Abstract: The principle, philosophy and methodology of technical and economic evaluation for overseas oil-company acquisition project were discussed. On the basis of the conventional evaluation method for a single asset, this technical evaluation method for the whole oil-company asset is composed of three parts, including ①technical assessment of the status and potential of assets in upstream and downstream; ②technical assessment of synergetic effect for assuming successful acquisition; ③risk analysis for asset of acquiring the oil-company. According to the technical evaluation results, several economic evaluation methods were used to estimate the value range of the objective oil-company. Then, the value of the objective oil-company was adjusted according to the result of financial and lawsuits-related analyses. The application of the technical and economic evaluation methodology for overseas oil-company acquisition project in the case of acquiring PetroKazakhstan Inc. was briefly discussed.

Key words: oil-company acquisition, asset, technical and economic evaluation, evaluation method, application case

摘要： 在常规单一油气资产项目评价方法的基础上,以目标公司为一个整体,提出整体并购海外油公司项目的技术经济评价思路和方法。运用该方法对目标油公司资产的技术评估的内容包括3部分:①评估目标公司资产的现状与潜力,主要包括上游勘探开发状况(核实已发现油气田的剩余经济可采储量、估算勘探区块的远景圈闭资源量等)、下游生产运营状况(管线以及炼厂运营情况等)、勘探开发部署与生产运营规划以及目标公司上、下游资产具备的潜力;②评估(假定)并购完成后可能产生的协同效益;③分析目标公司资产中存在的各种风险。在技术评价的基础上,利用多种估值方法对不同技术规划方案进行评价,估算出目标公司的价值区间。并通过对目标公司的财务和法律事务分析,调整目标公司的价值区间。简述了该技术经济评价思路和方法在并购Petro-Kazakhstan公司的技术经济评价中的成功应用。

关键词: 油公司并购, 资产, 技术经济评价, 评价方法, 应用实例