全球石油天然气：抓住机遇，随时出发.pdf

Unlock a pipeline of opportunity Maximise your returns in the oil and gas sector.抓住机遇，随时出发为您在油气领域的投资创造最大收益xxxxxGlobal oil and gasUnlock a pipeline of opportunityThe Power of TogetherUnlocking OpportunityUnlocking OpportunityAsia Intelligence#AsiaQAsia Pacific | China | Europe | North America | Middle EastWith a volatile outlook for oil prices and the global demand for LNG expected to continue to grow to reach 500 million metric tonnes per year by 2030, the global oil & gas sector is focused on project cost reduction and plant optimisation.King and Wood Mallesons global oil and gas sector brings together a team of international experts to help you achieve growth and success a team with experience across every stage of a projects lifecycle, from upstream oil and gas acquisitions and operations, developing oil and gas facilities in remote locations to the long-term supply of multimillion tonnes per annum of LNG. Our partners are on the ground where you need us ready to help you face issues and maximise the opportunities of your investment.The Power of TogetherCompanies lean on King & Wood Mallesons to drive growth and maximise their returns in the sector. Our team has helped companies deliver world firsts and some of the worlds largest projects, including CNPCs US$2.6 billion acquisition of KazMunaiGas, the worlds first coal seam to liquefied natural gas project in Australia, the USD40 billion two train Sakhalin 2 LNG project and Chevrons AUD40+ billion Gorgon LNG Project.Our clients Our oil and gas clients include: China National Offshore Oil Corporation China National Petroleum Corporation Sinopec International Petroleum Exploration and Production Corporation BG Group Chevron BHP Billiton Petroleum ENGIE“Noted for its ability to provide a full range of legal services for clients involved in the most complex energy and resources projects, and its in-depth knowledge of business or legislative developments in the market.” ChambersxxxxIntroductionUnlock a pipeline of opportunity / kwmUnlock a pipeline of opportunity / kwmxx Lets talk business opportunityWe caught up with Dina Yin, our international partner based in Beijing, where she specialises in energy and oil and gas projects. Dina has represented both Chinese SOEs and private companies in their oil and gas (upstream and midstream) and mining projects in Central Asia, Africa, Latin America, Middle East and North America. She has also represented international oil companies in their downstream joint venture operations in China.Where do you see the greatest opportunity in the Chinese oil and gas market? In your opinion who is best positioned to capture this opportunity?In one word, shale gas. When you juxtapose the transformative impact shale has had on the U.S. oil & gas market, with the shale reserves in China, its difficult to overstate the potential opportunities related to shale in China. Those that are best placed to capture these opportunities will be those that can overcome (or play a role in overcoming) the many obstacles that remain for commercial shale in China. What do you foresee as the greatest challenge to the future growth of Chinas oil and gas industry?If its fair to consider shale as the biggest potential for future oil & gas industry growth in China, perhaps the greatest challenge to that growth is overcoming the technical difficulties of Chinas lake shales (lacustrine shale). Other significant challenges facing shale players would include incomplete infrastructure and legal systems that accommodate shale development and production, as well as some truly daunting terrain.Chinese NOCs have had a relatively quiet year compared with previous years. Do you foresee them roaring back into the mergers and acquisitions market in 2016 or will a new buyers universe emerge?There is plenty of speculation about the levels of M&A activity and consolidation within the oil & gas market more generally. With prevailing oil price uncertainty many expect to see M&A activity to remain modest. Chinese NOCs will continue to seek opportunities, especially if they are to remain competitive with large global rivals pursuing deals in the wake of the Shell-BG merger. In the acquisitions slowdown period, we have seen Chinese NOCs turn their focus on the companies operations activities and participate in more local divestment and restructuring activities. In the second half of 2015, upstream acquisitions abroad have also started to reappear. Within China, international companies are now playing a greater role in the Chinese market (from upstream exploration of conventional and unconventional plays to direct downstream purchase/importation of oil & gas products), and the ability to form and manage viable alliances will become a key strategic differentiator. What legal developments have there been relating to the Chinese oil and gas industry? What must companies consider in their planning because of these developments?This year, legal developments in oil and gas regulations have been sporadic. Most notably in April this year, changes were made to the Catalogue of Industries for Guiding Foreign Investment which revises some investment categories affecting the oil & gas sector. Essentially, the Catalogue provides guidance to foreign investors with respect to Chinas view on investments in different industries. continues overleaf Unlock a pipeline of opportunity / kwmThe changes resulted in a lifting of the joint venture restrictions on foreign investments involving enhanced oil recovery technology, geophysical prospecting and well drilling and services to be only made by way of Sino-foreign joint ventures. This change particularly affects providers in the seismic, drilling and well services industries. Foreign investors in these sectors may, if desired, now invest by way of wholly foreign-owned enterprises. The changes to the Catalogue also provided helpful clarifications around the distinctions between conventional and unconventional oil & gas. Such clarifications are helpful in avoiding issues that might otherwise have arisen over the implementation of conventional oil & gas and unconventional oil & gas projects that overlapped in fields with complex, unclear or variable geology.xx Our legal expertiseKey Contact: Dina Yin International Partner, Beijing T +86 10 5878 5196 E dina.yincn.kwmIf you are looking for the right partner for your business, visit kwm and connect with us today. Project development and structuring, including taxation, compliance and fundraising Equity, joint venture, farm-in and unitisation arrangements Inbound and outbound investments including foreign investment regulation and anti-trust Commodity sales, off-take agreements and shipping arrangements Project approvals, planning and environment law Infrastructure sharing and common user arrangements Infrastructure and construction agreements Dispute resolutionOur team has the expertise required to support your business through all stages of the project life cycle. Operators, service providers, investors, funds, financiers, governments and state agencies all benefit from our in-depth knowledge of the oil and gas sector.Our lawyers advise on all aspects of upstream oil and gas acquisition and operations including:xx Asian LNG: where to from hereand what role for Singapore?Unlock a pipeline of opportunity / kwmxx Asian LNG: where to from hereand what role for Singapore?Since the middle of 2014, the Asian LNG market has seen oil prices tumble, an increase in supply courtesy of new projects coming on stream in Papua New Guinea and Australias east coast in particular (albeit partially offset by curtailment of supply from certain established sources), and sluggish demand. While the demand picture is partly attributable to seasonal factors, longer term structural changes in Asian markets also appear to be playing their part.This article takes a fresh look at where this has left buyers and sellers in their long term contract price negotiations, and possible implications for price review and flexibility arrangements under those new contracts. We consider what role ongoing efforts to establish an Asian LNG trading hub, most notably by Singapore, might play. And, relatedly, we query whether developments with Chinas “One Belt, One Road” Initiative and the nascent Asian Infrastructure Investment Bank (AIIB) might provide renewed impetus for comprehensive natural gas pipeline connectivity in the ASEAN region and an opportunity for Singapore to enhance its hub plans and regional leadership.Contents: A new paradigm for Asian LNG pricing? Henry Hub indexation - the silver bullet? An Asian trading hub (or hubs) and associated gas or LNG price index? So where to from here for LNG sellers and Asian buyers? New impetus for the Trans-ASEAN Gas Pipeline and an opportunity for Singapore? Scan the QR code with your smart phone to read more“If the “Golden Age of Gas” trajectory is to be sustained in the face of the price dilemma, parties need to be collaborative and creative in their long term contract negotiations.” Source: Michael LawsonKey Contact: Michael Lawson Partner, Singapore T +65 6653 6503 M +65 9026 6929 E michael.lawsonsg.kwmUnlock a pipeline of opportunity / kwm Unlock a pipeline of opportunity / kwmUnlock a pipeline of opportunity Maximise your returns in the oil and gas sector.抓住机遇，随时出发为您在油气领域的投资创造最大收益x 抓住机遇，随时出发联盟图标+联合的力量Unlocking OpportunityUnlocking OpportunityAsia Intelligence#AsiaQ亚太 | 中国 | 欧洲 | 北美 | 中东x x 全球石油天然气抓住机遇，随时出发 / kwm当今国际油价波动，到2030年液化天然气全球需求量预计将增至每年5亿吨，降低工程成本、优化生产效率等成为全球油气行业的首要任务。金杜全球石油天然气行业领域汇聚了优秀的国际油气法律专家，助您发展和成功。我们的团队经验丰富，涵盖油气项目生命周期的每个环节，从上游油气收购和运营、建设偏远地区油气设施、到年百万吨级液化天然气的长期供气项目。我们的合伙人将伴您直面挑战，确保投资机遇最大化。联合的力量企业依靠金杜，实现行业领域内增长，使投资收益最大化。我们的团队帮助企业完成首创或最大的项目，比如中石油以26亿美元收购KazMunaiGas项目、在澳洲的世界上首个煤层气项目炼化为液化天然气的项目、总额400亿美元的“萨哈林-2”液化天然气项目以及雪佛龙总额400多亿澳元的“戈尔贡”液化天然气项目。 我们的客户 我们的油气客户有： 中海油 中石油 中石化 英国天然气集团 雪佛龙 必和必拓 法国苏伊士集团“在极其复杂的能源和资源项目中，金杜为客户提供全方位法律服务的实力值得称道。同样其对行业与相关市场立法进展之深刻见解也令人钦佩。”钱伯斯xxx 简介xx 探讨商业机遇金杜北京办公室国际合伙人殷定女士将与您探讨商业机遇。殷女士的专业领域为能源和国际石油天然气项目。殷女士曾为中国国有企业和民营企业为他们在中亚、非洲、拉丁美洲、中东和北美洲的石油、天然气（上游和中游）和矿产的项目提供咨询服务，她也曾为国际石油公司在中国的下游合资运营项目提供咨询服务。您认为中国油气市场最大的机遇是什么，您认为谁最有机会抓住这一机遇？简而言之页岩气。如果您把页岩气对美国油气市场的影响与中国页岩气的储量联系起来，就能看到中国页岩气市场所面临的巨大潜在机遇。 那些最有可能抓住这些机会的人是那些能够克服中国页岩气商业化过程中诸多障碍的人（或在此过程中用发挥关键作用的人。 您预测中国油气行业未来增长面临的最大挑战是什么？如果认为页岩气是中国未来油气行业增长的一大机遇，这种增长所面临的最大挑战可能是克服中国湖相页岩的技术难题。页岩气公司所面临的其他重大挑战包括页岩气开发和生产涉及的基础设施和法律体系不完善，此外某些地形的确非常险恶。 与过去几年相比，中国国有石油公司最近几年相对平静。 您预测他们在2016年是否会重返并购市场，或者会出现新的买方？目前，行业内对于油气市场内并购活动或整合的规模和程度存在很多猜测。 当前油价仍存在很大不确定性，很多人认为并购活动将保持在较低水平。中国国有石油公司将继续寻求机会，特别是在壳牌-BG并购之后，如果他们希望继续保持与全球竞争对手的竞争力。在并购间歇期，我们发现中国国有石油公司把重点放在公司的运营活动上，更多地进行海外资产和剥离和重组。在2015年下半年，海外的上游并购活动也将开始出现。在中国，国际公司当前在中国市场发挥主要作用（从常规和非常规油气的上游开采到油气产品下游的直接采购/进口，而他们构建和管理有效联盟的能力也成为关键的战略性竞争优势。 最近哪些法制建设与中国的油气行业相关，公司必须考虑哪些方面，用于计划出台此类法律之前他们未完成的此类工作？今年，油气法规的法律出台情况有些零散。 最显著的是今年四月，对外商投资产业指导目录作出修订，从而影响到油气行业。 这一目录基本上反映了中国对外商投资者投资中国不同行业的态度。 抓住机遇，随时出发 / kwm抓住机遇，随时出发 / kwmxx 我们的专家团队主要联系人 殷定 国际合伙人 北京 电话 +86 10 5878 5196 dina.yincn.kwm如果您想获取更多合伙人信息，请访问kwm。抓住机遇，随时出发 / kwm 项目开发与构建：税务、合规、融资 股权、合资、矿权承租及油田组合协议 外商投资及跨境投资，包括投资监管和反垄断 大宗商品买卖、包销协议及航运协议 项目审批、规划及环境法问题 基础设施共享及共同使用协议 基础设施和建筑协议 争议解决我们的团队经验丰富，涵盖项目寿命周期的每个环节，包括经营方、服务提供商、投资方、基金界、融资界、政府及机关都能从我们油气行业的丰富经验中有所裨益。我们的律师为上游油气收购和运营提供如下方面法律服务：以前，提高原油采收率、地球物理探勘、钻井等行业的外商投资仅限于中外合资公司，这次目录的修订取消了该限制，允许外商独资企业进入这些领域，特别影响到地震勘探、钻井和油井服务等行业。 目录的修订也对常规和非常规油气行业之间的区别作了说明。这些说明有助于避免复杂、不明确或多种地质条件下油田中常规和非常规油气项目发生重叠，从而在开采过程中引发各种问题。xx 亚洲液化天然气：新加坡的路在方，应该承担何种角色？2014年年中以来，亚洲液化天然气市场经历了油价下滑、因新项目投入运行所致的供给增加以及需求疲软，特别是位于位于巴布亚新几内亚及澳大利亚东海岸的新项目投入运营（尽管其所增加的供给被某些既定来源的供给削减部分抵消）。尽管需求形势部分归咎于季节性因素，亚洲市场的长期结构性变化似乎也起了一定作用。本文从全新的角度考察了以上趋势对买家和卖家在长期合同价格谈判中的影响，以及对这些新的合同项下的价格条款的审核及灵活性安排的可能启示。我们考虑建立亚洲液化天然气交易中心的持续努力可能发挥何种作用，特别是新加坡在此方面所做的工作。此外，我们还相应考察了中国的“一带一路”计划以及处于萌芽期的亚洲基础设施投资银行（AIIB）的发展是否会重新促进在东盟地区内全面铺设天然气管道的工作，以及是否会为新加坡带来加强其交易中心建设计划以及地区领导力的机会。内容包括： 亚洲液化天然气定价的新范式？ 与亨利中心挂钩灵丹妙药？ 一个亚洲交易中心（或多个中心）以及相关天然气或液化天然气价格指数？ 那么，液化天然气的卖家及亚洲买家的路在何方？ 跨东盟天然气管道的新促进因素以及其是否为新加坡带来机会？用手机扫描二维码，阅读更多“若一路伴随着天然气黄金年代的是价格波动，那么各方在长期协议谈判时应当更倾向合作且创新。”主要联系人 合伙人 新加坡 电话 +65 6653 6503 手机 +65 9026 6929 michael.lawsonsg.kwm抓住机遇，随时出发 / kwm