【出版时间及名称】：2010年中国石油天然气行业前景展望
【作者】：MIRAE ASSEt
【文件格式】：pdf
【页数】：60
【目录或简介】：
CONTENTS
2010 – The year that earnings growth resumes..........................................4
OPEC holds the supply trump card 4
Sluggish global demand growth 4
Trend of rising costs 6
Upside and downside risks 7
Domestic natural gas pricing reform to lift profitabiity...............................8
China’s natural gas market fundamentals 8
Domestic gas pricing must become more attractive 8
LNG and pipeline gas imports 10
Buyout boom could lift energy sector valuations 12
China refiners will outperform global peers..............................................13
Global excess capacity 13
China’s cost plus reasonable return pricing model 13
Superior domestic sales volume growth 15
Overseas upstream asset injection 15
Oil field spending will continue to beat expectation.................................16
Oil companies must replenish their reserves 16
COSL’s diversification blueprint 17
More M&As will happen in the oil field service sector 17
Deepwater exploration has huge potential in offshore China 18
Company Section:
- CNOOC (883 HK, BUY): Deepwater offers good upside.............................................20
- China Oilfield Services (2883 HK, BUY): Drilling demand revival.............................27
- Petrochina (857 HK, BUY): World beating performance............................................35
- Sinopec Corp. (386 HK, BUY): Upstream asset boost...........................................44
Appendices.................................................................................................50
1. Sinopec: overseas acquisitions will expand resources base 50
2. Quarterly World Balance: Most Recent Table 1 of the OMR (mn barrels per day) ~ 2008 to 2010 52-57
Analyst team profile...................................................................................58