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Natural gas pricing mechanism reform footsteps closer.
Price market reform, natural gas prices is an inevitable trend. Along with the increase of 1025 period natural gas consumption, as a natural gas pipeline monopoly resources mining and oil, is now widely seen as the biggest beneficiaries of this reform. In contrast, although sinopec in natural gas field has been the strength, but in the short run and still has a huge gap between the oil in the short term and to competition.
After JiaGai natural gas is expected to raise prices
Petrochina or into the big beneficiaries
Recently, several city raised the price of natural gas.
From April 25 on, heilongjiang JiJiHaErShi price bureau decision, MinYongQi price per cubic meters by 1.95 yuan to adjust 2.40 yuan by 23%; Industrial gas price from $2.40 / cubic meters adjustment to 3 yuan/cubic meters.
The price down, the losses of the enterprise serious, is the main reason for the rise of natural gas prices. This, to a certain extent, further promoting the reform of natural gas prices.
"The oil is expected to benefit from natural gas prices reform." The east ZhaoChen securities analysts said, 2011 natural gas market pricing reforms have in the ice of guangdong, its door stood price per cubic meter of 3 yuan in. If the pricing mechanisms to the second half can promote, domestic natural gas prices are expected to raise price 0.75 yuan/m3 overall. Accordingly estimation of oil in the two years per share may improve performance will be 0.1 yuan and 0.25 yuan.
As the largest oil in energy enterprise, its main profit comes from the upstream exploration plate, 2011 years of all the proportion of the profits at 120%.
ZhaoChen points out, the market in the valuation of oil more reflects its crude oil plate value (the oil, sinopec every $ten thousand market value of crude oil production capacity for 0.71 tons), but far from reflection the oil in natural gas business enormous advantage.
In the most abundant natural gas oil resource. Oil unit in market value for natural gas reserves, 1.06 cubic meters, is 3.4 times of sinopec, petrochina unit market value is 0.038 cubic meters of natural gas production, is 1.6 times of sinopec. If the future pricing mechanism to straighten out the price of natural gas, petroleum and natural gas of strong increasing ability. Expected to 2015, oil and natural gas production in is expected to reach 100 billion cubic meters above, is the production of two times.
In addition, petroleum gas pipeline network resources are most abundant. The company in the eleventh five-year plan period accumulative total investment 187.6 billion yuan huge network construction, currently has 36.11 million meters of gas pipeline network, compared to nearly double by the end of the 15, basic monopoly over long distances in natural gas transmission pipeline. The future with the west gas east throughput continues to expand, the company of gas pipeline network is expected to boost income.
The President has said ZhouJiPing oil, natural gas prices reform pilot, the oil that is in a positive news. Price adjustment mechanism for the development of natural gas business obviously, but considering the producers, consumers, and each respect bear ability, price reform mechanism implementation will have a process.
But, ZhaoChen also points out that, if refiners natural gas below expectations, and the overseas import gas prices continue to rise, can lead to natural gas import business losses.
Oil monopoly in natural gas resources
Sinopec and its gap to big competition
At present the oil, sinopec began to increase natural gas produced strength. The data shows, quarter, oil production, the sale of 710.9 billion cubic feet of natural gas, an increase of 11.2%, sinopec quarter of 143.18 billion cubic feet of natural gas production, an increase of 11.77%.
It is worth noting that, sinopec of natural gas and oil in yield and scale compared or vary greatly.
In fact, from April 2011 FuChengYu cnooc was transferred from the chairman, sinopec began in natural gas field constantly send force.
More than a year since sinopec has at least five is the major project has natural gas income signed agreement or construction, then, 1025 achieve the goal of 30 billion cubic meters production also become practical.
Zhuo and information analysts LiLingXuan told the securities daily reporter, sinopec sichuan puguang gas field continuously increase is sinopec natural gas production is the main reason for the rapid promotion. Puguang gas field in 2010 and put into production, with the annual production capacity of 4 billion cubic meters, the annual output of more than 6 billion cubic meters in 2011, to 2012 is expected to yield 2 billion cubic meters again, up to 8 billion cubic meter.
Although sinopec in the gas field continuous efforts, but in the gap with oil still not can compensate for the short term.
As we have learned, current sinopec have natural gas reserves in general only 15% or so. Researchers ZhouXiuJie said bank consultant, sinopec whether in natural gas pipeline construction and mining or oil in there are huge gap, narrow the gap with the oil in with possible, made in the same results with oil is not a chance. First with the amount of resources both wide gap of domestic oil monopoly most natural gas resources, sinopec in resource endowment to the competition with the oil. Second, in the pipeline construction in oil pipe length than sinopec, sinopec in the short term also unable to transcend.