|2020-03-06 來源： 中國石化新聞網|
曹海斌 摘譯自 石油工業新聞
Big Money Still Loves Oil & Gas
The entire oil and gas industry and its investors are seriously reassessing the value of their beloved fossil fuels in the context of a major energy transition. But don’t be fooled: The returns of oil and gas projects are still highly competitive and plenty of capital is still flowing.
While the energy transition and the low-carbon energy themes will only become more prominent in the coming years, oil and gas returns will continue to be competitive with the returns on investments in green energy, analysts say.
Transitions, after all, are never as simple as crossing a border from one country into another. There’s a massive swathe of no-man’s land here that will continue to be populated by all forms of energy.
Still, oil and gas companies now know with certainty that they must start to align their capital allocation strategies with the growing investor pressure to show willingness and commitment to curb emissions and help save the planet.
Oil and gas firms raised US$617.4 billion in capital in 2019, up by 7 percent on the year, with loans and bonds accounting for 92 percent of capital raised. The total value of capital raised was the highest in five years, but the number of fundraisings was down for yet another year, reflecting challenging conditions for some segments in the industry, notably financial stress among U.S. exploration and production companies and among oilfield services, EY said in its review.
In M&A, the value of upstream deals rose by 17.6 percent to US$160.5 billion, thanks to Occidental’s acquisition of Anadarko. Excluding this deal, total global deal value dropped by 24.2 percent. In exploration and production, the U.S. continued to lead the way for M&A deals for a fifth consecutive year, representing 60 percent of the world’s total upstream deal value, EY’s review found.