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PetroChina Company Limited, Company Intelligence Report - Product Image

PetroChina Company Limited, Company Intelligence Report

  • Published: April 2011
  • 78 Pages
  • GlobalData

PetroChina Company Limited, Company Intelligence Report

Summary

PetroChina Company Limited (PetroChina) is an integrated company. It is present across the entire upstream value chain including the exploration, development, production and sales of crude oil and natural gas. It is also engaged in refining, transportation, storage and marketing of crude oil and petroleum products. It produces and sells basic petrochemical products, derivative chemical products and other chemical products; and it transmits natural gas, crude oil and refined products. The company is also the largest natural gas transporter and seller in China in terms of sales volume. PetroChina is a subsidiary of the state-owned China National Petroleum Corporation (CNPC). The company produces two-thirds of China's total oil and gas generation. The company principally operates in China.

Scope

- Key Highlights: This section provides detailed analysis on the company's overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides READ MORE >

1 Table of contents
1 Table of contents
1.1 List of Tables
1.2 List of Figures
2 PetroChina Company Limited, Company Overview
2.1 Exploration and Production
2.2 Refining and Chemicals
2.3 Marketing
2.4 Natural Gas and Pipeline
3 PetroChina Company Limited, Key Events for 2011
4 PetroChina Company Limited, Key Highlights
4.1 Strong Legacy Asset Base; Declining Production From Mature Oil Fields Needs to be Offset By New Major Discoveries
4.2 Supplementing Overall Business Growth Through Acquisitions; Seeking Business Opportunities on Domestic and International Level
5 PetroChina Company Limited, SWOT Analysis
5.1 Strength
5.1.1 High Reserve-Production Ratio Among Peers; Primarily Driven by High Natural Gas Reserve Base
5.1.2 High Reserve Replacement Ratio with Low Replacement Cost
5.2 Weakness
5.2.1 Limited Refineries in High Demand Regions
5.2.2 Lacking Offshore Presence in China
5.3 Opportunities
5.3.1 Development of Overseas Oil and Gas Resources
5.4 Threats
5.4.1 Major Legacy Assets are Matured and Already Peaked Their Production; Long Term Cash Flows can be Improved
6 PetroChina Company Limited, Goals and Strategies
6.1 Accelerating Overseas Oil and Gas Business Development
6.2 Moving towards Natural Gas
7 PetroChina Company Limited, Production Overview
7.1 Production Profile
7.2 China
7.2.1 Daqing Oil Region
7.2.2 Liaohe Oil Region
7.2.3 Xinjiang Oil Region
7.2.4 Sichuan Gas Region
7.2.5 Changqing Oil and Gas Region
7.2.6 Tarim Oil and Gas Region
8 PetroChina Company Limited, Exploration and Development Overview
8.1 China
8.1.1 Daqing Oil Region
8.1.2 Liaohe Oil Region
8.1.3 Xinjiang Oil Region
8.1.4 Sichuan Gas Region
8.1.5 Changqing Oil and Gas Region
8.1.6 Tarim Oil and Gas Region
9 PetroChina Company Limited, M&A Activity
10 PetroChina Company Limited, Production and Financial Statements Forecast
10.1 Income Statement (2007–2015)
10.2 Balance Sheet (2007–2015)
10.3 Cash Flow Statement (2007–2014)
10.4 Financial Ratios
11 PetroChina Company Limited, Valuation
11.1 Net Asset Value
12 PetroChina Company Limited, Quarterly Production Trends
12.1 PetroChina Company Limited, Total Oil and Gas Production
12.1.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2009-Q4, 2010
12.2 PetroChina Company Limited, Crude Oil Production
12.2.1 Total Crude Oil Production Trend, Q4, 2009-Q4, 2010
12.3 PetroChina Company Limited, Natural Gas Production
12.3.1 Total Natural Gas Production Trend, Q4, 2009-Q4, 2010
13 PetroChina Company Limited, Valuation and Financial Data
13.1.1 Share Price Performance, 2005-2010
13.1.2 Key Valuation Metrics, 2005-2010
13.2 PetroChina Company Limited,Total Oil and Gas, Reserves and Production
13.2.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2005-2010
13.2.2 Total Crude Oil and Natural Gas Reserve Changes, 2005-2010
13.3 PetroChina Company Limited,Crude Oil/Liquids Production and Reserve
13.3.1 Crude Oil/Liquids Production and Reserve Trend, 2005-2010
13.3.2 Crude Oil/Liquids Reserve Changes, 2005-2010
13.4 PetroChina Company Limited, Natural Gas Production and Reserve
13.4.1 Natural Gas Production and Reserve Trend, 2005-2010
13.4.2 Natural Gas Reserve Changes, 2005-2010
13.5 PetroChina Company Limited, Allocation of the Upstream Capital Expenditure
13.5.1 Upstream Capital Expenditure, 2005-2010
13.5.2 Exploration and Development Costs, By Country/Region, 2005-2010
13.6 PetroChina Company Limited, Oil and Gas Cost Per boe, $/boe
13.6.1 Oil and Gas Cost Per boe, $/boe, 2005-2010
13.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2005-2010
13.7 PetroChina Company Limited, Oil and Gas Revenue and Expenses
13.7.1 Oil and Gas Revenue and Expenses, 2005-2010
13.7.2 Oil and Gas Revenue and Expenses, By Country/Region, 2005-2010
13.8 PetroChina Company Limited, Oil and Gas Revenue and Expenses, Per boe
13.8.1 Oil and Gas Revenue and Expenses, By boe, 2005-2010
13.8.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2005-2010
13.9 PetroChina Company Limited, Oil and Gas Performance Metrics
13.10 PetroChina Company Limited, Developed and Undeveloped Acreage
13.10.1 Gross and Net Developed and Undeveloped Acreage, 2005-2010
13.10.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2005-2010
13.11 PetroChina Company Limited, Well Statistics
13.11.1 Producible Oil and Gas Well, 2005-2010
13.11.2 Producible Oil and Gas Well, By Country/Region, 2005-2010
13.11.3 Exploration and Development Wells Drilled, 2005-2010
13.11.4 Exploration and Development Wells Drilled, By Country/Region, 2005-2010
14 Appendix
14.1 Abbreviations
14.2 Methodology
14.2.1 Coverage
14.2.2 Secondary Research
14.2.3 Primary Research
14.2.4 Expert Panel Validation
14.3 Methodology for Company Valuation
14.4 Contact Us
14.5 Disclaimer

1.1 List of Tables
Table 1: PetroChina Company Limited, Regional Proved Reserve and Production Details, 2009
Table 2: PetroChina Company Limited, Production Volume of Refined Products, ‘000 tons, 2007–2009
Table 3: PetroChina Company Limited, Refined Product Sales Volume, '000 tons, 2007–2009
Table 4: PetroChina Company Limited, Pipeline Details, 2007–2009
Table 5: PetroChina Company Limited, Recent M&A Transactions, 2010–2011
Table 6: PetroChina Company Limited, Overseas M&A Transactions, 2009–2011
Table 7: PetroChina Company Limited, Asset Production Forecast, 2008–2014
Table 8: PetroChina Company Limited, Recent Transactions as a Buyer, 2009–2011
Table 9: PetroChina Company Limited, Recent Transactions as a Seller, 2009–2011
Table 10: PetroChina Company Limited, Forecast Production, 2007–2015
Table 11: , Price Forecasts, 2010–2014
Table 12: PetroChina Company Limited, Income Statement ($m), 2008–2015
Table 13: PetroChina Company Limited, Balance Sheet ($m), 2008–2015
Table 14: PetroChina Company Limited, Cash Flow Statement ($m), 2008–2015
Table 15: PetroChina Company Limited, Profitability Ratios, 2010–2015
Table 16: PetroChina Company Limited, Other Financial Ratios, 2010–2015
Table 17: PetroChina Company Limited, Capital Market Ratios, 2009–2011
Table 18: , Price Forecast, 2011–2015
Table 19: PetroChina Company Limited, Net Asset Value, 2011
Table 20: PetroChina Company Limited, Prospective Acreage & Non Proven Reserves, 2011
Table 21: PetroChina Company Limited, NPV of Oil/NGL Reserves, $/bbl, 2011
Table 22: PetroChina Company Limited, NPV of Natural Gas Reserves, $/Mcf, 2011
Table 23: PetroChina Company Limited, NPV of Total Oil and Natural Gas Reserves, $/boe, 2011
Table 24: PetroChina Company Limited, Sensitivity Analysis on Fair Value ($/share), 2011
Table 25: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production, Q4, 2009-Q4, 2010
Table 26: PetroChina Company Limited, Share Price Performance, 2005-2010
Table 27: PetroChina Company Limited, Key Valuation Metrics, 2005-2010
Table 28: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2005-2010
Table 29: PetroChina Company Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2005-2010
Table 30: PetroChina Company Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2005-2010
Table 31: PetroChina Company Limited, Crude Oil Reserve Changes, MMbbl, 2005-2010
Table 32: PetroChina Company Limited, Natural Gas Production and Reserves Metrics, Bcf, 2005-2010
Table 33: PetroChina Company Limited, Natural Gas Reserve Changes, Bcf, 2005-2010
Table 34: PetroChina Company Limited, Upstream Capital Expenditure, $m, 2005-2010
Table 35: PetroChina Company Limited, Exploration and Development Costs, By Country/Region, $m, 2005-2010
Table 36: PetroChina Company Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2005-2010
Table 37: PetroChina Company Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2005-2010
Table 38: PetroChina Company Limited, Revenue and Expenses, $m, 2005-2010
Table 39: PetroChina Company Limited, Revenue and Expenses, By Country/Region, $m, 2005-2010
Table 40: PetroChina Company Limited, Oil and Gas Revenue and Expenses, $/boe, 2005-2010
Table 41: PetroChina Company Limited, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2005-2010
Table 42: PetroChina Company Limited, Oil and Gas Performance Metrics, 2005-2010
Table 43: PetroChina Company Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2005-2010
Table 44: PetroChina Company Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2005-2010
Table 45: PetroChina Company Limited, Producible Oil and Gas Wells, 2005-2010
Table 46: PetroChina Company Limited, Producible Oil and Gas Wells, By Country/Region, 2005-2010
Table 47: PetroChina Company Limited, Exploratory and Developed Wells, 2005-2010
Table 48: PetroChina Company Limited, Exploratory and Developed Wells, By Country/Region, 2005-2010

1.2 List of Figures
Figure 1: PetroChina Company Limited, Operational Overview, 2011
Figure 2: PetroChina Company Limited, Performance Charts, 2007–2010
Figure 3: PetroChina Company Limited, Share Price Performance, April 2010–April 2011
Figure 4: PetroChina Company Limited, Major Assets Production, MMboe, 2004–2014
Figure 5: PetroChina Company Limited, Reserve-Production Ratio, 2009
Figure 6: PetroChina Company Limited, Reserve Replacement Ratio, %, 2008–2009
Figure 7: PetroChina Company Limited, Reserve Replacement Cost Per Coe, $/boe, 2004–2009
Figure 8: PetroChina Company Limited, Natural Gas Production, MMcf/d, 2004–2014
Figure 9: PetroChina Company Limited, Production from Upstream Assets, MMboe, 2007–2015
Figure 10: PetroChina Company Limited, Total Production Mix, MMboe, 2007–2015
Figure 11: PetroChina Company Limited, Daqing Oil Region Production, MMboe, 2004–2014
Figure 12: PetroChina Company limited, Liaohe Oil Region Production, MMboe, 2004–2014
Figure 13: PetroChina Company Limited, Xinjiang Oil Region Production, MMboe, 2004–2014
Figure 14: PetroChina Company Limited, Sichuan Gas Region Production, MMboe, 2004–2014
Figure 15: PetroChina Company Limited, Changqing Oil and Gas Region Production, MMboe, 2004–2014
Figure 16: PetroChina Company Limited, Tarim Oil and Gas Region Production, MMboe, 2004–2014
Figure 17: PetroChina Company Limited, Exploration and Development Cost, $m, 2004–2009
Figure 18: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2009-Q4, 2010
Figure 19: PetroChina Company Limited, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010
Figure 20: PetroChina Company Limited, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010
Figure 21: PetroChina Company Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2005-2010
Figure 22: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2005-2010
Figure 23: PetroChina Company Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 24: PetroChina Company Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2005-2010
Figure 25: PetroChina Company Limited, Crude Oil Reserve Changes, MMbbl, 2010
Figure 26: PetroChina Company Limited, Natural Gas Production and Reserves Metrics, Bcf, 2005-2010
Figure 27: PetroChina Company Limited, Natural Gas Reserve Changes, Bcf, 2010
Figure 28: PetroChina Company Limited, Upstream Capital Expenditure, $m, 2005-2010
Figure 29: PetroChina Company Limited, Development Costs, By Country/Region, $m, 2005-2010
Figure 30: PetroChina Company Limited, Exploration Costs, By Country/Region, $m, 2005-2010
Figure 31: PetroChina Company Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2005-2010
Figure 32: PetroChina Company Limited, Revenue and Expenses, $m, 2005-2010
Figure 33: PetroChina Company Limited, Exploration Expenses, By Country/Region, $m, 2005-2010
Figure 34: PetroChina Company Limited, Net Income/ Loss, By Country/Region, $m, 2005-2010
Figure 35: PetroChina Company Limited, Oil & Gas Revenue, By Country/Region, $m, 2005-2010
Figure 36: PetroChina Company Limited, Total Expenses, By Country/Region, $m, 2005-2010
Figure 37: PetroChina Company Limited, Oil and Gas Revenue and Expenses, $/boe, 2005-2010
Figure 38: PetroChina Company Limited, Lifting Cost per boe, By Country/Region, $/boe, 2005-2010
Figure 39: PetroChina Company Limited, Oil and Gas Performance Metrics, 2005-2010
Figure 40: PetroChina Company Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2005-2010
Figure 41: PetroChina Company Limited, Producible Oil and Gas Wells, 2005-2010
Figure 42: PetroChina Company Limited, Exploratory and Developed Wells, 2005-2010

Strong Legacy Asset Base; Declining Production From Mature Oil Fields Needs to be Offset By New Major Discoveries

PetroChina has been primarily engaged in crude oil and natural gas exploration, development and production activities. The majority of the company's assets are located in onshore China, mainly in the northeastern, northern, southwestern and northwestern parts of China. According to industry information, China's largest and oldest oil fields are located in the northeast region of the country and around 85% of Chinese production capacity is located onshore where PetroChina is a leading E&P player. PetroChina is the largest crude oil and natural gas producer in China. It holds major interests in the largest producing oil fields of China such as the Daqing, Jilin, Liaohe, Dagang, Huabei, Tarim, Changqing and Jidong regions. With all the equity interests in these regions, PetroChina accounts for roughly 60% and 80% of China's total oil and gas output, respectively. These assets have been heavily tapped by the company since the 1960s and are still providing the company with significant production capacity. However, the production from these assets is expected to decrease significantly in the next few years. Many of the company's legacy assets have reached their peak production and are in the declining phase. The annual production volume in the Daqing region, the largest oil prospective region in China, reached its peak of 1 MMbbl/d during 1976 and since then it has been continuously declining. The other producing regions: Huabei, Liaohe, Changqing, Dagang, and Tarim reached their peak during 1979, 1995, 2010, 2009 and 2009 respectively. These assets accounted for around 66% of PetroChina's total production and 67% of its total proved reserves during 2009. The figure below shows PetroChina's production from the major assets from 2004 through 2014. The figure indicates that the production from the company's major assets has been continuously declining and is expected to decline further.

As the production from the major assets has been declining, there arises a need to add more production from new discoveries or through the adoption of oil enhanced recovery techniques to maintain future production. In line with this, PetroChina has been conducting significant exploration activities, discovering the Tanan, Nanbeier, Yongpinghe and Honggouzi oil fields during 2009. The company has also been successfully exploiting its mature assets through the use of oil recovery techniques. Through the deployment of enhanced recovery techniques, the company increased its production from the Daqing oil region by 27.0%, 27.0% and 27.4% in 2006, 2007 and 2008 respectively. This indicates the company's ability to add more reserves and successfully increase its production

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