There is a broad space for tertiary oil recovery at home and abroad.
At present, China's oil import dependence is approaching the 61% red line, while the domestic replacement resources and reserve recoverable reserves are becoming increasingly tense. Since the 1980s, the old oilfields in the east, including Daqing, Shengli, Liaohe, Dagang, Huabei and Zhongyuan oilfields, have entered the late development of high water cut, and the imbalance between storage and production has become increasingly prominent.
At present, the output of tertiary oil recovery in China is about 20 million tons, mainly concentrated in Daqing and Shengli oilfields, which are about 14 million tons and 3 million tons respectively. Other old oil fields in the east rely on tertiary oil recovery to continuously improve oil recovery and increase recoverable reserves, which has become the only way to ensure the stable and high production of crude oil and realize the virtuous cycle of oil resources replacement. The International Energy Agency predicts that the proportion of the world's tertiary oil production in total oil production will continue to increase by 2030. Through the continuous development of technology, the proportion of tertiary oil recovery in total oil production will increase from about 3% at present to 15% to 20% by 2030. Therefore, both at home and abroad, tertiary oil recovery is facing a broad space for development.
China leads the world in chemical drive, and Baomo's production capacity will continue to expand in the future.
At present, four major tertiary oil recovery technologies have been formed in the world: chemical flooding, gas flooding, thermal recovery and microbial oil recovery. Among them, chemical flooding is the most widely used in China, and it has reached the leading level in the world after decades of development. The anionic polyacrylamide produced by the company is the most widely used oil displacement polymer in chemical flooding. With the technical transformation of the company's original production line and the projects under construction by subsidiaries such as Tianjin Bohong and Guangdong Baomo, the company's production capacity of polyacrylamide for oil production will be increased from the current 33000 tons to about 100000 tons, with broad profit prospects.
Acquire Combe Oil and Gas and enter Engineering Services
The board of directors of the company decided on January 19th to use 45.08 million yuan to acquire 51% of the equity of Kangbei Oil and Gas Engineering Company in Shengli Oilfield.
Kangbei Oil and Gas Company is a comprehensive engineering and technical service company dominated by the operation and maintenance of oil and gas wells, oil and gas well engineering and technical services, oil field chemical sales, water treatment engineering, polymer injection engineering and other special operations. The company has relatively advanced oil field production engineering service technology and a technical service team with rich experience in operation and construction, as well as China Petroleum & Chemical Corp drilling qualification, overhaul qualification, completion operation qualification and Shengli Oilfield network qualification. At present, the markets served include Shengli Oilfield, Jidong Oilfield, Huabei Oilfield, Xinjiang Oilfield and other oilfields.
Through the acquisition of Combe Oil and Gas, the company's main business will expand from the existing production and sales of tertiary oil recovery auxiliaries to a comprehensive oilfield engineering and technical service system covering drilling, logging, fracturing, acidizing, tertiary oil recovery and oil field surface engineering. China's unconventional oil and gas development is about to usher in a golden period, and private enterprises are expected to make breakthroughs in the field of conventional oil and gas resources in the future. coupled with the further opening of the oil field service market of the national oil company to private enterprises, the private oil service companies have brought broad space for development. Through the acquisition of Kangbei Oil and Gas, the company will also give full play to the synergistic advantages of tertiary oil recovery products and engineering and technical services to share the rapid expansion of the domestic oil service market.
Holding sharp resources, transforming energy company
The company plans to invest 120 million yuan to acquire 51% interest in Canadian sharp energy. Sharp Resources owns 21 mining rights in Canada. Among them, 18 oil and gas exploration and development rights cover an area of 760 square kilometers, with estimated geological reserves of 350 million barrels of light oil and 35 million barrels of recoverable reserves, while the remaining three oil sands cover an area of 25.6 square kilometers and about 90 million barrels of super heavy oil. According to the general development process, we expect that sharp resources will begin to contribute to the company's performance around 2016, which may reach million tons of production capacity in the future.
In addition, through the acquisition of sharp resources, on the one hand, the company can give full play to the advantages of tertiary oil recovery and enable the company's polymer products and engineering services to enter the North American market, and on the other hand, it can gain project operation experience through oil and gas development. to provide strong technical support for the company to participate in domestic unconventional / conventional oil and gas source development in the future.
Profit forecast and investment suggestion
It is estimated that the company's EPS from 2013 to 2015 will be 0.08,0.13 and 0.29 yuan respectively. The company has changed from a single tertiary oil recovery polymer production enterprise into an integrated energy company integrating engineering services and overseas oil and gas development, with obvious synergy advantages. With the enhancement of comprehensive development capacity, it will fully benefit from the strategic opportunities brought by domestic conventional / unconventional oil and gas development, and have broad growth prospects. Give a "highly recommended" rating.
Risk hint
Due to the domestic system, the progress of market development of tertiary oil recovery polymer may be lower than expected.
The risk of overseas oil and gas resources exploration.
Large fluctuations in international oil prices.