In
2015, China National Petroleum Corporation planned to integrate international
businesses, mainly including pipeline projects in Aktobe and North Buzachi of
Kazakhstan, Bath and North West; project in Caracoles and Intercampo of
Venezuela and emulsified oil project; project in 11 block of Ecuador; projects
in 1AB/8 block and 6/7 block of Peru; project in 5 block of Oman; KK and
Gobustan projects in Azerbaijan; upstream and downstream integration project,
350 block exploration project and 102a/112 block exploration project in
Algeria; projects in 8 oil fields of Canada, including Ajisen; Teneier and
Biema exploration projects in Niger; and oil and gas assets in H block of Chad
and those of Sinopec Southwest Oil & Gas Company.
The project is the
first overseas grand project in the appraisal field. Its appraisal base date is
December 31, 2004. The use of income approach was still in exploration stage.
To complete the project successfully, the Company designated key staffs to
first study large amount of foreign language materials comprehensively and then
communicate with investment banks to develop DCF valuation model so as to
facilitate their practical works. Through in-depth study, the project team
fully mastered income approach appraisal subject to international standards.
Besides, by constantly verifying data, the appraisal is more accurate than that
made by international consulting agencies, which helps to successfully passed
the review and filing by State-owned Assets Supervision and Administration
Commission of the State Council. The project is the first grand appraisal
project adopting income approach in the appraisal field and is well-received by
State-owned Assets Supervision and Administration Commission of the State
Council, CNPC and relevant intermediaries.
