China Petroleum & Chemical Corporation, Company Intelligence Report

China Petroleum & Chemical Corporation, Company Intelligence Report

Summary

China Petroleum & Chemical Corporation (Sinopec) is an integrated company with presence in the upstream, midstream and downstream segments. The company was incorporated on February 28, 2000 and it is headquartered in the Chaoyang District of Beijing (China). The company is currently listed on four stock exchanges: Shanghai Stock Exchange, Hong Kong Stock Exchange, New York Stock Exchange and London Stock Exchange. The company was listed on the Hong Kong, New York and London stock exchanges in 2000, whereas it was listed on the Shanghai Stock Exchange in 2001. The company primarily operates through four segments: Exploration and Production, Refining, Marketing and Distribution and Chemicals. The operations of the company include exploration and production, pipeline transportation and sales of petroleum and natural gas; the sales, storage and transportation of petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products; the import and export, as well as import and export agency business of oil, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information. The figure below shows the company’s revenue break up for 2009 and 2010. The total revenue of the company in 2009 was $196.6 billion, which grew to $282.2 billion in 2010. The majority of revenue comes from its downstream operations. The company generated $128.7 billion and $177.5 billion from its downstream operations in 2009 and 2010, respectively.

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 the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Key Events for 2011: This section provides the company’s expected operational and financial activities in 2011. This section maps the company’s focus for 2011 in nut shell.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

- The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

Keywords

Valuation Report, NAV, Oil and gas valuation, Strategic Evaluation, Strategic and Operational Analysis, Forecasted financial Statements, SWOT, Capital expenditure, Market Scenario, Revenue, Financial Ratios, Production, Reserves, Peer Group Comparison, DCF, Outlook, Investment Thesis, Investment Summary, Cabot Oil and Gas Corporation SHOW LESS READ MORE >

1
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1.1 List of Tables
1.2 List of Figures
2 China Petroleum & Chemical Corporation, Company Overview
2.1 Exploration and Production
2.2 Refining
2.3 Marketing and Distribution
2.4 Chemicals
3 China Petroleum & Chemical Corporation, Key Highlights
3.1 Mature Upstream Portfolio; Should Expand it E&P Operations Through Newer Assets
3.1.1 Shengli Oilfield
3.1.2 Zhongyuan field
3.1.3 Henan Oilfield
3.2 Downstream Operations Expected to Generate Strong Revenues in Future
3.3 Strong Cash Flow Generation to Support the Company’s Future Operations
4 China Petroleum & Chemical Corporation, SWOT Analysis
4.1 Strengths
4.1.1 Strong Integrated Operations
4.1.2 Consistent Growth in Production
4.1.3 Continuous Emphasis on Research and Development
4.2 Weaknesses
4.2.1 Declining Reserve Base
4.2.2 Limited Geographic Presence
4.2.3 Relatively Low Reserve Replacement Ratio
4.3 Opportunities
4.3.1 Upside Through Unconventional Exploration and Upcoming Projects
4.4 Threats
4.4.1 Inability to Add Reserves and Failure to Increase its Focus on Upcoming Assets Could Affect Sinopec’s Contribution in the Long Run
5 China Petroleum & Chemical Corporation, Goals and Strategies
5.1 Achieve the Targets Under the 12th Five Year Plan
6 China Petroleum & Chemical Corporation, Production Overview
6.1 Production Profile
6.2 China
6.2.1 Shengli
6.2.2 Puguang
6.3 Africa
7 Capital Expenditure
7.1 Costs Incurred
8 Acreage
9 China Petroleum & Chemical Corporation, Exploration and Development Overview
10 China Petroleum & Chemical Corporation, M&A Activity
11 China Petroleum & Chemical Corporation, Downstream Updates
11.1 Refining
11.2 Marketing and Distribution
11.3 Chemicals
12 China Petroleum & Chemical Corporation, Forecast Production and Financial Statements
12.1 Income Statement (2009–2015)
12.2 Balance Sheet (2009–2015)
12.3 Cash Flow Statement (2009–2015)
12.4 Financial Ratios
13 China Petroleum & Chemical Corporation, Valuation
13.1 Net Asset Value
14 China Petroleum & Chemical Corporation, Peer Comparision
14.1 Share Price Performance
14.2 Operational and Financial Performance
14.3 Key Financial and Operational Ratio
15 China Petroleum & Chemical Corporation, Detailed Operational and Financial Metrics
15.1 China Petroleum & Chemical Corporation, Total Oil and Gas Production
15.1.1 Total Crude Oil and Natural Gas Production Trend, Q2, 2010-Q2, 2011
15.2 China Petroleum & Chemical Corporation, Crude Oil Production
15.2.1 Total Crude Oil Production Trend, Q2, 2010-Q2, 2011
15.2.2 Crude Oil Production, By Country/Region, Q2, 2010-Q2, 2011
15.3 China Petroleum & Chemical Corporation, Natural Gas Production
15.3.1 Total Natural Gas Production Trend, Q2, 2010-Q2, 2011
15.4 China Petroleum & Chemical Corporation, Valuation and Financial Data
15.4.1 Share Price Performance, 2006-2010
15.4.2 Key Valuation Metrics, 2006-2010
15.5 China Petroleum & Chemical Corporation, Total Oil and Gas, Reserves and Production
15.5.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
15.5.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
15.5.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
15.6 China Petroleum & Chemical Corporation, Crude Oil/Liquids Production and Reserve
15.6.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
15.6.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
15.6.3 Crude Oil/Liquids Reserve Changes, 2006-2010
15.7 China Petroleum & Chemical Corporation, Natural Gas Production and Reserve
15.7.1 Natural Gas Production and Reserve Trend, 2006-2010
15.7.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
15.7.3 Natural Gas Reserve Changes, 2006-2010
15.8 China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas Reserves Life Index
15.8.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
15.8.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
15.9 China Petroleum & Chemical Corporation, E&P Costs Trends
15.9.1 Upstream Capital Expenditure, 2006-2010
15.9.2 Exploration and Development Costs, By Country/Region, 2006-2010
15.10 China Petroleum & Chemical Corporation, Oil and Gas Cost Per boe, $/boe
15.10.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
15.10.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
15.11 China Petroleum & Chemical Corporation, Reserve Replacement Ratio
15.11.1 Oil and Gas Production Replacement Ratio, 2006-2010
15.11.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
15.12 China Petroleum & Chemical Corporation, Results of Oil & Gas Operations Trend
15.12.1 Oil and Gas Revenue and Expenses, 2006-2010
15.12.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
15.13 China Petroleum & Chemical Corporation, Oil and Gas Revenue and Expenses, Per boe
15.13.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
15.13.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
15.14 China Petroleum & Chemical Corporation, Oil and Gas Performance Metrics
15.15 China Petroleum & Chemical Corporation, Land Holdings and Well Data
15.15.1 Gross and Net Developed and Undeveloped Acreage, 2006-2010
15.15.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010
15.16 China Petroleum & Chemical Corporation, Well Statistics
15.16.1 Producible Oil and Gas Well, 2006-2010
15.16.2 Producible Oil and Gas Well, By Country/Region, 2006-2010
15.16.3 Exploration and Development Wells Drilled, 2006-2010
15.16.4 Exploration and Development Wells Drilled, By Country/Region, 2006-2010
16 Appendix
16.1 Abbreviations
16.2 Methodology
16.2.1 Coverage
16.2.2 Secondary Research
16.2.3 Primary Research
16.3 Contact Us
16.4 Disclaimer

1.1 List of Tables
Table 1: China Petroleum & Chemical Corporation, Production of Chemical Products, Million Tons, 2008–2010
Table 2: China Petroleum & Chemical Corporation, Key Events, 2010–2011
Table 3: China Petroleum & Chemical Corporation, Total Production Forecast by Commodity, MMboe, 2011–2015
Table 4: China Petroleum and Chemical Corporation, Capital Expenditure Classification, $m, 2009–2010
Table 5: China Petroleum and Chemical Corporation, Costs Incurred, $m, 2007–2010
Table 6: China Petroleum and Chemical Corporation, Reserve Replacement Ratio and Finding and Development Cost, 2007–2010
Table 7: China Petroleum & Chemical Corporation, Recent Transactions as a Buyer, March 2008–April 2011
Table 8: China Petroleum & Chemical Corporation, Recent Transactions as a Seller, March 2008–April 2011
Table 9: China Petroleum & Chemical Corporation, Sources of Crude Oil, million tons, 2008–2010
Table 10: China Petroleum & Chemical Corporation, Forecast Production, 2007–2015
Table 11: GlobalData, Price Forecasts, 2011–2015
Table 12: China Petroleum & Chemical Corporation, Income Statement ($m), 2009–2015
Table 13: China Petroleum & Chemical Corporation, Balance Sheet ($m), 2009–2015
Table 14: China Petroleum & Chemical Corporation, Cash Flow Statement ($m), 2009–2015
Table 15: China Petroleum & Chemical Corporation , Profitability Ratios, 2009–2015
Table 16: China Petroleum & Chemical Corporation , Other Financial Ratios, 2009–2015
Table 17: GlobalData, Price Forecast, 2011–2015
Table 18: China Petroleum & Chemical Corporation, Net Asset Value, 2010
Table 19: China Petroleum & Chemical Corporation, Prospective Acreage and Non–Proven Reserves, 2010
Table 20: China Petroleum & Chemical Corporation , NPV of Natural Gas Reserves, 2011
Table 21: China Petroleum & Chemical Corporation , NPV of Oil/NGL Reserves, 2011
Table 22: China Petroleum & Chemical Corporation , NPV of Total Oil and Natural Gas Reserves, 2011
Table 23: China Petroleum & Chemical Corporation, Sensitivity Analysis on Fair Value ($/share), 2011
Table 24: China Petroleum & Chemical Corporation Vs. Peer Group, Operational and Financial Performance, 2009
Table 38: China Petroleum & Chemical Corporation and its Peer Group Comparison, Financial Ratios, 2010
Table 26: China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas, Production, Q2, 2010-Q2, 2011
Table 27: China Petroleum & Chemical Corporation, Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011
Table 28: China Petroleum & Chemical Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011
Table 29: China Petroleum & Chemical Corporation, Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011
Table 30: China Petroleum & Chemical Corporation, Share Price Performance, 2006-2010
Table 31: China Petroleum & Chemical Corporation, Key Valuation Metrics, 2006-2010
Table 32: China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 33: China Petroleum & Chemical Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 34: China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 35: China Petroleum & Chemical Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 36: China Petroleum & Chemical Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 37: China Petroleum & Chemical Corporation, Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 38: China Petroleum & Chemical Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 39: China Petroleum & Chemical Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 40: China Petroleum & Chemical Corporation, Natural Gas Reserve Changes, Bcf, 2006-2010
Table 41: China Petroleum & Chemical Corporation, Oil and Gas Reserves Life Index, Years, 2006-2010
Table 42: China Petroleum & Chemical Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 43: China Petroleum & Chemical Corporation, Upstream Capital Expenditure, $m, 2006-2010
Table 44: China Petroleum & Chemical Corporation, Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 45: China Petroleum & Chemical Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 46: China Petroleum & Chemical Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 47: China Petroleum & Chemical Corporation, Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 48: China Petroleum & Chemical Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 49: China Petroleum & Chemical Corporation, Revenue and Expenses, $m, 2006-2010
Table 50: China Petroleum & Chemical Corporation, Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 51: China Petroleum & Chemical Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 52: China Petroleum & Chemical Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 53: China Petroleum & Chemical Corporation, Oil and Gas Performance Metrics, 2006-2010
Table 54: China Petroleum & Chemical Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Table 55: China Petroleum & Chemical Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010
Table 56: China Petroleum & Chemical Corporation, Producible Oil and Gas Wells, 2006-2010
Table 57: China Petroleum & Chemical Corporation, Producible Oil and Gas Wells, By Country/Region, 2006-2010
Table 58: China Petroleum & Chemical Corporation, Exploratory and Developed Wells, 2006-2010
Table 59: China Petroleum & Chemical Corporation, Exploratory and Developed Wells, By Country/Region, 2006-2010

1.2 List of Figures
Figure 1: China Petroleum & Chemical Corporation, Revenue Split By Segment, (%), 2009–2010
Figure 2: China Petroleum & Chemical Corporation, Upstream Operational Map, 2011
Figure 3: China Petroleum & Chemical Corporation, Refinery Locations, 2011
Figure 4: China Petroleum & Chemical Corporation, Performance Charts, 2007–2010
Figure 5: China Petroleum & Chemical Corporation, Share Price Performance, September 2010–September 2011
Figure 6: China Petroleum & Chemical Corporation, Crude Oil Production, Shengli Oilfield, MMbbl, 2001–2010
Figure 7: China Petroleum & Chemical Corporation, Total Production from Zhongyuan Field, MMboe, 2001–2010
Figure 8: China Petroleum & Chemical Corporation, Total Production from Henan Field, MMbbl, 2001–2010
Figure 9: China Petroleum & Chemical Corporation, Downstream, Revenue as a % of Total Revenue, CNY bn, 2007–2010
Figure 10: China Petroleum & Chemical Corporation, Downstream Revenue, $m, 2011–2015
Figure 11: China Petroleum & Chemical Corporation, Capex, Cash Flow from Operating Activities and Capex as a Percentage of Operating Cash Flows, CNYbn, 2006–2010
Figure 12: China Petroleum & Chemical Corporation, Inflow, Outflow and Net Cash Position, CNYbn, 2006–2010
Figure 13: China Petroleum & Chemical Corporation, Total Oil and Gas Production, MMboe, 2007–2010
Figure 14: China Petroleum & Chemical Corporation and its Peer Group, Total Proved Reserves, MMboe, 2007–2010
Figure 15: China Petroleum & Chemical Corporation and its Peer Group, Reserve Replacement Ratio, %, 2007–2010
Figure 16: China Petroleum & Chemical Corporation, 12th Five Year Targets, 2010–2015
Figure 17: China Petroleum & Chemical Corporation, Total Production, MMboe, 2007–2015
Figure 18: China Petroleum & Chemical Corporation, Production Mix, (%), 2007–2010
Figure 19: China Petroleum & Chemical Corporation, Total Production from China, MMboe, 2011–2015
Figure 20: China Petroleum & Chemical Corporation, Total Production from Africa, MMboe, 2011–2015
Figure 21: China Petroleum & Chemical Corporation, Capital Expenditure Classification, $m, 2009–2010
Figure 22: China Petroleum & Chemical Corporation, Costs Incurred, $m, 2007–2010
Figure 23: China Petroleum & Chemical Corporation , Reserve Replacement Ratio and Finding and Development Cost, 2007–2010
Figure 24: China Petroleum & Chemical Corporation Versus Peers Acreage Comparison, Million Acres, 2010
Figure 25: China Petroleum & Chemical Corporation, Net Developed and Undeveloped Acreages, acres, 2009–2010
Figure 26: China Petroleum & Chemical Corporation, Net Productive & Dry Exploratory & Development Wells, 2007–2010
Figure 27: China Petroleum & Chemical Corporation, Net/ Gross Oil and Gas Ratio for Wells, %, 2009–2010
Figure 28: China Petroleum & Chemical Corporation, Net Total Oil &Gas Productive and Dry Development Wells , 2005–2010
Figure 29: China Petroleum & Chemical Corporation, Domestic Sales of Refined Oil Products, million tons, 2007–2010
Figure 30: China Petroleum & Chemical Corporation, Production of Chemical Products, million tons, 2007–2010
Figure 31: China Petroleum & Chemical Corporation, Revenue, Earnings and Downstream Segment (Including Chemicals) as % of Total Revenue, CNY billion, 2007–2010
Figure 32: China Petroleum & Chemical Corporation, Relative Share Price Performance Index, October 2010–2011
Figure 33: China Petroleum & Chemical Corporation and its Peers, Per Boe Parameters, 2010
Figure 34: China Petroleum & Chemical Corporation and its Peers, Reserve Life Index, 2010
Figure 35: China Petroleum & Chemical Corporation and its Peers, Total Reserves & Production, MMboe, 2010
Figure 36: China Petroleum & Chemical Corporation and its Peers, Valuation Ratios, 2010
Figure 37: China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2010-Q2, 2011
Figure 38: China Petroleum & Chemical Corporation, Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011
Figure 39: China Petroleum & Chemical Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011
Figure 40: China Petroleum & Chemical Corporation, Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011
Figure 41: China Petroleum & Chemical Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2006-2010
Figure 42: China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 43: China Petroleum & Chemical Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010
Figure 44: China Petroleum & Chemical Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 45: China Petroleum & Chemical Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 46: China Petroleum & Chemical Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 47: China Petroleum & Chemical Corporation, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010
Figure 48: China Petroleum & Chemical Corporation, Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 49: China Petroleum & Chemical Corporation, Crude Oil Reserve Changes, MMbbl, 2010
Figure 50: China Petroleum & Chemical Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 51: China Petroleum & Chemical Corporation, Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010
Figure 52: China Petroleum & Chemical Corporation, Gas Production, By Country/Region, Bcf, 2006-2010
Figure 53: China Petroleum & Chemical Corporation, Natural Gas Reserve Changes, Bcf, 2010
Figure 54: China Petroleum & Chemical Corporation, Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 55: China Petroleum & Chemical Corporation, Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 56: China Petroleum & Chemical Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 57: China Petroleum & Chemical Corporation, Oil Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 58: China Petroleum & Chemical Corporation, Upstream Capital Expenditure, $m, 2006-2010
Figure 59: China Petroleum & Chemical Corporation, Development Costs, By Country/Region, $m, 2006-2010
Figure 60: China Petroleum & Chemical Corporation, Exploration Costs, By Country/Region, $m, 2006-2010
Figure 61: China Petroleum & Chemical Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 62: China Petroleum & Chemical Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 63: China Petroleum & Chemical Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 64: China Petroleum & Chemical Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 65: China Petroleum & Chemical Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 66: China Petroleum & Chemical Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 67: China Petroleum & Chemical Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 68: China Petroleum & Chemical Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 69: China Petroleum & Chemical Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 70: China Petroleum & Chemical Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 71: China Petroleum & Chemical Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 72: China Petroleum & Chemical Corporation, Revenue and Expenses, $m, 2006-2010
Figure 73: China Petroleum & Chemical Corporation, Exploration Expenses, By Country/Region, $m, 2006-2010
Figure 74: China Petroleum & Chemical Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 75: China Petroleum & Chemical Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 76: China Petroleum & Chemical Corporation, Oil & Gas Revenue, By Country/Region, $m, 2006-2010
Figure 77: China Petroleum & Chemical Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 78: China Petroleum & Chemical Corporation, Production Costs, By Country/Region, $m, 2006-2010
Figure 79: China Petroleum & Chemical Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 80: China Petroleum & Chemical Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 81: China Petroleum & Chemical Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2006-2010
Figure 82: China Petroleum & Chemical Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010
Figure 83: China Petroleum & Chemical Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010
Figure 84: China Petroleum & Chemical Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010
Figure 85: China Petroleum & Chemical Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 86: China Petroleum & Chemical Corporation, Total DD&A per boe, By Country/Region, $/boe, 2006-2010
Figure 87: China Petroleum & Chemical Corporation, Total Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 88: China Petroleum & Chemical Corporation, Oil and Gas Performance Metrics, 2006-2010
Figure 89: China Petroleum & Chemical Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Figure 90: China Petroleum & Chemical Corporation, Producible Oil and Gas Wells, 2006-2010
Figure 91: China Petroleum & Chemical Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 92: China Petroleum & Chemical Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 93: China Petroleum & Chemical Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 94: China Petroleum & Chemical Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010
Figure 95: China Petroleum & Chemical Corporation, Net Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 96: China Petroleum & Chemical Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 97: China Petroleum & Chemical Corporation, Net Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 98: China Petroleum & Chemical Corporation, Exploratory and Developed Wells, 2006-2010

Mature Upstream Portfolio; Should Expand it E&P Operations Through Newer Assets

Sinopec, through its E&P segment, explores, develops and produces crude oil and natural gas across China. During 2010, Sinopec held around 193 production licenses and 307 exploration licenses that covered acreages of 19,136km2 and 968,200km2, respectively. The company’s production license terms range from 10–80 years, whereas its exploration licenses have a maximum term of seven years. The company conducts E&P operations with the help of several subsidiaries, such as Shengli Oilfield Company, Zhongyuan Oilfield Company, Henan Oilfield Company, Jianghan Oilfield Company, Jiangsu Oilfield Company and others. The majority of the production licenses of the company are located in China. Though the company reported an increase of 6% in its production in 2010; most of its major fields have been showing stagnancy in their production growth.

Shengli Oilfield

One of the most important crude oilfields for the company is the Shengli Oilfield, which is located in the DongYing region in the downstream area of the Yellow River. This oilfield contributed around 49% of the company’s total production in 2010. However, Shengli has already reached its peak production in 1991. Since then, the company has been implementing enhanced oil techniques (EOR) and improved oil techniques (IOR) to maintain production from the field. The figure below shows the company’s production from Shengli during 2001–2010. This shows that crude oil production from Shengli has increased marginally since 2001.

Figure 1: China Petroleum & Chemical Corporation, Crude Oil Production, Shengli Oilfield, MMbbl, 2001–2010

Source: GlobalData; Company Source

Zhongyuan field

Sinopec’s Zhongyuan field is an important field for the company and is located in the Henan province of China. This field produced around 19.3 MMbbl of crude oil and 34.3bcf of natural gas in 2010, nearly 6% to the company’s total production. However, the field has been showing a decline in its production levels since 2002. The production from this field declined at a CAGR of 5% during 2002–2010. The figure below shows the decline in production from this field from 35.8MMboe in 2001 to 25.1MMboe in 2010.

Figure 2: China Petroleum & Chemical Corporation, Total Production from Zhongyuan Field, MMboe, 2001–2010

Source: GlobalData; Company Source