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1、 Datamonitor USA 245 Fifth Avenue 4th Floor New York, NY 10016 USA t: +1 212 686 7400 f: +1 212 686 2626 e: Datamonitor Europe 119 Farringdon Road London EC1R 3DA United Kingdom t: +44 20 7551 9000 f: +44 20 7675 7500 e: Datamonitor Middle East and North Africa Datamonitor PO Box 24893 Dubai, UAE
2、 t: +49 69 9754 4517 f: +49 69 9754 4900 e: datamonitormena Datamonitor Asia Pacific Level 46, 2 Park Street Sydney, NSW 2000 Australia t: +61 2 8705 6900 f: +61 2 8705 6901 e: Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied
3、Page 1 INDUSTRY PROFILE Crude Oil in Asia-Pacific Reference Code: 0200-0587 Publication Date: March 2011 EXECUTIVE SUMMARY Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 2 EXECUTIVE SUMMARY Market value The Asia-Pacific c
4、rude oil market grew by 35.2% in 2010 to reach a value of $710.8 billion. Market value forecast In 2015, the Asia-Pacific crude oil market is forecast to have a value of $938.3 billion, an increase of 32% since 2010. Market volume The Asia-Pacific crude oil market grew by 3.3% in 2010 to reach a vol
5、ume of 9 billion barrels. Market volume forecast In 2015, the Asia-Pacific crude oil market is forecast to have a volume of 11.2 billion barrels, an increase of 23.6% since 2010. Market segmentation China accounts for 37.5% of the Asia-Pacific crude oil market value. Market rivalry Crude oil is the
6、most actively traded commodity in the world and the market is dominated by large conglomerates that are competing for ever dwindling resources which makes market rivalry strong. CONTENTS Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be phot
7、ocopied Page 3 TABLE OF CONTENTS EXECUTIVE SUMMARY 2 MARKET OVERVIEW 7 Market definition 7 Research highlights 8 Market analysis 9 MARKET VALUE 10 MARKET VOLUME 11 MARKET SEGMENTATION 12 FIVE FORCES ANALYSIS 13 Summary 13 Buyer power 15 Supplier power 16 New entrants 17 Substitutes 18 Rivalry 19 LEA
8、DING COMPANIES 20 China National Petroleum Corporation (CNPC) 20 Nippon Oil Corporation 25 Perusahaan Pertambangan Minyak Dan Gas Bumi Negara (Pertamina) 29 China Petroleum however, the majority of the worlds current energy production uses non-renewable sources, primarily oil, gas and coal. Shifting
9、 towards alternatives may constitute high switching costs. FIVE FORCES ANALYSIS Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 15 Buyer power Figure 5: Drivers of buyer power in the crude oil market in Asia-Pacific, 2010
10、Source: Datamonitor D A T A M O N I T O R The market is characterized by the presence of large, diversified international companies with highly vertically integrated operations. Due to their integrated downstream operations, major players are not highly dependent upon downstream consumers of crude o
11、il, for whom buyer power is therefore reduced. Amongst buyers there are both individual as well as institutional end users who are able to make large purchases. Commodities such as crude oil are relatively undifferentiated products (differentiation of crude oil is limited to sulphur component and fr
12、actional density), the price of which is set according to supply and demand by the mercantile exchanges of New York, London and Dubai, which effectively ameliorates buyer power on the basis of price. Brand loyalty is not likely to be a significant factor here (unless there are loyalty programs in pl
13、ace), strengthening buyer power somewhat. Buyers may be likely to switch if presented with a better offer; however, the presence of contracts can reduce this likelihood. Backward integration is also unlikely. Overall, buyer power is moderate. FIVE FORCES ANALYSIS Asia-Pacific - Crude Oil 0200 - 0587
14、 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 16 Supplier power Figure 6: Drivers of supplier power in the crude oil market in Asia-Pacific, 2010 Source: Datamonitor D A T A M O N I T O R Major suppliers to this market are oil equipment and service provide
15、rs, including: Schlumberger, Baker Hughes, Smith International and Halliburton. Such suppliers are typically large, highly diversified companies, which affords them greater bargaining power within the sector. Baker Hughes, for example, has a wide product portfolio catering to the worldwide oil and n
16、atural gas industry. The company manufactures and supplies drill bits, primarily roller cone bits, and fixed-cutter polycrystalline diamond compact (PDC) bits. It supplies them to the oil and natural gas industry worldwide. Baker Hughes also supplies drilling and evaluation services, which include d
17、irectional drilling, measurement-while-drilling (MWD), and logging-while-drilling (LWD) services. The company provides formation evaluation and wireline completion and production services for oil wells. There is a small number of large equipment and services companies, which, combined with high dema
18、nd from the petroleum industry, enhances their supplier power. However, larger companies involved in the crude oil market have backward-integrated petroleum service operations, and use third-party services companies to supplement their own activities. This, combined with the high importance of the c
19、rude oil market to supplier revenues, reduces the supplier power of equipment and services companies. Overall, supplier power is strong. FIVE FORCES ANALYSIS Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 17 New entrants
20、Figure 7: Factors influencing the likelihood of new entrants in the crude oil market in Asia- Pacific, 2010 Source: Datamonitor D A T A M O N I T O R Analysis of the threat of new entrants into the oil market is complicated by the fact that it is possible for companies to operate in one or more part
21、s of the supply chain. Leading crude oil companies, namely Sinopec and Nippon Oil, are typically large, highly vertically-integrated, multinational companies that use their large scale production and distribution networks to reduce costs and enhance profitability. They make large investments in tech
22、nology, fleets of drilling rigs and other equipment, with further investment into product innovation in order to keep up with the leading players and utilize their scales of economy. The presence of such powerful incumbents is a significant barrier to entry and the need for substantial initial inves
23、tment to set up facilities such as drilling rigs also reduces the threat of new companies establishing themselves in this market. There is also a significant regulatory environment within the petroleum industry, which is restrictive to the entry of players. Permission to explore new fields and extra
24、ct oil and gas is generally in the gift of national governments, and obtaining it may be a lengthy process. The strong decline in 2009 likely repelled potential new entrants in the short run; however, the prospectus of high market growth in the forthcoming years may be attractive. Overall, the threa
25、t of new entrants is moderate. FIVE FORCES ANALYSIS Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 18 Substitutes Figure 8: Factors influencing the threat of substitutes in the crude oil market in Asia-Pacific, 2010 Sourc
26、e: Datamonitor D A T A M O N I T O R Crude oil itself comes in many varieties and qualities, depending on its specific gravity and sulphur content, which depend on where it has been pumped from. Brent is generally accepted to be the world benchmark, with the United States benchmark being West Texas
27、Intermediate (WTI) whilst the Opec basket is comprised of 15 different crudes. Petroleum has few significant substitutes when it comes to powering vehicles or for its use in petrochemicals, although some plant-based alternatives are attracting interest. Other substitutes in this market can be consid
28、ered in terms of alternative energy sources (such as nuclear, solar, coal, wind). Such substitutes can be seen to offer notable benefits in terms of environmental impact and sustainability. However, shifting to renewable energy sources is costly and will take time, which is in short supply the world
29、 must reduce its output of CO2 by 50 to 85 percent by 2050. With oil reserves declining, the threat of alternative fuels will increase substantially over the following decades as they become more readily available and oil products become increasingly expensive. Overall, the threat of substitutes is
30、weak. FIVE FORCES ANALYSIS Asia-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 19 Rivalry Figure 9: Drivers of degree of rivalry in the crude oil market in Asia-Pacific, 2010 Source: Datamonitor D A T A M O N I T O R Crude oil
31、 companies are typically large-scale operations, experiencing high fixed costs and exit barriers whilst operations in alternative unassociated industries are limited. The presence of such large incumbents intensifies rivalry. Due to the fact that crude oil operations are highly energy and labor inte
32、nsive, fixed costs are high and the market is hard to exit as leaving would require significant divestments of assets specific to the business. Some players try to diversify the scope of their operations, engaging not only in exploration and production, but also refining, and the marketing of oil an
33、d natural gas. Such diversity eases competition as such players are not solely reliant on the crude oil market. Whilst most players activities are geographically diverse and vertically integrated, most of them present similar business models. Recent market growth fluctuations caused by the internati
34、onal crisis intensify rivalry. Estimations for the next 20-30 years show a decline in the use of oil, likely caused by switching to more environment friendly, cheaper and renewable alternative sources. These factors combine to produce a strong level of rivalry overall. LEADING COMPANIES Asia-Pacific
35、 - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 20 LEADING COMPANIES China National Petroleum Corporation (CNPC) Table 4: China National Petroleum Corporation (CNPC): key facts Head office: 9 Dongzhimen North Street, Dongcheng Distric
36、t, Beijing 100007 CHN Telephone: 86 10 6209 4114 Fax: 86 10 6209 4205 Website: Financial year-end: December Source: company website D A T A M O N I T O R China National Petroleum Corporation (CNPC) is an integrated international energy company. CNPC primarily produces and supplies crude oil and nat
37、ural gas in China, having oil and gas assets and interests in 29 countries. Its operations cover the following segments: exploration and production, pipelines and transportation, refining and marketing, chemicals, engineering and construction, equipment manufacturing, financial services, and renewab
38、le energy development. CNPC operates through nine business segments: exploration and production; natural gas and pipelines; refining and chemicals; marketing and trading; overseas oil and gas operations; international trade; technical services; engineering and construction; and petroleum equipment m
39、anufacturing. Through its exploration and production segment, CNPC has oil and gas reserves in the Bohai Bay, the Songliao, Ordos, Sichuan, Tarim, Junggar, Qaidam, and Hailaer basins in China. In FY2009, CNPC completed 26,816 kilometers of 2D lines, 11,427 square kilometers of 3D profiles, and 1,901
40、 exploration wells. Moreover, the oil and gas reserves proved to be 627.50 million metric tons of oil and 461.60 billion cubic meters of gas during the period. In FY2009, CNPC produced 68.3 billion cubic meters natural gas from domestic fields, up 10.7% over last year. Natural gas has become a new e
41、conomic growth point and profit source among the main businesses of CNPC. Natural gas output in primarily from the four major gas provinces: Tarim, Changqing, Sichuan, and Qinghai. CNPC has opened some of its blocks in China to foreign companies to jointly explore and develop oil and gas resources.
42、The companys joint blocks and projects are mainly located in Daqing, Jilin, Liaohe, Dagang, Changqing, Southwest, and Xinjiang oil and gas provinces, covering risk exploration, development of complex oil and gas fields, offshore exploration and development, and exploration and LEADING COMPANIES Asia
43、-Pacific - Crude Oil 0200 - 0587 - 2010 Datamonitor. This profile is a licensed product and is not to be photocopied Page 21 development of unconventional oil and gas resources. By the end of 2009, 34 joint exploration and development projects were underway, covering an area of 33,500 square kilomet
44、ers. These included 24 conventional oil/gas projects covering an area of 23,500 square kilometers, and produced 3.71 million metric tons of crude and 3.44 billion cubic meters of natural gas, totaling 6.45 million metric tons of oil equivalent. CNPC has a network of oil and gas pipelines across the
45、country connecting the four major gas-producing regions of the Southwest, Changqing, Tarim, and Qinghai to key consumer markets. As of December 2009, CNPCs oil and gas pipelines in China totaled 50,652 kilometers in length, including 13,189 kilometers for crude oil, 28,595 kilometers for natural gas
46、, and refined products pipelines of 8,868 kilometers. In FY2009, CNPC transported 150.71 million metric tons of crude, and 17.81 million metric tons of refined products. The refining and chemicals segment of the company processed 125.12 million metric tons of crude oil in the domestic market in FY20
47、09. The annual refined products output reached 80.45 million metric tons. The company produces polyethylene, polypropylene, polyester, and acrylon. It also produces chemical products which include acrylonitrile butadiene styrene (ABS), ethylene oxide, polybutadiene rubber, acrylon, butanone, polyest
48、er, terylene, and benzene. The marketing and trading segment sells refined products. In FY2009, it sold 88.75 million metric tons of refined products, accounting for 42.8% of the domestic refined product market share. Among these, retail sales of refined products reached 61.08 metric tons, and termi
49、nal sales represented 75%. As of December 2009, it had 17,262 domestic service stations, each selling an average of 10 metric tons of refined products per day. CNPCs overseas oil and gas operations are carried out primarily by its wholly-owned subsidiary, the China National Oil and Gas Exploration and Development Corporation (CNODC), and its holding subsidiary, PetroChina Company (PetroChina). In FY2009, the companys overseas oil and gas operation