中國國有石油公司瞄準美國油氣資產
Oil firms have to go where the oil (and gas) is. Increasingly, that place is the U.S.
石油（天然氣）在哪兒，石油公司的腳步就跟到哪兒。美國正日益成爲石油公司瞄準的目標。Over half of global upstream oil and gas mergers and acquisitions since the start of 2011 targeted U.S. assets, up from an average of 37% in the prior four years, according to consultancy IHS Herold. Besides a relatively open market for energy assets, the shale boom has drawn in companies seeking reserves and know-how.
諮詢公司IHS Herold的數據顯示，自2011年初以來，全球超過一半的石油和天然氣上游併購交易瞄準的是美國油氣資產，而之前的四年這一比例平均只有37%。除了相對開放的能源資產市場，頁岩熱潮也吸引了很多尋求油氣儲量和專有技術的公司。But this shift in the center of gravity for oil M&A poses a quandary for one group of important buyers: China's national oil companies, or NOCs.
但石油行業併購重心的轉移使一個重要的買家羣體陷入了兩難，這就是中國的國有石油公司。
Their traditional strength-the backing of Beijing-doesn't work in the U.S. When Washington derailed CNOOC's $18.5 billion bid for Unocal in 2005, much was made of the potential for vital U.S. resources and technology being transferred to the Chinese government at a time when peak oil fears were taking hold.
他們的傳統優勢“中國政府的支持”在美國無法發揮出來。當華盛頓2005年否決中海油(CNOOC)斥資185億美元競購加州聯合石油公司(簡稱：Unocal)的方案時，在人們對石油產出由盛轉衰的擔憂佔據上風之際，有關美國重要資源和技術可能被轉移至中國政府的說法甚囂塵上。In theory, the shale boom should have eased concerns about scarce resources. But this wasn't the main issue with Unocal: Most of its reserves were in Asia. U.S. objections had more to do with CNOOC's hostile approach cutting across Chevron's own designs on the company, says Robin West, founder of consultancy PFC Energy. Unocal eventually accepted Chevron's embrace.
從理論上講，頁岩的繁榮應該能夠緩解對稀缺資源的擔憂。但這並非中海油競購Unocal失敗的主要原因，因爲Unocal大多數油氣儲量位於亞洲。諮詢公司PFC Energy的創始人韋斯特(Robin West)說，美國之所以提出反對，更多的是因爲中海油對雪佛龍(Chevron)提出的所有關於Unocal的設計方案持敵對態度。Unocal最終投向了雪佛龍的懷抱。Yet China's NOCs can't ignore the U.S. Indeed, half their overseas acquisitions of upstream assets this year have been stateside, up from 7.6% last year, according to IHS. Their interests lie primarily in seeking expertise in developing shale resources that they can apply back home.
但中國國有石油公司無法忽視美國。事實上，IHS的數據表示，今年以來中國國有石油公司在海外收購的上游油氣資產有一半在美國境內，而去年這一比例只有7.6%。這些公司的興趣主要在獲取開發頁岩資源的專業知識，因爲他們可以在中國國內運用這些技術。Luckily for the NOCs, this can mostly be achieved with forming joint ventures with U.S. exploration and production companies; CNOOC's deals with Chesapeake Energy in recent years are an example.
幸運的是，對中國國有石油公司來說，和美國油氣勘探和生產公司組建合資企業可以實現上述目的。近年來中海油與切薩皮克能源公司(Chesapeake Energy)的一系列交易就是一個很好的例子。'You acquire control when you think you can run the assets better' says Trevor Houser, a visiting fellow at the Peterson Institute for International Economics. Besides politics, the risk with buying a company is that employees leave, taking their expertise elsewhere. Even Exxon Mobil worried about this when it acquired XTO Energy in 2010, one reason it gave the business its own division. That risk would likely be even higher for a Chinese acquirer.
彼得森國際經濟研究所(Peterson Institute for International Economics)的訪問學者豪澤(Trevor Houser)說，當你認爲你能更好地經營這些資產的時候，你希望獲得控制權。除了政治因素以外，收購一家公司所伴隨的風險還包括員工可能離職，把他們的專業技術帶到其它公司。甚至就連埃克森美孚(Exxon Mobil)在2010年收購XTO Energy時也曾擔心過這一問題。這也是埃克森美孚爲XTO Energy專門成立一個部門的原因。如果收購方是一家中資企業，這一風險可能還要高。For U.S. E&P companies and their investors, suffering from the collapse in gas prices, this situation is bittersweet. The buying power of Chinese NOCs and their desire to learn about shale resource development makes them important potential buyers for assets, such as those Chesapeake has for sale.
對於遭受汽油價格大幅下跌的美國油氣勘探和生產公司及其投資者而言，這一現狀可謂是喜憂參半。中國國有石油公司的購買力以及他們對頁岩資源開發技術的渴望使得他們成爲多種資產的重要潛在買家，就像切薩皮克能源公司出售的那些資產。Full takeovers remain unlikely, though. The U.S. might not worry quite so much about energy security these days-but rivalry with China spans much more than that.
但中國國有石油公司全面收購美國油氣資產的可能性不大，雖然如今美國對能源安全的擔心程度可能有所降低，但美國同中國的競爭遠遠不止於此。
