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Oil and gas exploration and production market is fully liberalized

Time: January 9, 2020 10:26:28 China Finance Network
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Oil and gas exploration and production market is fully open. Three barrels of oil are invested this year or exceed 400 billion. Which companies will benefit from the Ministry of Natural Resources: China will fully open the oil and gas exploration and production market.

The oil and gas exploration and production market is fully open. Three barrels of oil will benefit from this year ’s investment or more than 400 billion. <br /> According to CCTV news reports, China will fully open the oil and gas exploration and exploitation market, allowing private enterprises, foreign-funded enterprises and other social capitals to enter oil and gas exploration and development. field.

The petroleum service industry chain can be relatively simply divided into exploration, development, storage and transportation, refining, sales, and chemical engineering. The oil service industry is located upstream of the petroleum industry chain and directly provides services for petroleum exploration and production. Therefore, the development of exploration and production upstream of the petroleum industry chain directly determines the development of the oil service industry, while the downstream of the industry chain has a weaker impact on the oil service industry.

Oil service companies can be divided into two categories, one is oil field services and equipment providers; the other is professional drilling contractors. These companies provide land and offshore oil drilling contracting services. Oil clothing equipment mainly refers to a variety of machinery and equipment used in oil and gas exploration, development and production, including complete equipment and accessories. The complete equipment includes drilling rigs for onshore drilling, drilling platforms for offshore drilling, pumping units, Christmas trees, fracturing trucks, logging tools, logging tools, etc. Accessories include drill bits, drill rods, hydraulic parts and electronic components Device, etc.

The industry boom rebounded significantly in the first three quarters of 2019. The elasticity of oil and gas equipment in the machinery industry was the largest. The growth rate of net profit attributable to mothers increased by 991%, mainly due to the two leading oil service companies of CNOOC and Jerry . The rebound brought about a substantial increase in performance.

Most of the top 10 machinery industry companies with net purchases in 2019 are construction machinery and oil and gas equipment, including Zoomlion , Xugong Machinery , Sany Heavy Industry , Hengli Hydraulics , Jerry, etc.

The long-term rising momentum of international oil prices is still <br /> The prosperity of the oil service industry is directly affected by oil prices. New Times Securities believes that oilfield production declines naturally and shale oil decays faster. OPEC and non-OPEC's demand for reducing production for its own interests is still , Global marine fuel oil upgrades after 2020, etc .; including the United States, rising oil prices are in the interest of all oil-producing exporting countries, and the long-term rising momentum of international oil prices is still there.

A huge acceleration in shale gas development is imperative. <br /> According to the National Bureau of Statistics, China ’s apparent consumption of petroleum in 2018 was 650 million tons, and its net import volume was 460 million tons. The external dependence of crude oil exceeded 70%. In 2018, the capital expenditures for oil and gas exploration and production of Sinopec , PetroChina and CNOOC increased by 35%, 21% and 25% respectively year-on-year.

In 2018, China became the world's third largest shale gas producer, with a total of 898 shale gas wells drilled and proven reserves of 1 trillion cubic meters. With the disruption of technology in the future, the annual output of shale gas may reach 100 billion cubic meter.

Shanxi Securities believes that the National Energy Administration proposes to strive to achieve 30 billion cubic meters of shale gas production in 2020 and 80-100 billion cubic meters of shale gas production in 2030, while China's shale gas production in 2018 is only 10.881 billion cubic meters, a gap It is huge, and it is imperative to accelerate development in the future.

Three barrels of oil total oil and gas exploration investment in 2020 will exceed 400 billion yuan

Data show that in the domestic oil service industry, state-owned enterprises occupy about 85% of the market share. The main players in private oil service companies include Jerry , Zhongman Petroleum , Tongyuan Petroleum , Huibopu , and Anton Oil Services.

New Era Securities estimates that China's domestic oil and gas equivalent output will be approximately 2771 million barrels in 2020. The total oil and gas production of three barrels of oil will be 2909 million barrels. The compound growth rate will be approximately 7% from 2018 to 2020. Investment in oil and gas equivalent production per million barrels in 2020 145 million yuan, the total investment in oil and gas production will reach 421.9 million yuan, a compound growth rate of 20.18% from 2018 to 2020. As a leading fracturing equipment company, Jereh shares will benefit deeply in the future when the "three barrels of oil" have a clear capital expenditure.

Guoxin Securities believes that it has fully benefited from the national energy security strategy. The three major oil companies have a high degree of certainty in capital expenditures and the boom in the oil and gas equipment industry continues to improve . It recommends Jerry shares . (Li Zhiqiang of Securities Times)
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