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"Oil" opportunity!!Grasp the oil and gas industry chain spring

2017-09-13

On May 22, 2017, the state council issued the several opinions on deepening the reform of system of oil and gas (hereinafter referred to as "opinions"), it will become China's new round of reform of oil and gas operation guide.

China's oil and gas reform has gone through four stages, from the reform of state-owned enterprises and the reform of the oil and gas system, which has entered the deep water zone.On the one hand, the rest of the reform is a hard nut to crack;Our country, on the other hand, less oil and less gas "" rich coal resources condition, causes our country's far more than 60% of oil, natural gas external dependency nearly 30%, has seriously restricted the economic and social development.So the oil and gas reform has to be made.

"Competition" is still the key word of the reform, and social capital will be introduced into the pool as "catfish" to make it play a role in the upstream and downstream of the industrial chain.Before released the opinions, reforms have beginnings, as early as April, sinopec's announcement said the company's board of directors agreed to sell shares in their company's overall changes for the China petrochemical sales co., LTD., after the listing in overseas.The reform of mixed ownership in the downstream sales sector is progressing steadily and has become an important window to observe the oil and gas reform.

As an important jigsaw puzzle of energy reform, oil and gas reform has created a rare investment opportunity for the market.China securities analyst Dai Kang that reform of oil and gas from oil and gas prospecting and exploitation, amongs so many brands of oil and gas, oil and gas pipeline, oil and gas prices, oil and gas reserves, etc, to promote marketization, basic covers the whole industrial chain, a level one trillion yuan market will gradually open up.

Some analysts believe that, overall, the oil and gas reform package is good for oil industry, especially for private oil companies.In terms of domestic oil companies' capital expenditure data, "three barrels of oil" will start to recover in 2017: cnooc's capital expenditure will increase from 60 billion yuan to 70 billion yuan, up 19 percent to 39 percent year-on-year.Sinopec plans to spend 110.2 billion yuan on capital expenditure, an increase of 33.7 billion yuan from 2016, up 44%.Petrochina plans to grow 11 percent to 197 billion yuan on the basis of 172.4 billion yuan in 2016.In the first quarter, orders from oil companies showed a warming trend.

Opinion is the icing on the cake for the oil industry."Opinions" clear regulation, on the premise of protective development, allowed to meet entry requirements and received a market main body qualifications to participate in the conventional oil and gas prospecting and exploitation, and gradually form dominated by large state-owned oil and gas companies, a variety of economic sectors in prospecting and exploitation of the system."The truly competent exploration and development enterprises will enter the upstream of oil and gas and benefit the private oil companies involved in related businesses.""Said ma song, an analyst at guolian securities.

In addition, with the introduction of oil and gas reform, the reform of the natural gas pipeline network will be further defined, and the construction of the incremental network will be restarted.Earlier, the national development and reform commission issued "the natural gas development" much starker choices-and graver consequences-in planning "shows that" much starker choices-and graver consequences-in "period, the trunk and supporting new gas pipeline 40000 km, the total mileage of 2020 will reach 104000 km.Citic securities, based on the investment budget of petrochina and sinopec's recent gas pipeline construction project, will invest about 10 million yuan to 20 million yuan per kilometre.The total investment is estimated to be about 600 billion yuan in the next four years.This is A big enough cake for the industry, and A share of listed companies are expected to receive A share of the pie.

Overall, whether the introduction of social capital to promote development efficiency, activate the prospecting and exploitation of incremental market, or network reform, or let go of the gas import controls, all contain the investment opportunities, will also promote a-share listed companies related performance directly.But it is need to remind investors that reform of oil and gas fields related to oil and gas industry hundreds of thousands of RMB one hundred million asset size and millions of workers interests, relevant reform measures would be able to fall to the ground, the international crude oil market trend, need immediate attention.