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The proven recoverable reserves of Sinopec Puguang Gas Field reached 356 billion cubic meters, which is China's largest-scale and highest-yield ultra-large-scale marine integrated gas field. Analysts pointed out that Sinopec's natural gas exploration in the Sichuan Basin continues to make progress. The current situation of China's lack of natural gas supply and the long-term upward trend in gas prices will prompt the natural gas business to become the main driving force for Sinopec’s profit growth.
According to reports, a large natural gas field was discovered in Dazhou City, Sichuan Province, with a natural gas resource of 3.8 trillion cubic meters and a proven recoverable reserve of 600 billion cubic meters or more. Among them, Sinochem (600028.SH)'s Xuanhan Puguang Gas Field has been explored. With a recoverable reserves of 356 billion cubic meters, it is China's largest-scale, highest-yield, ultra-large-scale marine integrated gas field.
Puguang Gas Field was originally discovered by Sinopec Exploration in 2005. According to the assessment of the Ministry of Land and Resources at that time, the cumulative proven recoverable reserves of the gas field is estimated to be 251 billion cubic meters. The data announced this time shows that Sinopec has made further progress in the exploration of natural gas in the Sichuan Basin and the recoverable reserves of the Puguang Gas Field have increased.
Not only that, Sinopec also has new achievements in the exploration work in the Sichuan Basin and its surrounding areas. In March of this year, Sinopec announced the discovery of a more abundant Yuanba gas field in Cangxi County, Guangyuan, and its reserves may be several times that of the Puguang Gas Field, providing resources for the sustainable development of the company's natural gas business. At present, the gas field has been listed as the number one project of Sinopec's “Eleventh Five-Year Planâ€.
Analysts pointed out that the key business of Sinopec is the refining segment, but the performance of refining is affected by the international crude oil price and its controllability is poor. The discovery of Puguang Gas Field has enabled Sinopec to significantly narrow the gap between its natural gas business and PetroChina. The growth of this sector is expected to become a new driving force for Sinopec’s future profit growth.
Sinopec is a company mainly located in the downstream of petroleum, and its petroleum refining and chemical development is advanced. Despite the integration of upstream and downstream development in recent years, compared with PetroChina, its exploration and production sector has obvious disadvantages. Without the support of crude oil resources, the growth of Sinopec's refining sector is also subject to fluctuations in international oil prices.
Due to the lack of domestic crude oil resources, Sinopec can only rely on importing crude oil in the international market and is a net importer of crude oil. The recent surge in international oil prices in the past two years has greatly increased the cost of Sinopec's refining companies, and has assumed the cost of maintaining low prices for refined oil products under the existing refined oil pricing mechanism. The Chinese government provided a total of 1.5 million yuan in subsidies to Sinopec in 2005 and 2006, but this is not enough to make up for its losses.
Although the country intends to adopt the “crude oil plus cost†refined oil pricing mechanism to ensure the profit of the refining industry, the specific content of the mechanism has not yet been announced, and its essence is still the government's control of oil prices. At present, China’s CPI has entered the warning line, reaching the full year With the upper limit of control, the government will not increase the retail price of refined oil any more. Therefore, under the conditions of high oil prices, the profit of the refining industry is still difficult to ensure. From this point of view, the profits of the refining industry are more dependent on crude oil prices, and the company lacks controllability.
However, from the discovery of the Puguang Gas Field, the proportion of natural gas exploration and production in the various business segments of Sinopec gradually increased. Sinopec's 2006 annual report shows that the company's natural gas production in 2006 increased by 15.6% year-on-year, far exceeding the growth rate of 2.3% in crude oil production. At the same time, the increase in recoverable reserves of newly added natural gas reached 14.9%, while the recoverable reserves of newly added crude oil dropped by 6.5%.
With the successive development and production of atmospheric fields such as Puguang and Yuanba, Sinopec's natural gas production will rapidly increase in the coming years. At present, China's natural gas market is in short supply, and China’s increasing environmental pollution has made the country attach great importance to the use of clean energy. According to forecasts from the National Development and Reform Commission's Department of Energy's Department of Petroleum, the next 20 years will be the fastest time for the development of China's natural gas market. The average annual growth rate of domestic natural gas demand will exceed 15%. By the end of the “11th Five-Year Planâ€, the total domestic natural gas demand will be 100 billion cubic meters or more.
For Sinopec, the sales of natural gas will have a stable guarantee, and natural gas prices have now entered a rising channel, which will directly contribute to the profitability of Sinopec's natural gas business. Due to the long-term low natural gas prices in China, price increases are an inevitable trend. According to calculations by the National Development and Reform Commission, the current price ratio between China's oil and natural gas is 1:0.24, while the international market is 1:0.6. Raising the prices of resource products is also an economic means for the country to promote energy conservation and consumption reduction. The price of natural gas for civilian terminals in Beijing rose by 0.15 yuan/cubic meter on April 1 this year, a rise of nearly 7.9%.
The steady profit prospects of natural gas have led oil giants to invest heavily in exploration and development. PetroChina also increased its exploration efforts in Sichuan and discovered a large-scale Longgang gas field in Lishan Town, Yilong County. Sinopec has invested heavily in actively constructing gas transmission pipelines to achieve the Sichuan-East gas transmission.
According to reports, Sinopec has invested 70 billion yuan in Sichuan-East Gas Transmission Project. The National Development and Reform Commission requested Puguang Gas Field to supply gas mainly to Shanghai and Jiangsu and Zhejiang, because the Yangtze River Delta has many ready-made natural gas receiving and utilization devices, but the supply of natural gas cannot keep up with the increase in demand. Moreover, Shanghai, as the host city of the 2010 World Expo, has a higher demand for clean fuel and is also one of the cities that the country has focused on securing natural gas supply. In addition, Sinopec also actively seeks cooperation with CNOOC, another oil group, in the field of natural gas, including natural gas supply, reserves, and pipeline construction.
Analysts believe that the lack of domestic natural gas supply will enable Sinopec's natural gas business to make long-term gains. With the deepening of natural gas exploration in the Sichuan Basin, the company may obtain more resources reserves. As the current natural gas price and output growth rate are higher than crude oil, and has a stable earnings outlook, the sector will become the main driving force for the future growth of Sinopec.
According to reports, a large natural gas field was discovered in Dazhou City, Sichuan Province, with a natural gas resource of 3.8 trillion cubic meters and a proven recoverable reserve of 600 billion cubic meters or more. Among them, Sinochem (600028.SH)'s Xuanhan Puguang Gas Field has been explored. With a recoverable reserves of 356 billion cubic meters, it is China's largest-scale, highest-yield, ultra-large-scale marine integrated gas field.
Puguang Gas Field was originally discovered by Sinopec Exploration in 2005. According to the assessment of the Ministry of Land and Resources at that time, the cumulative proven recoverable reserves of the gas field is estimated to be 251 billion cubic meters. The data announced this time shows that Sinopec has made further progress in the exploration of natural gas in the Sichuan Basin and the recoverable reserves of the Puguang Gas Field have increased.
Not only that, Sinopec also has new achievements in the exploration work in the Sichuan Basin and its surrounding areas. In March of this year, Sinopec announced the discovery of a more abundant Yuanba gas field in Cangxi County, Guangyuan, and its reserves may be several times that of the Puguang Gas Field, providing resources for the sustainable development of the company's natural gas business. At present, the gas field has been listed as the number one project of Sinopec's “Eleventh Five-Year Planâ€.
Analysts pointed out that the key business of Sinopec is the refining segment, but the performance of refining is affected by the international crude oil price and its controllability is poor. The discovery of Puguang Gas Field has enabled Sinopec to significantly narrow the gap between its natural gas business and PetroChina. The growth of this sector is expected to become a new driving force for Sinopec’s future profit growth.
Sinopec is a company mainly located in the downstream of petroleum, and its petroleum refining and chemical development is advanced. Despite the integration of upstream and downstream development in recent years, compared with PetroChina, its exploration and production sector has obvious disadvantages. Without the support of crude oil resources, the growth of Sinopec's refining sector is also subject to fluctuations in international oil prices.
Due to the lack of domestic crude oil resources, Sinopec can only rely on importing crude oil in the international market and is a net importer of crude oil. The recent surge in international oil prices in the past two years has greatly increased the cost of Sinopec's refining companies, and has assumed the cost of maintaining low prices for refined oil products under the existing refined oil pricing mechanism. The Chinese government provided a total of 1.5 million yuan in subsidies to Sinopec in 2005 and 2006, but this is not enough to make up for its losses.
Although the country intends to adopt the “crude oil plus cost†refined oil pricing mechanism to ensure the profit of the refining industry, the specific content of the mechanism has not yet been announced, and its essence is still the government's control of oil prices. At present, China’s CPI has entered the warning line, reaching the full year With the upper limit of control, the government will not increase the retail price of refined oil any more. Therefore, under the conditions of high oil prices, the profit of the refining industry is still difficult to ensure. From this point of view, the profits of the refining industry are more dependent on crude oil prices, and the company lacks controllability.
However, from the discovery of the Puguang Gas Field, the proportion of natural gas exploration and production in the various business segments of Sinopec gradually increased. Sinopec's 2006 annual report shows that the company's natural gas production in 2006 increased by 15.6% year-on-year, far exceeding the growth rate of 2.3% in crude oil production. At the same time, the increase in recoverable reserves of newly added natural gas reached 14.9%, while the recoverable reserves of newly added crude oil dropped by 6.5%.
With the successive development and production of atmospheric fields such as Puguang and Yuanba, Sinopec's natural gas production will rapidly increase in the coming years. At present, China's natural gas market is in short supply, and China’s increasing environmental pollution has made the country attach great importance to the use of clean energy. According to forecasts from the National Development and Reform Commission's Department of Energy's Department of Petroleum, the next 20 years will be the fastest time for the development of China's natural gas market. The average annual growth rate of domestic natural gas demand will exceed 15%. By the end of the “11th Five-Year Planâ€, the total domestic natural gas demand will be 100 billion cubic meters or more.
For Sinopec, the sales of natural gas will have a stable guarantee, and natural gas prices have now entered a rising channel, which will directly contribute to the profitability of Sinopec's natural gas business. Due to the long-term low natural gas prices in China, price increases are an inevitable trend. According to calculations by the National Development and Reform Commission, the current price ratio between China's oil and natural gas is 1:0.24, while the international market is 1:0.6. Raising the prices of resource products is also an economic means for the country to promote energy conservation and consumption reduction. The price of natural gas for civilian terminals in Beijing rose by 0.15 yuan/cubic meter on April 1 this year, a rise of nearly 7.9%.
The steady profit prospects of natural gas have led oil giants to invest heavily in exploration and development. PetroChina also increased its exploration efforts in Sichuan and discovered a large-scale Longgang gas field in Lishan Town, Yilong County. Sinopec has invested heavily in actively constructing gas transmission pipelines to achieve the Sichuan-East gas transmission.
According to reports, Sinopec has invested 70 billion yuan in Sichuan-East Gas Transmission Project. The National Development and Reform Commission requested Puguang Gas Field to supply gas mainly to Shanghai and Jiangsu and Zhejiang, because the Yangtze River Delta has many ready-made natural gas receiving and utilization devices, but the supply of natural gas cannot keep up with the increase in demand. Moreover, Shanghai, as the host city of the 2010 World Expo, has a higher demand for clean fuel and is also one of the cities that the country has focused on securing natural gas supply. In addition, Sinopec also actively seeks cooperation with CNOOC, another oil group, in the field of natural gas, including natural gas supply, reserves, and pipeline construction.
Analysts believe that the lack of domestic natural gas supply will enable Sinopec's natural gas business to make long-term gains. With the deepening of natural gas exploration in the Sichuan Basin, the company may obtain more resources reserves. As the current natural gas price and output growth rate are higher than crude oil, and has a stable earnings outlook, the sector will become the main driving force for the future growth of Sinopec.
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