PetroChina set off the oilfield reform, the oilfield business reorganization and listing on the market again

In the fourth quarter, PetroChina’s reforms were frequent. First, Daqing Oilfield established a special sales company, Zhongyou Power, which marked a substantial progress in its deepening reform, upgrading and development. Then, PetroChina passed the engineering technology business reform and restructuring framework program, and determined the path of restructuring and listing. Recently, PetroChina launched the first internal mineral rights transfer, from Daqing Oilfield to develop two blocks of southwest oil and gas fields, set off the oilfield reform. The industry believes that with the accelerated reform of state-owned enterprises, PetroChina is expected to form a basic pattern in which the core business segments are all listed. PetroChina set off a battlefield for oilfield reform. "Securities Daily" reporter learned from PetroChina that PetroChina's southwest oil and gas field and Daqing Oilfield signed a "mineral internal transfer agreement", setting a precedent for the internal circulation of mineral rights. From November 20th, Hechuan-Hainan Block and Xichang-Xide Block will be explored and developed by Daqing Oilfield. According to reports, Hechuan-Hainan block is located in the middle of the Sichuan Basin, covering Sichuan Guang'an City, Yuechi County, Chongqing Hechuan District, Weinan District and other places, with an area of ​​5012.334 square kilometers. As of November 20, 456 holes have been drilled in the block, and more than 10 sets of industrial oil and gas reservoirs have been discovered. The proven reserves of natural gas are 229.935 billion cubic meters, and the proven reserves of condensate oil are 6.9 million tons, which has good advantages in three-dimensional exploration and development. In addition, Xichang-Xide block is located in the south of Xichang Basin, covering Sichuan Xichang City, Xide County, Puge County and other places, with an area of ​​3494.537 square kilometers. At present, the first exploration well in the block, the Puge 1 well, is under construction, and the geophysical exploration operation is about to kick off. The southwest oil and gas field is an enterprise that organizes oil and gas exploration and development operations within the scope of CNPC's mineral rights. More than 20 oil and gas reservoirs have been discovered in the Sichuan Basin, and China's first natural gas industrial base and Changning-Weiyuan national shale gas demonstration zone have been built. Become the birthplace of the domestic natural gas industry. It is worth mentioning that in recent years, the situation faced by Daqing Oilfield is quite serious. Due to the decline in crude oil prices, the profitability of Daqing Oilfield has been declining. At the same time, due to years of development, it is also facing the problem of depletion of resources. In 2016, Daqing Oilfield was once in a loss. It is understood that the crude oil output of Daqing Oilfield has been stable for more than 50 million tons in 27 years and 40 million tons in 12 years. By 2014, the output is still over 40 million tons. After the implementation of production cuts in 2015, the output will be 38.5 million tons at the end of the year. At present, Daqing Oilfield is gradually reducing production. According to the plan, Daqing Oilfield will reduce the annual output by 1.5 million tons, and reduce the annual output by more than 1.3 million tons during the entire 13th Five-Year Plan period. It is planned to stabilize to 30 million tons by 2020. Under this circumstance, PetroChina's internal transfer of mining rights will allow resources and employees to flow and optimize the allocation of resources. Relevant persons from PetroChina told the Securities Daily that CNPC's internal transfer of mineral rights is an important measure to deepen reform. It will use the market value law to revitalize the mining rights block and unused reserves, activate the exploration and development market, and further accelerate the Sichuan-Yunnan region. The pace of development of the oil and gas industry. Re-raising the oil service business restructuring listing schedule Since the beginning of this year, PetroChina has been operating frequently and has been accelerating reforms. On November 7, China National Petroleum Corporation Electric Power Co., Ltd. (hereinafter referred to as “China Oil Power”) was formally established, marking the substantial progress in the deepening reform, upgrading and development of Daqing Oilfield Power Group. In accordance with the plan of PetroChina, CNPC Energy established a “three-step” development path for restructuring, restructuring, and listing, and applied for inclusion in the country's third batch of mixed ownership reform pilot units, and was at the forefront of state-owned enterprise reform. The "Securities Daily" reporter also learned that on November 15, PetroChina held the 21st meeting of the Leading Group for Comprehensive Deepening Reform, deliberating and passing the "China Petroleum Engineering Technology Business Reform and Restructuring Framework Program" in principle. It is understood that the plan for this review is aimed at implementing the overall deployment of CNPC to deepen reform, aiming at improving the service support capability and market competitiveness of engineering technology business, clarifying the guiding ideology, principles and ideas of reform and restructuring, and proposing implementation plans, Schedule and related policy recommendations. Wang Yilin, chairman of CNPC, said at the meeting that with reform and restructuring as an opportunity and motivation, he will strive to provide more competitive high-end products and services, continuously improve market development capabilities, increase revenue and create efficiency, and accelerate the construction of a world-class oilfield technology service company. The reason why China Petroleum Engineering and Technology is going to be reformed is because the current system has not kept up with the development of the situation. Wang Yilin also said that with the profound adjustment of the external environment and the development of the oil service industry, the current institutional mechanisms of the engineering technology business have also exposed many contradictions and problems, which have certain constraints on promoting business management and sustainable development. Therefore, the reform and restructuring of engineering technology business is the key content of PetroChina's comprehensive deepening reform, and is an important measure to promote the coordinated development of engineering technology business. It is also an inevitable requirement for responding to new situations and new challenges, enhancing the overall competitiveness of the business, and promoting world-class comprehensiveness. The construction of an international energy company is of great significance. It is worth mentioning that last year, CNPC's CNPC Capital and CNPC projects were listed on the backdoor. Up to now, there are no engineering technology business (oil service sector) in CNPC's main business, and the engineering technology sector is dominated by five major oil drilling companies. It is understood that among the three barrels of oil, China National Offshore Oil Co., Ltd. has been listed for a long time. Petrochemical oil service was injected into Sinopec's petroleum engineering assets in 2014. PetroChina has the largest oil service company in China, and its pace of listing has lagged behind Sinopec and CNOOC. Yang Sheng, an analyst at Minsheng Securities, said that with the continuous deepening of the reform of state-owned enterprises, the mixed improvement process of the oil and gas industry has gradually accelerated, and the possibility of listing its engineering technology business is very high.

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