, 2009: CNPC To Reduce
Investment In Oil And Gas Exploration In 2009 158
13.6.14 Mar 09, 2009:
CNPC Commences Preliminary Work On Third West-East Gas Pipeline 158
13.7
New Contracts Announcements 159
13.7.1 Mar 26, 2009: China Natural Gas
Signs Power Supply Agreement For LNG Plant 159
14 Appendix 160
14.1
Methodology 160
14.1.1 Coverage 161
14.1.2 Secondary Research 162
14.1.3 Primary Research 162
14.1.4 E&P Forecasts 162
14.1.5 Midstream
Forecasts 164
14.1.6 Expert Panel Validation 164
14.2 Contact Us
164
14.3 About GlobalData 164
14.4 Disclaimer 165
1.1 List of
Tables
Table 1: China, Historical and Forecasted Production and
Consumption of Natural Gas, 1996-2020 14
Table 2: LNG Regasification
Capacity, China, 2006-2015 16
Table 3: China, Historical Reserves of
Natural Gas, 1996-2008 17
Table 4: China, Crude Oil and Natural Gas,
Onshore Relinquishment Requirement, 2007 20
Table 5: China, Crude Oil and
Natural Gas, Offshore Relinquishment Requirement, 2007 21
Table 6: China,
Crude Oil, Royalty Rate, 2007 22
Table 7: China, Natural Gas, Royalty
Rate, 2007 22
Table 8: China, Natural Gas, Profit Gas, 2007 23
Table
9: China, Crude Oil, Profit Oil, 2007 24
Table 10: China, Rate of
Depreciation, 2007 24
Table 11: South Asia, Investment Benchmarking,
Overall Country Rankings, 2008 27
Table 12: South Asia, Investment
Benchmarking, Upstream Fiscal Attractiveness, 2008 28
Table 13: South
Asia, Investment Benchmarking, Gas Sector Performance, 2008 30
Table 14:
South Asia, Investment Benchmarking, Economic Performance, 2008 34
Table
15: South Asia, Country Standings, Economic Performance, 2008 34
Table 16:
South Asia, Investment Benchmarking, Socio-Political Performance, 2008 36
Table 17: South Asia, Country Standings, Socio-Political Performance, 2008
37
Table 18: China, Natural Gas Key Statistics, 2008 39
Table 19:
China, Total Marketed Natural Gas Production (MMcf), 2001-2008 40
Table
20: China, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 41
Table 21: China, Marketed Equity Weighted Natural Gas Production (MMcf), by
Company, 2001-2008 42
Table 22: China, Market Share (%) based on Marketed
Natural Gas Production, 2001-2008 44
Table 23: China, Marketed Natural Gas
Production(MMcf), Forecast by Assets, 2009-2014 45
Table 24: China,
Forecasted Assets-wise Gross Revenue(000' $), 2009-2014 45
Table 25: China,
Projected Assets-wise Total Government Take(000' $), 2009-2014 46
Table 26:
China, Projected Assets-wise Total Contractor Take(000' $), 2009-2014 46
Table 27: China, Active Gas Field Assets Details 47
Table 28: China,
Planned Gas Field Assets Details 48
Table 29: China, Pipeline Key
Statistics, 2008 49
Table 30: China, Natural Gas Pipelines Length By
Company (Km), 2008 49
Table 31: China, Natural Gas Pipelines, 2008 51
Table 32: China, Natural Gas Pipelines, 2008 (Contd.) 52
Table 33: China,
Natural Gas Pipelines, 2008 (Contd.) 53
Table 34: China, LNG Key
Statistics, 2008 54
Table 35: China Regasification Capacity (Bcf),
2000-2015 54
Table 36: China Regasification Capacity (Bcf), 2000-2015
55
Table 37: China, Regasification Capacity, Company- Wise (Bcf),
2000-2015 56
Table 38: China Regasification Capacity, Company- Wise (Bcf),
2000-2015 56
Table 39: China Regasification Capacity (Bcf), 2000-2015
57
Table 40: China Underground Gas Storage Key Statistics, 2008 58
Table 41: China Underground Gas Storage Capacity, Company-wise, 2008 58
Table 42: China Underground Gas Storage Capacity, Company-wise, 2008 59
Table 43: China, Underground Gas Storage Capacity, 2008 59
Table 44:
PetroChina Company Limited, Key Facts 60
Table 45: PetroChina Company
Limited, SWOT Analysis 72
Table 46: PetroChina Company Limited,
Revenue by Segment, RMB Million, 2003-2007 78
Table 47: PetroChina
Company Limited, Revenue by Geography, RMB Million, 2003-2007 78
Table 48:
PetroChina Company Limited, Financial Statements, RMB Million, 2003-2007
79
Table 49: PetroChina Company Limited, Financial Ratios, RMB
Million, 2003-2007 80
Table 50: China Petroleum & Chemical Corporation,
Key Facts 81
Table 51: China Petroleum & Chemical Corporation, SWOT
Analysis 92
Table 52: China Petroleum & Chemical Corporation, Revenue by
Segment, RMB Million, 2003-2007 97
Table 53: China Petroleum & Chemical
Corporation, Financial Statements, RMB Million, 2003-2007 98
Table 54:
China Petroleum & Chemical Corporation, Financial Ratios, RMB Million,
2003-2007 99
Table 55: CNOOC Limited, Key Facts 100
Table 56:
CNOOC Limited, SWOT Analysis 105
Table 57: CNOOC Limited, Revenue by
Segment, Rmb Thousand, 2003-2007 111
Table 58: CNOOC Limited, Revenue
by Geography, Rmb Thousand, 2003-2007 111
Table 59: CNOOC Limited,
Financial Statements, Rmb Thousand, 2003-2007 112
Table 60: CNOOC
Limited, Financial Ratios, Rmb Thousand, 2003-2007 113
Table 61: CNOOC
Ningbo Daxie Petrochemical Plans To Acquire Zhejiang Zhoushan Hebang Chemical
114
Table 62: China Natural Gas Acquires Lingbao Yuxi Natural Gas 115
Table 63: CNPC Hong Kong To Acquire 97.26% Stake In Xinjiang Xinjie From CNPC
116
Table 64: PetroChina Acquires 56.66% Stake In CNPC (Hong Kong) 117
Table 65: Zhongran Investment Acquires 30% Interest In Zhongyou Hua Dian From
China Petroleum Pipeline 118
Table 66: China National Petroleum To Sell
Its Stake In China United Coalbed Methane To China National Coal Group 119
Table 67: Sinopec Announces Debt Offering Of $2,930 Million 120
Table 68:
PetroChina Announces Debt Offering Of $11,700 Million 121
Table 69:
Petrochina Files For Bond Offering Of $8,700 Million 122
Table 70: Dalian
Port (PDA), PetroChina And Dalian Construction To Form A Joint Venture 123
Table 71: China National Petroleum To Form A Joint Venture With China Shipping
Development 124
Table 72: Xinjiang Guanghui To Form Joint Venture With
Tarbagatay Munay 125
Table 73: GreatPoint Energy Enters Into Partnership
With Datang Huayin Electric Power 126
Table 74: KazMunayGaz Enters Into
Partnership With CNPC 127
Table 75: Sinopec Enter Into Partnership With
Kuwait Petroleum 128
Table 76: China Era Energy Enters Into Partnership
With CNPC 129
Table 77: Qatar And Shell Signs Letter Of Intent To Form
Joint Venture With PetroChina 130
Table 78: Shell Partners With Arrow
Energy 131
Table 79: PetroChina Forms Joint Venture With PDVSA 132
Table 80: China Gas Holdings To Enter Into Partnership With Arrow Energy And
GAIL (India) 133
Table 81: Arrow Energy Enters Into Farm-In Agreement With
Far East Energy 134
Table 82: CNOOC To Farm-In Deepwater Block 43/11
135
Table 83: Pacific Asia Petroleum To Acquire 39% Interest In Fu710 And
Meilisi723 136
Table 84: Husky Energy To Acquire Exploration Block 63/05
From China National Offshore Oil 137
1.2 List of Figures
Figure
1: China, Energy Sector break-up, 2008 12
Figure 2: China, Natural Gas
Production And Consumption, Billion Cubic Feet, 1996-2020 15
Figure 3:
South Asia, Country Standings, Upstream Fiscal Attractiveness, 2008 29
Figure 4: South Asia, Country Standings, Gas Sector Performance, by
Reserves-Exploration & Production, 2008 31
Figure 5: South Asia, Country
Standings, Gas Sector Performance, by Production & Consumption, 2008 32
Figure 6: South Asia, Country Standings, Exploration Blocks Awarded, 2008
33
Figure 7: South Asia, Country Standings, Economic Performance, 2008
35
Figure 8: South Asia, Country Standings, Socio-Political Performance,
2008 37
Figure 9: China, Natural Gas Assets Map, 2008 39
Figure 10:
China, Total Marketed Natural Gas Production (MMcf), 2001-2008 40
Figure
11: China, Marketed Equity Weighted Natural Gas Production (MMcf), by
Company, 2001-2008 43
Figure 12: China, Market Share (%) based on
Marketed Natural Gas Production, 2008 44
Figure 13: China, Natural Gas
Pipelines Length By Company (Km), 2008 50
Figure 14: PetroChina
Company Limited, Value Chain Analysis 69
Figure 15: China Petroleum &
Chemical Corporation, Value Chain Analysis 89
Figure 16: CNOOC
Limited, Value Chain Analysis 103
Figure 17: GlobalData Methodology
161
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