DOCSLIB.ORG

Petrochina Company Limited Iraq Branch (Halfaya Project) Tender Announcement for Purchase of LP Gas Compressor Package for CPF1 Station in Halfaya Oil Field Ref

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Petrochina Company Limited Iraq Branch (Halfaya Project) Tender Announcement for Purchase of LP Gas Compressor Package for CPF1 Station in Halfaya Oil Field Ref TA/20100909/01/P PetroChina Company Limited Iraq Branch (Halfaya Project) Tender Announcement for Purchase of LP Gas Compressor Package for CPF1 Station in Halfaya Oil Field Ref. No.: TA/20100909/01/P Announcement period: From 3:00 pm on Sep 9th, 2010 to 3:00 pm on Oct 9th, 2010. (Beijing time, P.R. China) From 10:00 am on Sep 9th, 2010 to 10:00 am on Oct 9th, 2010. (Baghdad time, Iraq) Posted by: PetroChina Company Limited Iraq Branch, Operator at Halfaya Oil Field in Iraq, hereinafter referred to as “Company” if necessary. Background Information : Within the framework of Iraq’s second petroleum bidding round organized by the Iraqi Ministry of Oil on December 12th, 2009, the consortium led by PetroChina Company Ltd. signed on January 27th, 2010 a 20-year Development and Production Service Contract with Missan Oil Company for super-giant Halfaya oil field. PetroChina is assigned the operator in the consortium, alongside partners Total E&P Iraq Petronas Carigali Sdn. Bhd. and the State Partner South Oil Company. Halfaya oil field is located in the Missan governorate at the Southeast of Iraq, 35 kilometers southeast of Amarah city, and spreads across 30 kilometers long and 10 kilometers wide. Purpose: As the contract became effective from March 1st, 2010, PetroChina launched the project and would invite sealed bids from eligible suppliers worldwide for the supply of the following goods by way of International Competitive Bidding. This Tender Announcement was released on http://www.petrochina.com.cn/Ptr/News_and_Bulletin/Businessannouncement/ at 10:00 am (Baghdad time, Iraq) on September 9th, 2010 and on http://www.mociraq.com/petrochina/petrochina/ at 3:00 pm (Beijing time, P. R. China) on September 9th, 2010 respectively. Page 1 of 5 TA/20100909/01/P 1. TENDER DETAILS: Purchase of LP Gas Compressor Package for CPF1 Station in Halfaya Oil Field ITB Package Request Fee: USD 200.00 (USD only). Account Name: PETROCHINA COMPANY LIMITED Account Title: CALL ACCOUNT USD Account Number: 0100649012 Bank Account Information: BANK Name: Citibank UAE Bidding Address: Oud Metha Road, Al Wasl Branch, Dubai, UAE Details Swift Code: CITIAEAD From 3:00 pm on Sep 9th, 2010 to 3:00 pm on Oct 9th, 2010. (Beijing time, P.R. China) ITB Package Distribution Period: From 10:00 am on Sep 9th, 2010 to 10:00 am on Oct 9th, 2010. (Baghdad time, Iraq) At 3:00 pm on Oct 9th, 2010. (Beijing time, P.R. China) Bid Closing Time and Date: At 10:00 am on Oct 9th, 2010. (Baghdad time, Iraq) Offer Validity Period: 90 days after Bid Closing Date. Contracting Mode: Competitive bidding through open tender. Contract Contract Duration: 30 months. Details Currency: USD only. Type of Offer: As per ITB requirements. Halfaya Oil Field Degas Station in Iraq (about 35 km southeast of Amarah city and 180km Work Area: Work to Basra.) Description LP Gas Compressor Package (including compressor, motor, separator, lube system, Scope of Work: cooling system, electrical part, instrument and control system etc.) Page 2 of 5 TA/20100909/01/P Compressor Type Reciprocating compressor driven by electric motor Total Capacity 310,000 Sm3/h, Pin=0.25 MPag, Pout=0.9 MPag. Supply Quantity 1 set Fluid Medium Sour raw gas, the gas component referred to ITB Equipment shall meet the requirements of relevant API, ASME and other relevant international standards. The equipments should fit local climate and environmental Technical Requirement conditions; Contractor should provide jobsite service and technical support during installation, start-up, commissioning and test run; Bidder can optimize the technical solution based on basic technical requirement as per ITB document. With a good performance and experience in producing such an identical equipment in HSE Standard: international petroleum industry. Contractor should have the independent competence of design, development and Qualification Requirements: manufacturing with similar abroad supply achievement and with good after-sales service. Bid Bond: 10% of the proposed contract value. Payment Terms: Within 60 days from receiving invoice and supporting documents. Liquidated Damages: 0.2% per day delayed up to a maximum of 10% of the proposed contract value. 10% of the proposed contract value. Winning Bidder shall submit a Quality Guarantee Quality Guarantee: Terms and acceptable by the Company to guarantee the quality of supplied goods. Conditions 10% of the proposed contract value. Winning Bidder shall submit a Bank Guarantee Performance Bank Guarantee: acceptable by the Company to guarantee that the bidder shall perform all of his obligations under the contract. Additional Documents Required: Shall submit an authorization letter from proposed manufacturer if bidder is an agent. Shall submit Performance Guarantee from Principal if winning bidder is a subsidiary or branch company. Page 3 of 5 TA/20100909/01/P 2. QUALIFICATIONS AND DOCUMENTS REQUIRED FOR ITB PACKAGE REQUEST: All interested companies with full capability to provide the goods described above are welcome. However, successful experience for supplying the same/similar goods is mandatory. Only after receiving the following documents and ITB Package Request Fee, Company will process the request and issue ITB Package to eligible bidders: 2.1 Filled ITB Package Request Form (please refer to the attachment). 2.2 Bank Receipt for Request Fee (please indicate TA Ref. No.). 2.3 Copy of Certificate of Incorporation. 2.4 Copy of Certificate in which the name of legal representative is registered. 2.5 Copy of Certificate of Contracting/Trade. 2.6 Original Power of Attorney to whom ITB package will be issued. This Power of Attorney must be signed by the legal representative of the interested company. 2.7 Summary of Performance Experiences on provision of similar services for last three (3) calendar years, containing the name of the project(s), name of the client(s), value of contract(s), scope of work, and location(s) of service provided. 2.8 Audited financial statement for last three (3) fiscal years in support of sound financial standing. All the documents required hereinabove shall be in English or with English translation and delivered to the following address within valid ITB Package Distribution Period either in person or by mail through EMS, or DHL, or UPS, or FEDEX, or TNT, costs incurred therefrom shall be borne and paid by applicants. 3. CONTACT INFORMATION: All interested companies registered in Iraq shall submit all the required documents to Amarah Office located in Amarah, Iraq. All other interested companies registered outside Iraq shall submit all the required documents to Beijing Office located in Beijing, P. R. China. Page 4 of 5 TA/20100909/01/P Beijing Office (Beijing, P.R. China): Contact : Mr. YAO, Jianping, CPL Dept., PetroChina (Halfaya) Office Hours: 8:00 am to 5:00 pm, local time Tel : (0086)-10-58320234, (0086)-10-58320279, (0086)-10-58320249 Fax : (0086)-10-58320248 E-mail : [email protected]; [email protected] Address : Room 309 PetroTime Tower, #19-2 Huayuan Street, Xicheng District, Beijing 100032, P.R. China Amarah Office (Amarah, Iraq): Contact : Mr. YAN, Shihe/Mr. WANG, Yu, Field Manager, PetroChina (Halfaya) Office Hours: 8:00 am to 5:00 pm, local time Tel : (00964)-7903346366, (00964)-7800459242, (00964)-7800516138 E-mail : [email protected]; [email protected] [email protected]; [email protected] Address : PetroChina (Halfaya), in the yard of Missan Oil Company, Industrial Area, Amarah City, Missan Governorate, Iraq Remarks: The ITB Package Request Fee is nonrefundable. Company reserves the right to curtail/enhance the scope of the supply stated above or cancel this purchase if required. Company reserves the right to accept or reject request(s) for ITB Package without assigning any reasons. Page 5 of 5 PetroChina(Halfaya) Tel: 0086-10-58320234 0086-10-58320279 CPL Department Halfaya Fax: 0086-10-58320248 Room 309 PetroTime Tower, # 19-2 Huayuan Street, Mobile: 0086-15116991148 Xicheng District, Beijing 100032, P.R. China Email: [email protected] Request Form for ITB Package Part A (Filled by Applicants) Request Details: Name of the Project: TA Ref. No.: ITB Package Request Date: Company Information: Name of the Company: Registered Address: Registration No. of Certificate of Incorporation: Name of Legal Representative: Registered Capital: Contact Name: Tel: Fax: Email: Address: Scope of Business Part B (For Official Use Only) Required Documents (in English or with English Translation): Check the box if attached 1. Filled ITB Package Request Form. 2. Bank Receipt for Request Fee (please indicate TA Ref. No.). 3. Copy of Certificate of Incorporation. 4. Copy of Certificate in which the name of legal representative is registered. 5. Copy of Certificate of Contracting/Trade. 6. Original Power of Attorney. 7. Summary of Performance Experiences for last three (3) calendar years. 8. Audited financial statement for last three (3) fiscal years. Request Fee Received by: Signature and Date: Accepted Signature and Date: Rejected (Circle the reason that applies) 1. Fail to request within valid period. 2. Fail to submit all required documents. 3. Documents do not meet the Company’s requirements. Signature and Date: 4. Other reasons. .
Load more

Recommended publications
  • National Oil Companies: Business Models, Challenges, and Emerging Trends
    Corporate Ownership & Control / Volume 11, Issue 1, 2013, Continued - 8 NATIONAL OIL COMPANIES: BUSINESS MODELS, CHALLENGES, AND EMERGING TRENDS Saud M. Al-Fattah* Abstract This paper provides an assessment and a review of the national oil companies' (NOCs) business models, challenges and opportunities, their strategies and emerging trends. The role of the national oil company (NOC) continues to evolve as the global energy landscape changes to reflect variations in demand, discovery of new ultra-deep water oil deposits, and national and geopolitical developments. NOCs, traditionally viewed as the custodians of their country's natural resources, have generally owned and managed the complete national oil and gas supply chain from upstream to downstream activities. In recent years, NOCs have emerged not only as joint venture partners globally with the major oil companies, but increasingly as competitors to the International Oil Companies (IOCs). Many NOCs are now more active in mergers and acquisitions (M&A), thereby increasing the number of NOCs seeking international upstream and downstream acquisition and asset targets. Keywords: National Oil Companies, Petroleum, Business and Operating Models * Saudi Aramco, and King Abdullah Petroleum Studies and Research Center (KAPSARC) E-mail: [email protected] Introduction historically have mainly operated in their home countries, although the evolving trend is that they are National oil companies (NOCs) are defined as those going international. Examples of NOCs include Saudi oil companies that have significant shares owned by Aramco (the largest integrated oil and gas company in their parent government, and whose missions are to the world), Kuwait Petroleum Corporation (KPC), work toward the interest of their country.
    [Show full text]
  • 2016 EITI Report
    Contents List of Abbreviations ......................................................................................................................6 Executive Summary........................................................................................................................8 1. EITI in Iraq .............................................................................................................................. 14 1.1. About the Extractive Industries Transparency Initiative (EITI) ................................... 14 1.2. EITI Implementation in Iraq .................................................................................................. 14 1.3. EITI Governance and leadership in Iraq (Requirement 1.1 – 1.3) ................................ 16 1.4. MSG Governance (Requirement 1.4) .................................................................................. 17 1.5. MSG Workplan (Requirement 1.5) ....................................................................................... 18 2. Legal Framework and Fiscal Regime for the Extractive Industries (Requirement 2.1) . 20 2.1. National Governance Structures ......................................................................................... 20 2.2. Overview of the regulations applicable to extractive industries ................................. 21 2.2.1. Extractive sector regulations in federal Iraq ........................................................................ 21 2.2.2. Overview of the corporate income tax and withholding tax regimes applicable
    [Show full text]
  • The New Iraq: 2015/2016 Discovering Business
    2015|2016 Discovering Business Iraq N NIC n a o t i io s n is al m In om in association with vestment C USINESS B Contents ISCOVERING Introduction Iraq continues as a major investment opportunity 5 Messages - 2015|2016 D - 2015|2016 Dr. Sami Al-Araji: Chairman of the National Investment Commission 8 RAQ HMA Frank Baker: British Ambassador to Iraq 10 I Baroness Nicholson of Winterbourne: Executive Chairman, Iraq Britain Business Council 12 EW N Business Matters HE Doing business in Iraq from a taxation perspective - PricewaterhouseCoopers 14 T Doing business in Iraq - Sanad Law Group in association with Eversheds LLP 20 Banking & Finance Citi has confidence in Iraq’s investment prospects - Citi 24 Common ground for all your banking needs - National Bank of Iraq 28 Iraq: Facing very challenging times - Rabee Securities 30 2005-2015, ten years stirring the sound of lending silence in Iraq - IMMDF 37 Almaseer - Building on success - Almaseer Insurance 40 Emerging insurance markets in Iraq - AKE Insurance Brokers 42 Facilitating|Trading Organisations Events & Training - Supporting Iraq’s economy - CWC Group 46 Not just knowledge, but know how - Harlow International 48 HWH shows how smaller firms can succeed in Iraq - HWH Associates 51 The AMAR International Charitable Foundation - AMAR 56 Oil & Gas Hans Nijkamp: Shell Vice President & Country Chairman, Iraq 60 Energising Iraq’s future - Shell 62 Oil production strategy remains firmly on course 66 Projects are launched to harness Iraq’s vast gas potential 70 Major investment in oilfield infrastructure
    [Show full text]
  • Overview of CNPC Operations in Iraq
    CNPC in Iraq 07 Sustainability Report Overview of CNPC Operations in Iraq Iraq’s Reviving Oil Industry Iraq boasts abundant oil resources, with proven oil reserves ranking the 5th in the world. In 2009, the Iraqi government formulated a plan to increase crude oil production by utilizing international funds and advanced management and technical expertise. Under the plan, revenue from the increased production is earmarked for infrastructure construction for the benefit of the nation and its people. Some international oil companies, including CNPC, have invested in the production and operation of a number of large oilfields by virtue of technical service contracts. Under the technical service contract model, CNPC charges a service fee for each barrel of oil and gas produced, while ownership of the oil and gas is held by Iraq. The technical service contracts signed since 2009 have helped Iraq increase its crude oil production by more than 2.1 million barrels per day (a net increase of about 1.7 million barrels per day considering the declining production of mature oilfields). From 2009 to 2018, Iraq’s newly proven reserves hit more than 30 billion barrels, crude oil production increased by more than 80%, and crude oil export revenue increased by more than 140% at its peak compared with 2009. The thriving oil industry has laid a more solid foundation for the peace and security of Iraq. Nevertheless, due to factors such as oil and gas storage and transportation infrastructure, there is a great discrepancy between the country’s resource endowments and its oil and gas production and crude oil exports.
    [Show full text]
  • Foreign Investment in the Oil Sands and British Columbia Shale Gas
    Canadian Energy Research Institute Foreign Investment in the Oil Sands and British Columbia Shale Gas Jon Rozhon March 2012 Relevant • Independent • Objective Foreign Investment in the Oil Sands and British Columbia Shale Gas 1 Foreign Investment in the Oil Sands There has been a steady flow of foreign investment into the oil sands industry over the past decade in terms of merger and acquisition (M&A) activity. Out of a total CDN$61.5 billion in M&A’s, approximately half – or CDN$30.3 billion – involved foreign companies taking an ownership stake. These funds were invested in in situ projects, integrated projects, and land leases. As indicated in Figure 1, US and Chinese companies made the most concerted efforts to increase their profile in the oil sands, investing 2/3 of all foreign capital. The US and China both invested in a total of seven different projects. The French company, Total SA, has also spread its capital around several projects (four in total) while Royal Dutch Shell (UK), Statoil (Norway), and PTT (Thailand) each opted to take large positions in one project each. Table 1 provides a list of all foreign investments in the oil sands since 2004. Figure 1: Total Oil Sands Foreign Investment since 2003, Country of Origin Korea 1% Thailand Norway 6% UK 7% 2% US France 33% 18% China 33% Source: Canoils. Foreign Investment in the Oil Sands and British Columbia Shale Gas 2 Table 1: Oil Sands Foreign Investment Deals Year Country Acquirer Brief Description Total Acquisition Cost (000) 2012 China PetroChina 40% interest in MacKay River 680,000 project from AOSC 2011 China China National Offshore Acquisition of OPTI Canada 1,906,461 Oil Corporation 2010 France Total SA Alliance with Suncor.
    [Show full text]
  • 2013 Financial and Operating Review
    Financial & Operating Review 2 013 Financial & Operating Summary 1 Delivering Profitable Growth 3 Global Operations 14 Upstream 16 Downstream 58 Chemical 72 Financial Information 82 Frequently Used Terms 90 Index 94 General Information 95 COVER PHOTO: Liquefied natural gas (LNG) produced at our joint ventures with Qatar Petroleum is transported to global markets at constant temperature and pressure by dedicated carriers designed and built to meet the most rigorous safety standards. Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Actual future results, including demand growth and energy mix; capacity growth; the impact of new technologies; capital expenditures; project plans, dates, costs, and capacities; resource additions, production rates, and resource recoveries; efficiency gains; cost savings; product sales; and financial results could differ materially due to, for example, changes in oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; unanticipated operational disruptions; and other factors discussed in this report and in Item 1A of ExxonMobil’s most recent Form 10-K. Definitions of certain financial and operating measures and other terms used in this report are contained in the section titled “Frequently Used Terms” on pages 90 through 93. In the case of financial measures, the definitions also include information required by SEC Regulation G.
    [Show full text]
  • Provincialdevelopment Strategy Missangovernorate
    LADP in Iraq – Missan PDS Local Area Development Programme in Iraq Financed by the Implemented European Union by UNDP PROVINCIAL DEVELOPMENT STRATEGY MISSAN GOVERNORATE February 2018 LADP in Iraq – Missan PDS 2 LADP in Iraq – Missan PDS FOREWORD BY THE GOVERNOR … 3 LADP in Iraq – Missan PDS 4 LADP in Iraq – Missan PDS CONTENT PDS Missan Governorate Foreword by the Governor ............................................................................................................................... 3 Content ............................................................................................................................................................ 5 List of Figures ................................................................................................................................................... 7 List of Tables .................................................................................................................................................... 8 Abbreviations ................................................................................................................................................... 9 Introduction ................................................................................................................................................... 11 1. Purpose of the PDS ...................................................................................................................................... 11 2. Organisation of the PDS .............................................................................................................................
    [Show full text]
  • Assessing Iraq's Oil Industry
    ASSESSING IRAQ’S OIL INDUSTRY By Aymenn Jawad Al-Tamimi* This article provides an overview of Iraq’s oil and gas industry, focusing in particular on its history since 2003 under the Coalition Provisional Authority and the sovereign Iraqi government. It also examines the relationship between the development of natural gas reserves and local autonomy, as well as the controversy surrounding ExxonMobil’s dealings with the Kurdistan Regional Government. Finally, the article considers how the oil and gas industry relates to the wider economy both now and for the future. INTRODUCTION BP officials also met with the Foreign Office the following month, discussing Contributing 60 percent of GDP, 99 percent opportunities in Iraq “post regime change.”3 of exports, and over 90 percent of government The meeting was summarized as follows: revenue, the oil industry is by far the most “Iraq is the big oil prospect. BP is desperate to vital sector of the Iraqi economy, with proven get in there and anxious that political deals petroleum reserves of 143 billion barrels and a should not deny them the opportunity.”4 BP’s potential to recover and refine a further 200 concern in particular was that Washington billion barrels. 1 The existence of substantial would not annul the contract that the French oil reserves in the area of Mesopotamia has company Total had signed with Saddam been known since at least the end of the Hussein’s regime, thereby allowing Total to nineteenth century, with the monopoly of oil become, in BP’s view, the world’s largest oil exploration and production originally lying in company.
    [Show full text]
  • Royal Dutch Shell and Its Sustainability Troubles
    Royal Dutch Shell and its sustainability troubles Background report to the Erratum of Shell's Annual Report 2010 Albert ten Kate May 2011 1 Colophon Title: Royal Dutch Shell and its sustainability troubles Background report to the Erratum of Shell's Annual Report 2010 May 2011. This report is made on behalf of Milieudefensie (Friends of the Earth Netherlands) Author: Albert ten Kate, free-lance researcher corporate social responsibility Pesthuislaan 61 1054 RH Amsterdam phone: (+31)(0)20 489 29 88 mobile: (+31)(0)6 185 68 354 e-mail: [email protected] 2 Contents Introduction 4 Methodology 5 Cases: 1. Muddling through in Nigeria 6 1a) oil spills 1b) primitive gas flaring 1c) conflict and corruption 2. Denial of Brazilian pesticide diseases 14 3. Mining the Canadian tar sands 17 4. The bitter taste of Brazil's sugarcane 20 4a) sourcing sugarcane from occupiers of indigenous land 4b) bad labour conditions sugarcane harvesters 4c) massive monoculture land use 5. Fracking unconventional gas 29 6. Climate change, a business case? 35 7. Interfering with politics 38 8. Drilling plans Alaska’s Arctic Ocean 42 9. Sakhalin: the last 130 Western Gray Whales 45 10. The risky Kashagan oil field 47 11. A toxic legacy in Curaçao 49 12. Philippines: an oil depot amidst a crowd of people 52 3 Introduction Measured in revenue, Royal Dutch Shell is one of the biggest companies in the world. According to its annual report of 2010, its revenue amounted to USD 368 billion in 2010. Shell produces oil and gas in 30 countries, spread over the world.
    [Show full text]
  • Petrochina (857 HK)-OW: Shared Acquisition of Petrobras' Peru
    Company report Nat Resources & Energy Oil & Gas abc Equity – China Global Research PetroChina (857 HK) Overweight OW: Shared acquisition of Petrobras’ Peru assets; Target minimally accretive price (HKD) 11.40 Share price (HKD) 8.71 CNODC, the PetroChina/CNPC 50/50 JV, acquired three Peru Potential return (%) 30.9 blocks from Petrobras for USD2.6bn Note: Potential return equals the percentage difference between the current share price and the target price Production is minimally accretive at <1% via 100% interest in Dec 2012 a 2013 e 2014 e two blocks and 46.16% interest in a third block HSBC EPS 0.63 0.73 0.72 HSBC PE 10.9 9.4 9.5 Maintain OW with TP of HKD11.40 Performance 1M 3M 12M Absolute (%) -2.2 -5.3 -15.8 Relative^ (%) -3.9 -11.6 -17.3 Event: Two indirect subsidiaries of PetroChina acquired Petrobras Energia Peru from its Note: (V) = volatile (please see disclosure appendix) parent Petrobras, via purchase of 145mn shares for USD2.6bn. The purchasers, CNPC Holdings and CNODC International, are overseas subsidiaries of CNPC Exploration and Development (CNPC E&D), a 50/50 JV by PetroChina and parent CNPC. The transaction price is c.4x book and c.4.3x sales of the acquired corporate entity. The opportunity is for 14 November 2013 Enhanced Oil Recovery, deep and difficult exploration drilling through hard rock below 3,000m, and a large prospective gas resource. The deal looks good on an NPV work down Thomas Hilboldt*, CFA Head of Oil, Gas & Petrochemical of the two producing blocks but will require substantial investment to extract full value, Research, Asia-Pacific raising the risks.
    [Show full text]
  • Case Study: Petrochina Hans-Christoph Hirt Meets
    Case study: PetroChina More recently, we called for an overhaul of the company’s Hans-Christoph Hirt meets PetroChina executives compliance system, pro-active management of and reporting on its key sustainability challenges and the establishment of a board nomination committee. We raised all of the issues constructively and made specific proposals on the company’s next steps. These included, for example, suggesting setting up a sustainability committee of key stakeholders to support the company’s thinking and future efforts in this regard. Q&A with Hans-Christoph Hirt, director at Hermes EOS, about Chinese energy company PetroChina Q: Why is Hermes EOS engaging with PetroChina? A: PetroChina has long been controversial among investors because of the exploration and production activities of its state-owned parent company, China National Petroleum Corporation, in Q: What progress have you seen to date? troubled regions. A number of controversies, ranging from oil A: We escalated PetroChina to an intensive engagement in spills to health and safety incidents, caused us to intensify 2014 and are now actively working with the company’s senior our engagement with the Chinese oil and gas giant on risk management on a number of the concerns we have identified. management and disaster preparedness. In recent years, there We have had some early results: In the extremely rare meeting have also been a number of compliance incidents and concerns at the company’s headquarters in Beijing mentioned above, the about the board nomination process. president confirmed the launch of an initiative aimed at improving the company’s sustainability strategy and reporting.
    [Show full text]
  • Strategic Thinking of Anadarko Acquisition by Chevron
    Advances in Economics, Business and Management Research, volume 106 Fourth International Conference on Economic and Business Management (FEBM 2019) Strategic Thinking of Anadarko Acquisition by Chevron Qian Zou* Keming Wang Min Peng Research Institute of Petroleum Research Institute of Petroleum department of technology Exploration & Development Exploration & Development Northeast Petroleum University PetroChina PetroChina Heilongjiang, China Beijing, China Beijing, China [email protected] Abstract—Chevron announced its acquisition of Anadarko common progress in economic benefit and cost reduction. It is Petroleum Corporation at $50 billion on April 12, 2019. These anticipated that pretax cost and capital expenditure reduction two corporations have quite similar asset type and asset location; will reach $1 billion [1]. thus, the cost of integration was low. The value of assets would be greatly promoted for both corporations after integration, and The assets acquired are detailed as follows. Anadarko could improve its finances with the aid of Chevron's unstinted cash flow to defend itself against the slump in oil price. A. Unconventional Oil and Gas in the Permian Basin. Chevron's payment would mostly be given in shares and debt. It Chevron possesses huge assets in the Permian Basin. The leveraged a lot of assets by using a small amount of cash and thus total area of licenses is 116,104 acres, and total reserves are was under small financial pressure. The acquisition was a win- 16.2 billion barrels. Chevron is the biggest owner of the win deal and could achieve a 1+1>2 result by maximizing the potential of both corporations. There is something to be learned Permian Basin [2].
    [Show full text]