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標題: 中海油 164 億購加國油砂商 [打印本頁]

作者: peter236 時間: 2011-7-21 10:39 標題: 中海油 164 億購加國油砂商

http://www.singtao.com/yesterday/fin/0721do05.html

(星島日報報道)中海油（883）今年第三度出手收購海外油氣資源，中海油昨日中午宣布以二十一億（美元，下同），相當於約一百六十四億港元作價，收購加拿大油砂生產商OPTI全部股份。市場普遍認為交易作價偏貴，加上開採風險較高，拖累中海油全日跌百分之三點二，收報十七點四八港元。

　　中海油首席財務官鍾華在電話會議預計，OPTI項目今後兩年的總資本開支為六至七點七億元，由中海油與持有OPTI另外六成五權益的Nexen共同承擔，料OPTI今年不會為公司帶來盈利。交易料於今年第四季完成，OPTI將成為中海油的間接全資附屬公司，並將在多倫多證券交易所除牌。

　　OPTI除了現有Long Lake
項目尚未達產之外，還有三個尚待開發的項目，未來仍有很大的發展空間。收購可貫徹中海油的投資戰略，即資源、風險和回報。

　　他預計收購OPTI可以令中海油的儲量和產量提升，儲量增加五點三個百分點，至三十一點五四億萬桶油當量，而產量亦會推高一個百分點，至每日九十一萬桶。

　　鍾華表示，看好收購的長遠收益，由於OPTI旗下的油砂項目為鮮有的一體化生產，且資源豐富，生產年限又較長，達三十年以上；項目作業者為持有六成五權益的Nexen公司，熟悉當地工業及監管程序。

　　美銀美林分析師黃康民表示，以OPTI的資源量計算，收購作價相當於每桶一點一三元，高於該公司自○五年以後十一個收購交易的平均作價，為每桶零點九五元。他指出，中海油以高價收購高風險的資產，而OPTI目前仍處於虧損狀態，未知何時能夠提供盈利，因此對此交易持謹慎態度。

　　不過，中銀分析師Lawrence Lau表示，中海油近期負面消息頻現，惠州煉油廠火災、蓬萊油田漏油事故，加上此次收購的OPTI在過去兩年分別虧損二十多億港元，皆打擊市場信心，近日股價低迷屬正常現象。然而，市場對油砂資源的認識有限，且以短铫炒作者為多，故導致中海油短期內受壓。但長遠來看，待OPTI的資源全部開採，且加上油價在高位有支持，故對中海油的此次收購仍可持樂觀態度。

　　今年首季中海油已參與收購美國切薩皮克丹佛及粉河盆地油氣項目三分一權益，涉及十二點六七億元。又於三月底購入圖洛石油在烏干達1、2和3A勘探區各三分一權益，作價十四點六七億元。
2011-07-21

作者: lo_pak 時間: 2011-7-21 15:24

Short term has no benefit at all... Mostly used to decorate the reserve book...

作者: peter236 時間: 2011-7-21 15:39

Short term has no benefit at all... Mostly used to decorate the reserve book...
lo_pak 發表於 2011-7-21 15:24

This is self-hating logic from you.

They are now reaping big benefits from the reserves they bought many years ago. This is how the business is done.

作者: lo_pak 時間: 2011-7-21 15:43

回復 3# peter236

Try looking at OPTI history and see why the price drop from as high as $30 and end up with $0.115. The company itself costs only 30M, the rest are debts...

作者: peter236 時間: 2011-7-21 15:51

CNOOC is an offshore oil company. Buying OPTI gives CNOOC another slice of the world’s second-largest oil reserves, and also the chance to learn about a new method of bitumen production.
This is about acquiring the technology to take the reserves out. CNOOC is now getting more operational experience and access to different types of technology.
This is just a prudent buy for CNOOC.

作者: lo_pak 時間: 2011-7-21 15:57

回復 5# peter236

Long Lake is not an easy project, hope you know. If it's as feasible and profitable as OPTI states, they won't get into trouble...

I can only comment - good luck...

作者: peter236 時間: 2011-7-21 16:16

本帖最後由 peter236 於 2011-7-21 16:18 編輯

回復 peter236

Long Lake is not an easy project, hope you know. If it's as feasible and profitable ...
lo_pak 發表於 2011-7-21 15:57

Oil sands projects are never easy to extract. Looks like another good buy for CNOOC as they now acquire the most advanced technology of oil sand extraction. The savings in research investment and time is big.

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