石油天然氣行業(yè)投資及融資結(jié)構(gòu)

1、石油天然氣行業(yè)投資及融資結(jié)構(gòu)Oil and Gas Investment andFinancing Structures石油和天然氣 2005Oil and Gas 2005Beijing September 19 - 20, 2005北京 2005 年 9 月 19 - 20 日0概覽Overview近期與中國(guó)有關(guān)的油氣行業(yè)動(dòng)態(tài)Recent China-Related Oil and Gas Activity投資和融資結(jié)構(gòu)Investment and Financing Structures出口前融資 Pre-Export Financing遠(yuǎn)期油氣銷(xiāo)售融資 Forward Oil/Gas

2、Sale Financing產(chǎn)量分成合同融資 Production Sharing Contract Financing收購(gòu)融資 Acquisition Financing組合融資 Portfolio Financing石油領(lǐng)域的5項(xiàng)經(jīng)驗(yàn)5 Lessons from the Oil Patch1近期與中國(guó)有關(guān)的油氣行業(yè)動(dòng)態(tài) 需求驅(qū)動(dòng)Recent China-Related Oil and Gas Activity Demand Driven2003年，中國(guó)超過(guò)日本，成為世界第二大石油消費(fèi)國(guó)In 2003, China surpassed Japan as the worlds #2 petro

3、leum consumer自1998年至2003年，中國(guó)占世界能源需求增量的30%From 1998 to 2003, China accounted for about 30% of incremental world energy demand中國(guó)石油需求中的40%依靠進(jìn)口，預(yù)計(jì)這一比例到2030年將增加至75%China imports about 40% of its oil demand, but this is forecasted to increase to 75% by 2030經(jīng)估算，中國(guó)的GDP每增長(zhǎng)1個(gè)百分點(diǎn)，其能源需求增長(zhǎng)1.5%Estimated that for

4、every 1% increase in GDP, Chinas energy demand increases by 1.5%Source: International Energy Agency2近期與中國(guó)有關(guān)的油氣行業(yè)動(dòng)態(tài) 政府的能源政策Recent China-Related Oil and Gas Activity Government Energy Policy目標(biāo)：能源安全Goal: Energy Security開(kāi)發(fā)國(guó)內(nèi)的能源資源Develop domestic energy resources提高能源保護(hù)及利用率Improve energy conservation and

5、efficiency建立戰(zhàn)略石油儲(chǔ)備Establish strategic oil reserve使全球的供應(yīng)者多樣化Diversify global suppliers購(gòu)買(mǎi)油氣資產(chǎn)Purchase stakes in oil and gas assets境內(nèi)投資Inbound Investment境外投資Outbound Investment3近期與中國(guó)有關(guān)的油氣行業(yè)動(dòng)態(tài) 境內(nèi)投資 Recent China-Related Oil and Gas Activity - Inbound Investment中海油 CNOOC與Kerr-McGee訂立了南海43/11區(qū)塊產(chǎn)量分成合同Produc

6、tion sharing contract signed with Kerr-McGee for Block 43/11 in the South China Sea與英國(guó)的超準(zhǔn)能源訂立了東海25/34區(qū)塊產(chǎn)量分成合同Production sharing contract signed with Primeline Energy for Block 25/34 in the East China Sea 中石油 CNPC與殼牌訂立了位于陜西和內(nèi)蒙古的長(zhǎng)北天然氣田的產(chǎn)量分成合同Production sharing contract signed between PetroChina and Sh

7、ell for the Changbei natural gas field in Shaanxi Province and Inner Mongolia重點(diǎn) Focus開(kāi)發(fā)天然氣資源和發(fā)展管道基礎(chǔ)設(shè)施Developing natural gas reserves and pipeline infrastructure4近期與中國(guó)有關(guān)的油氣行業(yè)動(dòng)態(tài) 境外投資 Recent China-Related Oil and Gas Activity - Outbound Investment中海油 CNOOC斥資185億美元競(jìng)購(gòu)UNOCALUS$ 18.5 billion bid for UNOCAL

8、收購(gòu)加拿大油砂公司MEG Energy 16.7% 的股權(quán) 16.7% stake in MEG Energy, a Canadian oil sands company 中石油 CNPC斥資42億美元收購(gòu) PetroKazakhstan US$ 4.2 billion takeover of PetroKazakhstan與Enbridge就建設(shè)石油管道項(xiàng)目“ Gateway”簽訂諒解備忘錄 MOU with Enbridge to build Gateway Pipeline 5近期與中國(guó)有關(guān)的油氣行業(yè)動(dòng)態(tài) 境外投資Recent China-Related Oil and Gas Acti

9、vity - Outbound Investment中石化 Sinopec 收購(gòu)Synenco Energy在Northern Lights油砂項(xiàng)目中40%的股權(quán) 40% stake in Synenco Energys Northern Lights oil sands project 收購(gòu)殼牌對(duì)位于安哥拉的區(qū)塊18的50% 的股權(quán)Acquired Shells 50% equity in Angolas Block 18重點(diǎn) Focus非洲、澳大利亞、 緬甸、印尼、伊朗、加拿大、中亞、拉丁美洲Africa, Australia, Burma, Indonesia, Iran, Canada

10、, Central Asia, Latin America 6出口前融資 原理 Pre-Export Financing - Rationale國(guó)內(nèi)的油氣公司得到可以用于發(fā)展和拓展產(chǎn)能的預(yù)付款項(xiàng)Onshore oil/gas company gets advance payment for development or expansion of its production capacity國(guó)外的還款機(jī)制緩解了主權(quán)/國(guó)家風(fēng)險(xiǎn)Offshore repayment mechanism mitigates sovereign/country risk若貸款人擔(dān)心國(guó)內(nèi)油氣公司履行合同的能力，保險(xiǎn)是必要

11、的Insurance may be necessary if lenders are concerned about the ability of the onshore oil/gas company to perform7出口前融資 結(jié)構(gòu)Pre-Export Financing - Structure油氣公司Oil / Gas Company油氣購(gòu)買(mǎi)者Oil / Gas Purchaser保險(xiǎn)人Insurer貸款人Lenders合同安排 contractual arrangements現(xiàn)金流/物流 cash / goods flows外幣貸款foreign currency loan銷(xiāo)售合

12、同的轉(zhuǎn)讓assignment of sales contract油氣運(yùn)輸oil/gas shipments油氣銷(xiāo)售合同oil/gas sales contract外幣付款foreign currency payment政治風(fēng)險(xiǎn)保險(xiǎn)political risk insurance國(guó) 內(nèi) onshore國(guó) 外 offshore8遠(yuǎn)期油氣銷(xiāo)售融資 原理Forward Oil/Gas Sale Financing - Rationale國(guó)內(nèi)的油氣公司得到可以用于發(fā)展和拓展產(chǎn)能的預(yù)付款項(xiàng)Onshore oil/gas company gets advance payment for developmen

13、t or expansion of its production capacity避免油氣銷(xiāo)售合同被安排為“真正的銷(xiāo)售”而引起的世界銀行消極保證問(wèn)題Avoid World Bank negative pledge problem if oil/gas sales contract structured as a “true sale”避免在油氣資產(chǎn)上設(shè)置擔(dān)保權(quán)益的問(wèn)題 Avoid problems with granting security over oil/gas assets9遠(yuǎn)期油氣銷(xiāo)售融資 原理Forward Oil/Gas Sale Financing - Rationale可被安

14、排為資產(chǎn)負(fù)債表外的、對(duì)項(xiàng)目發(fā)起人無(wú)追索權(quán)的交易Transaction can be structured off balance sheet without recourse to project sponsors國(guó)外的還款機(jī)制和銀行賬戶緩解了主權(quán)/國(guó)家風(fēng)險(xiǎn)Offshore repayment mechanism and bank accounts mitigate sovereign/country risk若貸款人擔(dān)心國(guó)內(nèi)油氣公司履行合同的能力，保險(xiǎn)是必要的Insurance may be necessary if lenders are concerned about the abili

15、ty of the onshore oil/gas company to perform10遠(yuǎn)期油氣銷(xiāo)售融資 結(jié)構(gòu)Forward Oil /Gas Sale Financing - Structure境外資金和儲(chǔ)備帳戶Offshore Proceeds and Reserve Accounts油氣購(gòu)買(mǎi)者Oil/Gas Purchaser石油公司Oil/Gas Company 遠(yuǎn)期油氣銷(xiāo)售合同forward oil/gas sale contract保險(xiǎn)人Insurer政治風(fēng)險(xiǎn)保險(xiǎn)political risk insurance股權(quán)equity債權(quán)debt協(xié)議安排 contractual arr

16、angements現(xiàn)金流/物流 cash/good flows石油銷(xiāo)售合同oil/gas sales contract管理人Manager 管理合同management contract當(dāng)?shù)卣甃ocal Government 特殊目的借款人Special Purpose Borrower油氣運(yùn)輸oil/gas shipment管理費(fèi)management fee外幣付款foreign currency payment政府支持government support國(guó) 內(nèi) onshore國(guó) 外 offshore外幣付款foreign currency payment外幣貸款/貸款還款foreign

17、currency loan / loan payment注入資本金/分紅equity contributions / dividends11產(chǎn)量分成合同融資 原理Production Sharing Contract Financing - Rationale為開(kāi)發(fā)探明儲(chǔ)量的油氣田提供融資Provides financing for development of oil/gas field based on proven production capacity若達(dá)到目標(biāo)產(chǎn)量指標(biāo)和議定的財(cái)務(wù)比率，貸款人可靈活提用貸款用于鉆井Borrowers flexibility to draw loans

18、to fund drilling program provided target production figures and agreed financial ratios are being met若交易被適當(dāng)安排，有在有限追索或無(wú)追索的基礎(chǔ)上得到融資的可能性Possibility of obtaining financing on limited or non-recourse basis if transaction is properly structured12產(chǎn)量分成合同 結(jié)構(gòu)Production Sharing Contract Financing - Structure油氣購(gòu)

19、買(mǎi)者Oil / Gas Purchaser母公司 (A)Parent Company (A)母公司 (B)Parent Company (B)特殊目的借款人(A)”經(jīng)營(yíng)者”Special Purpose Borrower (A) “Operator”特殊目的借款人 (B) Special Purpose Borrower (B)油氣公司Oil / Gas Company協(xié)議安排 contractual arrangements現(xiàn)金流/物流 cash / goods flows權(quán)屬關(guān)系 ownership relationships國(guó)外貸款人 Offshore Lenders國(guó)內(nèi)貸款人 Onsh

20、ore Lenders油氣銷(xiāo)售合同oil/gas sales contract國(guó)外貸款協(xié)議 offshore loan agreement聯(lián)合經(jīng)營(yíng)合同joint operating agreement產(chǎn)量分成合同production sharing contract國(guó)內(nèi)貸款協(xié)議onshore loan agreement油氣運(yùn)輸oil/gas shipments國(guó)外資金和儲(chǔ)備賬戶Offshore Proceeds and Reserve Account外幣貸款 / 貸款還款foreign currency loan / loan payment分紅dividends外幣貸款/ 貸款還款fore

21、ign currency loan / loan payment外幣付款foreign currency payment13收購(gòu)融資 原理Acquisition Financing - Rationale運(yùn)用銀行融資作為收購(gòu)目標(biāo)油氣公司或資產(chǎn)所需價(jià)款的部分資金Use bank financing to fund a portion of the purchase price of the target oil/gas company or asset 提高投資收益Improve return on investment有效使用收購(gòu)資金Use acquisition funds efficien

22、tly14收購(gòu)融資 原理Acquisition Financing - Rationale運(yùn)用”保險(xiǎn)柜”結(jié)構(gòu)和特殊目的公司作為購(gòu)買(mǎi)者/借款人Use of cash lock box structure and special purpose vehicle as purchaser/borrower 使購(gòu)買(mǎi)者/借款人可以在股權(quán)和現(xiàn)金上更加容易的設(shè)定擔(dān)保allows purchaser/borrower to grant security over shares and cash more easily為不能在目標(biāo)公司的股份或資產(chǎn)上設(shè)定擔(dān)保進(jìn)行賠償may compensate for inabi

23、lity to grant security over the hard assets of the target oil/gas company or asset15收購(gòu)融資 結(jié)構(gòu)Acquisition Financing - Structure母公司Parent Company特殊目的購(gòu)買(mǎi)者/借款人Special Purpose Purchaser/Borrower貸款人Lenders目標(biāo)油氣公司/資產(chǎn)Target Oil Company / Assets賣(mài)方Seller國(guó)外資金和儲(chǔ)備賬戶Offshore Proceeds and Reserve Accounts特殊目的購(gòu)買(mǎi)者/借款人的股

24、份質(zhì)押pledge of special purpose purchaser/borrower shares購(gòu)銷(xiāo)合同轉(zhuǎn)讓assignment of sale and purchase contract目標(biāo)股份質(zhì)押pledge of target shares貸款協(xié)議loan agreement資產(chǎn)抵押和上游保證（若可能）asset security and upstream guarantees, if possible購(gòu)銷(xiāo)合同sale and purchase contract協(xié)議安排 contractual arrangements現(xiàn)金流/物流 cash / goods flows權(quán)屬關(guān)系

25、 ownership relationships銷(xiāo)售價(jià)款sales price分紅dividends注入資本金equity contributions貸款 / 貸款還款loan / loan repayment國(guó) 內(nèi) onshore國(guó) 外 offshore16組合融資 原理 Portfolio Financing - Rationale使項(xiàng)目發(fā)起人可使用選定的一組項(xiàng)目的現(xiàn)金流，用于：Allows project sponsor to leverage cash flows from selective group of existing projects to:收購(gòu)或開(kāi)發(fā)新的項(xiàng)目acquire

26、 or develop new projects 拓展已有項(xiàng)目expand existing projects隔離有問(wèn)題的項(xiàng)目Isolates problem projects17組合融資 原理 Portfolio Financing - Rationale貸款人的風(fēng)險(xiǎn)被緩解：Lenders risk mitigated by:交叉抵押cross-collateralization就收購(gòu)和拓展的標(biāo)準(zhǔn)的協(xié)議agreement on acquisition and expansion criteria為項(xiàng)目融資的條件conditions for funding projects海外的資金和儲(chǔ)備賬戶

27、offshore proceeds and reserve accounts18組合融資 結(jié)構(gòu)Portfolio Financing - Structure母公司Parent Company特殊目的購(gòu)買(mǎi)者/借款人Special Purpose Purchaser/Borrower借款人Lenders被收購(gòu)的/新子公司或合資公司的權(quán)益Acquired / New Subsidiary or JV Interest被收購(gòu)的/新子公司或合資公司的權(quán)益Acquired / New Subsidiary or JV Interest被包括的子公司或合資公司的權(quán)益Included Subsidiary o

28、r JV Interest被包括的子公司或合資公司的權(quán)益Included Subsidiary or JV Interest未被包括的子公司Excluded Subsidiary未被包括的子公司Excluded Subsidiary特殊目的購(gòu)買(mǎi)者/借款人的股份質(zhì)押pledge of special purpose purchaser/borrower shares 貸款協(xié)議loan agreement被包括和被收購(gòu)的子公司的股份質(zhì)押pledge of included and acquired subsidiary shares資產(chǎn)抵押 asset security 貸款 / 貸款還款loan

29、 / loan repayment協(xié)議安排 contractual arrangements現(xiàn)金流/物流 cash / goods flows權(quán)屬關(guān)系 ownership relationships分紅 dividends國(guó)外資金和儲(chǔ)備賬戶Offshore Proceeds and Reserve Accounts19石油領(lǐng)域的5項(xiàng)經(jīng)驗(yàn)5 Lessons from the Oil Patch經(jīng)驗(yàn)1 預(yù)先考慮融資的要求Lesson 1 Consider financing requirements upfront20石油領(lǐng)域的5項(xiàng)經(jīng)驗(yàn)5 Lessons from the Oil Patch經(jīng)驗(yàn)2

30、 選擇可以滿足各方核心需要的融資結(jié)構(gòu)Lesson 2 Choose a financing structure that will satisfy the core needs of all parties21石油領(lǐng)域的5項(xiàng)經(jīng)驗(yàn)5 Lessons from the Oil Patch經(jīng)驗(yàn)3 選擇為完成融資結(jié)構(gòu)提供解決方案的合作方Lesson 3 Choose parties who are solutions oriented to implement the financing structure22石油領(lǐng)域的5項(xiàng)經(jīng)驗(yàn)5 Lessons from the Oil Patch經(jīng)驗(yàn)4 以成功為目

31、的，組織各方Lesson 4 Organize parties for success23石油領(lǐng)域的5項(xiàng)經(jīng)驗(yàn)5 Lessons from the Oil Patch經(jīng)驗(yàn)5 保持靈活性Lesson 5 Be flexible24演講人： Presentation By:史大可 - 執(zhí)行合伙人 Mitchell Stocks Office Managing Partner經(jīng)驗(yàn)包括在中國(guó)和亞洲各地為許多重要項(xiàng)目融資的開(kāi)發(fā)商、貸款人和多邊機(jī)構(gòu)代理法律事務(wù)。同時(shí)，也為客戶提供有關(guān)外商直接投資的咨詢。 Experience includes advising clients on their foreig

32、n direct investments and representation of developers, lenders and multi-lateral institutions in connection with many of the landmark financings in China and throughout Asia. Phone : (852) 2912-2552電郵 25全球性的律師事務(wù)所 A Global Law Firm美國(guó) USA紐約 New York洛杉磯 Los Angeles華盛頓, D.C. Washington, D.C.硅谷 Silicon V

33、alley芝加哥 Chicago舊金山 San Francisco圣地亞哥 San Diego橙郡 Orange County波士頓 Boston北弗吉尼亞州 Northern Virginia新澤西 New Jersey歐洲 Europe倫敦 London巴黎 Paris法蘭克福 Frankfurt漢堡 Hamburg布魯塞爾 Brussels米蘭 Milan莫斯科 Moscow1934年成立的領(lǐng)先的公司業(yè)務(wù)為主的律師事務(wù)所 A Leading Corporate Law Firm Established in 1934亞洲 Asia香港 Hong Kong上海 Shanghai新加坡 Si

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