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2025年国际油气并购市场特征及2026年趋势分析OACHSSCD

Characteristics of international oil and gas assets M&A market in 2025 and trends for 2026

中文摘要英文摘要

2025年国际油气并购交易整体萎缩,呈现5个发展特征:一是中小油企"抱团式"合并成为市场交易的新主流;二是油气产业链并购外溢产生并购新形式;三是国际石油公司加快退出欧洲基础化工业务成为并购市场新趋势;四是国际石油公司退出可再生能源股权展现新模式;五是天然气资产成为并购市场新热点.2026年油气资源将成为区域之间、国家之间竞争的战略焦点,国际油气并购市场可能出现5个发展趋势:一是大型石油公司、中型企业和小型企业将成为国际油气并购市场的主角;二是次级油气区块(资产)或将成为并购交易的热点;三是天然气资产继续成为买方关注的焦点;四是加拿大或将成为全球油气并购交易的核心区域;五是股票交易成为并购主流交易模式.建议中国油气企业建立健全外部形势分析和常态化评估机制、资产经营和资本运营双轮驱动的经营机制以及油气并购投资决策的激励机制和容错纠错机制.

International oil and gas merger transactions overall contracted in 2025,exhibiting such five key development characteristics as mergers and acquisitions among small and medium-sized oil enterprises through clustering emerged as the new mainstream,merger spillover effects along oil and gas industrial chains produced the new merger style,accelerated withdrawal from the European basic chemicals market represented a new trend,international oil companies'divestment from renewable energy equity revealed a new approach,and natural gas assets became a renewed focus in the market.In 2026,oil and gas resources will constitute the focal point among regions and countries worldwide and it is expected to present such five major trends as large and small-to-medium oil companies will serve as core market players,secondary oil and gas blocks and assets will become acquisition hotspots,natural gas assets will remain a priority for buyers,Canada may evolve into a central region in the global oil and gas M&A market,and stock-based payments may develop into a primary form of merger and acquisition transactions.This paper proposes that domestic oil and gas enterprises should establish and refine a regular assessment mechanism for external environment analysis,a dual-driven operational mechanism integrating asset business and capital operations,as well as incentive and fault-tolerant error-correction mechanisms for merger investment decisions.

徐东;姚子修;李致;梁嘉倩

中国石油规划总院中国石油天然气集团有限公司发展计划部中国石油天然气集团有限公司发展计划部中国石油国际勘探开发有限公司

管理科学

国际油气并购国际石油公司发展特征发展趋势应对策略

international oil and gas merger and acquisitioninternational oil companiesdevelopment characteristicsdevelopment trendscountermeasures

《国际石油经济》 2026 (1)

92-97,6

10.3969/j.issn.1004-7298.2026.01.017

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