據(jù)8月2日伍德麥肯茲官網(wǎng)報(bào)道，Oil Search和桑托斯（Santos）已經(jīng)就擬議的合并比例方面達(dá)成一致。

　　伍德麥肯茲研究主管安德魯·哈伍德表示，“巴布亞新幾內(nèi)亞的利益重疊，強(qiáng)化的金融平臺(tái)和進(jìn)一步的投資組合協(xié)同和優(yōu)化的潛力，為合并提供了強(qiáng)有力的戰(zhàn)略依據(jù)。與Oil Search合并后，桑托斯的產(chǎn)量將立即增加三分之一以上，達(dá)到約29萬(wàn)桶/日。到2025年左右，Oil Search投資組合的影響將變得更加明顯，屆時(shí)將貢獻(xiàn)超過(guò)一半的總產(chǎn)量增長(zhǎng)。按照目前的大宗商品價(jià)格，合并后的實(shí)體將在2021年和2022年產(chǎn)生可觀的自由現(xiàn)金流。更強(qiáng)勁的資產(chǎn)負(fù)債表將為投資澳大利亞和巴布亞新幾內(nèi)亞的新開發(fā)項(xiàng)目提供堅(jiān)實(shí)的平臺(tái)?！?/p>

　　哈伍德補(bǔ)充道，“在更大的投資組合中進(jìn)行資本重新配置，或進(jìn)行戰(zhàn)略性撤資，很可能會(huì)使未來(lái)的資本外流趨于平緩。合并后的公司將能夠繼續(xù)在澳大利亞Dorado油田和阿拉斯加州進(jìn)行現(xiàn)有的資產(chǎn)開發(fā)。我們一直期待看到更多的國(guó)際勘探和生產(chǎn)整合，跟隨美國(guó)獨(dú)立公司的腳步，在規(guī)模上尋求實(shí)力和韌性。桑托斯與Oil Search的合并遵循了整合模式，將兩家利益重疊的公司合并在一起，以戰(zhàn)略資源為主題(如LNG)擴(kuò)大規(guī)模，并為兩家股東提供額外的增值潛力。”

　　他指出，“對(duì)于澳大利亞的勘探開發(fā)領(lǐng)域來(lái)說(shuō)，這可能不是我們今年看到的最后一筆變革性交易，有傳言稱，必和必拓的石油業(yè)務(wù)和伍德賽德正在討論類似的合作。這筆潛在交易的細(xì)節(jié)尚不清楚，但可以肯定的是，能源轉(zhuǎn)型將繼續(xù)推動(dòng)油氣行業(yè)的整合，這不僅對(duì)相關(guān)公司有長(zhǎng)期影響，對(duì)澳大利亞的油氣投資前景也有影響?！?/p>

　　王佳晶 摘譯自 伍德麥肯茲官網(wǎng)

　　原文如下：

　　Oil Search and Santos on a revised merger proposal

　　Oil Search and Santos have reached agreement on the merger ratio under the proposed merger. Wood Mackenzie research director Andrew Harwood said:

　　"Overlapping interests in PNG, a strengthened financial platform and the potential for further portfolio synergies and optimisation provide strong strategic rationale for the merger.

　　"Combining with Oil Search would immediately increase Santos' production by over one-third, to around 290 kboe/d. The impact of Oil Search’s portfolio becomes more pronounced by the middle of the decade when it would contribute over half of growth to the combined production output.

　　"At current commodity prices, the combined entity will generate significant free cash flow through 2021 and 2022. A stronger balance sheet will then provide a solid platform from which to invest in new development projects in Australia and PNG.

　　"Capital reallocation within a larger portfolio, or strategic divestments would be likely to smooth out future outflows. The merged company will be able to proceed with existing farm-down processes at Dorado and Alaska from a position of strength.

　　"We’ve been expecting to see more consolidation among international E&Ps, following the lead of the US independents that have sought strength and resilience in scale. The Santos - Oil Search merger follows the consolidation template, bringing together two firms with overlapping interests, building scale in a strategic resource theme, LNG in this case, and on terms that provide additional value upside potential for both sets of shareholders.

　　"For Australia’s E&P landscape, this might not be the last transformative deal we see this year, with BHP’s Petroleum business and Woodside strongly rumoured to be in discussion on a similar match-up. The details of that potential deal remain unclear, but what is certain is that the energy transition will continue to drive consolidation within the oil and gas space, with long-term implications for not only the companies involved, but also Australia’s oil and gas investment outlook."

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