Multinational Oil Mergers And Acquisitions And Its Enlightenment To Chinese Oil Companies

The consumption of the petroleum has shown the high-speed increasing trend along with the continuous growing of China's economy. However, the petroleum output of China has been increasing at a stable speed. Since 1993, China has become the net importer for petroleum, and the imported quantity of the petroleum has become more and more, the degree of dependence on oversea supply has become higher. At the same time, the international petroleum industry has been experiencing a new tide wave of M&A, the big transnational petroleum corporations have merged one by one, and the structure of the international petroleum market has been changed deeply. Although the petroleum corporations of China have developed rapidly in recent years, comparing with the transnational petroleum corporation(ssuch as Exxon-mobile, BP, etc.), the lag is still very large. Therefore, the petroleum companies of China have set up the strategy for internationalization; and have been carrying out transnational M&A. Especially in 2005, they have drawn the attention of both the domestic and international scholars by several high value M&A performances in international petroleum market.The paper applies the method combined with the qualitative and quantitative analysis, and analyzes the theories of M&A, the M&A practices of transnational petroleum corporations, the current demand and supply status of China petroleum, the M&A conditions and risk of the petroleum corporations systematically, and then give some constructive suggestions.The conclusion from this study is that, under the background of the economic globalization, under the request of building the well-to-do society, it can not be avoided to choose the strategy of high dependence on the overseas petroleum supply. The petroleum companies shall learn from the experiences of the transnational petroleum corporations, and carry out effective transnational M&A to acquire the stable oil resource to settle the Chinese petroleum supply problem, and to achieve the continuous development of themselves.