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平安产险总公司特殊风险业务部

Special Risks Department of

Ping An P&C

2015.01

Ping An Special Risks Business Department

Contents

Intricacy of Global Energy Market

国际能源市场状况

Status of Domestic Energy Market

国内能源市场状况

Review and Prospect of Ping An’s Cooperation

with Energy Corporations

平安与能源公司合作回顾及展望

Domestic Energy Market and Insurance

国内能源市场与保险



国际能源市场风云变幻

Rivivification of US 美国强势复苏

Decay of Europe economy 欧洲经济黯淡

Decline of economy growth of Japan 日本增长缓慢

Decline of economy growth of China 中国增长放缓

信息来源：新浪财经

I. Insufficient overall market demand 市场需求整体不足

i. Downturn of global economy 全球经济下行

注：本次探讨“能源”，特指石油天然气市场之狭义“能源”

Trend of GDP growth and NY crude oil future

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ii. US oil demand remains stable while the import of crude oil is dropping,

which reduces its dependency upon foreign market

美国石油需求仍保持平稳，但原油进口减少，对外依存度下降

US crude oil reserve and import



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iii. As the world’s second largest crude oil consumer, China’s demand is highly regarded within the market.

中国作为全球第二大原油消费国，需求情况备受市场瞩目

China’s monthly curde oil import



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II. Burst of production and supply 市场供给加剧，产量大幅增长

i. Prominent growth of production of non-OPEC area 非OPEC地区产量增长显著

Oil supply of non-OPEC nations



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ii. US shale oil/gas’ boost of growth

美国页岩油/气产量爆发增长

非OPEC地区


Total demand and supply of crude oil in US



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iii. Considering their weakening position, OPEC nations decided not to reduce the

oil production.

OPEC产油国地位较前削弱，出于保持地位等因素考虑，没有减产




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III. International conflicts and regional politics 国际纷争，地缘政治

i. Due to economics sanction of US and Europe, Russia goes through currency

depriation and reduction of export

俄罗斯受美国欧洲经济制裁，货币贬值，出口减少

ii. Loosened sanction against Iran and export growth in Asia-Pacific region

伊朗制裁有所放松，亚太出口增长

iii. Iraq’s overall export is increasing even under current complex situation 伊拉克局势复杂，但整体出口有增长



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IV. Manipulation and speculation of funds 基金持仓，加大投机

i. In the second half of 2014, under the influence of global oil production growth and insufficient demand, the imbalance of demand and supply became prominent while oil price reached its peak at the end of June. After gaining all the profit in the long position, certain funds turned to going short. There are more short-sellers now than there ever were in two years.

i.下半年随着全球石油产量的增长以及需求的相对不足，市场供需矛盾突出，同时国际油价在6月底已涨至最高水平，基金多头高位获利了结，部分基金反转做空油价，基金空头持仓达到两年多以来的新高。

NY oil price and short-sellers



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In short, due to above mentioned imbalance of oil demand and supply and complicated international political situation, global oil price is going through a continuous decrease since July.

综述，由于上述供需关系矛盾突出和复杂的国际政治形式之间的作用反作用，导致自7月份以来，国际油价持续下跌

Global oil demand and supply




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Trend of continuous contract of US 2014 crude oil fund main stream 2014 年美国原油期货主力连续合约走势图



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2014 Oil price trend of Dubai, Cinta and Brent 2014年迪拜、辛塔、布伦特油价走势



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OPEC package oil price OPEC一揽子石油价格



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Contents











CNPC domestic and overseas market 中石油国内及海外

Domestic Energy Market Status 国内能源市场状况

CNOOC domestic and overseas market 中海油国内及海外

Sinopec domestic and overseas market 中石化国内及海外

COPC domestic and overseas market 康菲石油国内及海外

Husky energy domestic market 哈斯基能源国内

Chevron domestic market 雪佛龙国内

etc.

Shell domestic market 壳牌国内

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CNPC domestic (by Sep 30th) 中石油国内（截止14.9.30）

Under the influence of global oil price nose-dive, CNPC gained business income of RMB1754.548 billion and profit of RMB96 billion

受国际原油价格暴跌影响，营业收入17545.48亿，净利960亿元； On the contrary, refinery business benefited from the price drop with a profit of RMB2.567 billion by the end of the 3rd quarter.

同时油价下跌，对炼化板块利好，截止三季度末炼油业务扭亏为盈实现25.67亿元利润；

信息来源：中财网


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Investment on oil and gas business in 37 countries all over the world Overseas cooperation zones: Mid-Asia-Russia, Mid-East, Africa, America,

Asia-Pacific International operation center: Asia, America, Europe Over 100 million tons overseas gas and oil production, within which 50

million tons of CNPC’s interest

CNPC overseas 中石油海外

信息来源：中石油内部网

在全球37个国家开展油气

投资业务，初步建成中亚—俄罗斯、中东、非洲、

美洲和亚太五个海外油气合作区和亚洲、美洲、欧洲三个国际油气运营中心，海外油气作业产量当量过亿吨，权益产量当量超过5000万吨。


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Business income of RMB2115.648 billion, profit of RMB51.169 billion 营业收入21156.48亿，净利润511.69亿

信息来源：中石化内部网

Sinopec domestic (by Sep 30th) 中石化国内（截止14.9.30）

2011-2013 overseas petrol project status


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CNOOC domestic and overseas 中海油国内外

A total sales income of RMB170.67 billion by the end of the 3rd quarter An estimated annual profit over RMB100 billion 截止三季度，油气销售收入1706.7亿人民币，14年全年利润稳过千亿人民币

信息来源：中国海洋石油报


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Li Wan 3-1 NG: milestone of Husky-CNOOC cooperation 哈斯基能源和中国海油合作里程碑：荔湾3-1气田于14年4月正式投产

As China’s first deep water natural gas project, Husky possessed 49% of its interest. 作为中国第一个深水天然气项目，哈斯基能源公司持有该项目49%的权益；

Husky Energy 哈斯基能源



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Husky is in charge of deep water fundamental construction while CNOOC in charge of shallow water facilities and operation of inland natural gas terminal. 哈斯基在这个天然气项目中负责营运深水基建设施，中国海油负责浅水设施和陆上天然气终端的运作。




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源于：中国海油《双赢》杂志



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Shell will reduce the scale and investment of shale gas project in Sichuan.

壳牌公司将缩减其在四川的页岩气项目规模和投入。

“Geological factor” and “population density” problems are tightly related to benefit of shale gas

困扰于页岩气开发的“地质原因”和“人口密度”问题都与页岩气开发的经济效益密不可分。

信息来源：彭博社

Shell China 壳牌中国


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Production phase of Chevron-Sinopetrol natural gas project in north-east Sichuan has been postponed. 雪佛龙与中石油川东北天然气项目投产延后

It is China’s biggest co-venture natural gas project. Chevron possesses 49% of interest and is in charge of operation.

川东天然气项目是中石油与雪佛龙共同投资国内最大的非常规天然气对外合作项目，雪佛龙公司拥有49%股份并担任作业者。

The high content of hydrogen sulfide makes the project even more complicated. 川东北气田是一个有高硫化氢含量的复杂气田，且项目本身复杂。

宣汉净化厂—中石油官网

信息来源：中国石化新闻网

Chevron 雪佛龙

XuanHan refinery plant


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Conoco phillips 康菲石油

COPC cooperates with Sinopec on Asia-Pacific LNG project in Queensland

在澳大利亚昆士兰，康菲石油与中石化及澳洲当地联合开发亚洲-太平洋液化天然气（APLNG）项目。

From July 1st, 2014, CNOOC is fully in charge of operation of Penglai oil field in Bohai Bay while COPC keeps its interest. 14年7月1日起，渤海地区

蓬莱油田作业权转移到中国海油，康菲石油继续保持其权益；


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The “Energy Development Strategy(2014-2020)” enacted by the Administry of

National Affairs stipulates clean and low-carbon-energy as the main direction

of energy industry reform. It also definitized the 5 sections of new energy

development and 20 innovation aspects.

2014年11月19日，国务院印发的《能源发展战略行动计划（2014-2020年）》把发展清洁低碳能源作为调整能源结构的主攻方向，并明确发展新能源的5大领域和20个重点创新方向。

① Increasing domestic oil production

提高国内石油产量

② Development of natural gas

大力发展天然气

③ Exploration of substitue energy

积极发展能源替代

④ Enhancing emergency response and reserver capability

加强储备应急能力建设

⑤ Expanding international energy cooperation

拓展能源国际合作


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三、石油行业全力打造清洁能源升级版

Upgraded clean energy of oil industry

-石油行业转型升级

-Reform and upgrade of oil industry

五、中俄签署4000亿美元天然气供应“世纪大单”

China and Russia signed the natural gas “Contract of the Century” which worth 400 billion USD

-380亿立方米/年*30年

- 38 billion m3/year * 30 years

六、中亚油气管道助力“丝绸之路经济带”

Mid-Asia pipeline contributes to the “Silk Road Economy Zone”

-中国—中亚天然气管道D线

- D line of China-Mid-Asia natural gas pipeline

八、南海油气勘探获重大突破

Major breakthrough of energy exploration in South Sea

-海洋石油981在陵水17-2气田首获高产油气流

- CNOOC platform 981 acquired high yeild gas stream in Lingshui 17-2 gas field

九、我国油气勘探成果丰硕

Fruitful oil/gas exploration in China

-安岳气田龙王庙组气藏/陵水17-2气田/涪陵页岩气田/中国石油新疆油田公司新疆准噶尔盆地大油田

- Longwangmiao gas reservior in Anyue gas filed/Lingshui 17-2 gas field/Fuling shale gas field/Sinopetrol

Zhungeer basin oil field


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Contents











Domestic Energy Market and Insurance 国内能源市场与保险

Self-insurance of Sinopec, Sinopetrol and CNOOC

“三桶油”率先完成“自保”

On Dec 24th, 2013, CNPC Captive Insurance Co., Ltd was founded as the first captive insurance

company in mainland China with a registered capital of 5 billion RMB. The business involves

Sinopetrol’s domestic and overseas interest which brings a total premium income of 115 million

from January to November.

2013年12月24日，保监会批准内地首家自保公司——中石油专属财产保险股份有限公司开业，其注册地在新疆克拉玛依中石油专属财产保险公司注册资本为50亿元，来自保监会的数据显示，今年1~11月份，该公司实现保费收入1.15亿元。业务涉及国内及海外中石油权益；

Sinopec Insurance Co., Ltd was register in Hongkong in Dec, 2013 , with registerd capital of 300

million HKD.

13年12月中国石化自保公司名为“中国石化保险有限公司”，注册地在香港，注册资本3亿港元，由中国石化集团全额控股。

CNOOC Insurance Ltd was registered register in Hongkong in 2008

00年开业的中海油自保公司“中海石油保险有限公司”，注册地在香港；

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Function and impact of captive insurance companies 自保公司功能与影响

To enlarge capacity, lower the cost and benefit from tax preference 扩大承保范围，降低保险成本，享受税收优惠

Utilization of fund and risk diversification 企业可根据自身经验需求，合理利用资金，分散风险，

Requirement of risk management experience 企业本身还要具备一定的风险管理经验，

Requirement of expertise 需要具有相关知识和经验的专业人士。

Captive insurance company will have major impact on commercial insurance

market while its influence upon reinsurance market would be limited. 参与直保业务的自保公司会对商业保险市场产生不小影响，对再保险市场影

响较弱。


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Energy enterprise enrollment in OIL 能源公司加入石油互助组织(OIL)

Providing basic coverage for members instead of gaining profit

会员制，为会员提供基础保障，不以盈利为目的；

Different from commercial premium, simpler procedure and lower operation

cost

相比商业保险市场，收费机制不同，手续简便，运营费用较低

Supplement of captive insurance company

可成为企业自保公司进一步分散风险的补充；

Commercial insurance market as its supplement

商业保险市场仍是其重要补充；


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Article 7：To promote the reform of insurance industry and elevate the development of the industry to a whole new level

其中第七条：推进保险业改革开放，全面提升行业发展水平

To enhance the opening of insurance market, encouraging domestic insurers to explore overseas market and provide

risk management to overseas interest of domestic corporations.

提升保险业对外开放水平。推动保险市场进一步对内对外开放，实现“引进来”和“走出去”更好结合，以开放促改革促发展。鼓励中资保险公司尝试多形式、多渠道“走出去”，为我国海外企业提供风险保障。

To accelerate the development of reinsurance market and provide solid special risks insurance coverage to energy

industry along with other industries. To enhance function of reinsurance and elevate the ponderance of domestic

reinsurance companies

加快发展再保险市场。增加再保险市场主体。发展区域性再保险中心。加大再保险对农业、交通、能源、化工、水利、地铁、航空航天、核电及其他国家重点项目的大型风险、特殊风险的保险保障力度。强化再保险对我国海外企业的支持保障功能，提升我国在全球再保险市场的定价权、话语权。

“Ten Commandments” of insurance industry 保险行业“国十条” On Aug 10th, 2014 Ministry of National Affairs annouced new regulations of insurance industry, which was known as new “Ten Commandments” 。 14年8月10日，国务院下发《关于加快发展现代保险服务业的若干意见》，简称“保险新国十条”，其中与能源公司和行业相关联的大概有：


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Contents











• Review and Prospect of Ping An’s Cooperation with Energy Corporations

平安与能源企业合作回顾及展望

• Chronicle of Ping An’s Major Events in 2014

平安14年大事记

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In Dec, 2014, the registered capital of PA P&C has increased to 21 billion RMB, which

made PA the domestic P&C insurance company with the largest capital.

14年12月，平安产险注册资本更新为210亿人民币，此为当前国内注册资本金最大的产险公司

SP “A” rating since 2010

自2010年起，平安产险持续获评标普“A”评级

Years of “AAA” by other rating organizations

连续多年获得中诚信、大公国际等咨询评级公司AAA国际信用评级

Stable Financial Strength 稳定的财务实力

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Security

Since 2010, PAIC ( Ping An Insurance Company of property & casualty)

consecutively has be granted as A level by S&P,

Registered capital RMB19 billion, which holds the first position in China general

insurance market,

Stabled AAA Credit given by domestic & joint venture

rating organization,

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项目名称(Project) 赔款金额

(settled amount) 平安承保情况

(Underwriting condition) 事故发生时间

(Occurrence)

特种船舶(marine hull) USD53,366,512 首席(leader) 2012

某平台建造险(construction)

RMB30,962,857 共保(co-insurer) 2011

某气田运营险(operation)


某气田运营险(operation)

RMB37,443,996

共保(co-insurer) 2013

某气田生产险(operation)


某气田建造险(operation)


某气田建造险(operation)


Major Claim of Energy Business in 2014

14年国内能源业务主要赔付情况

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Upstream capacity increased constantly

持续提升的上游承保能力

Stable downstream capacity

稳定的下游承保能力：超6亿美元

Capacity

适应国内外能源主体发展需求，持续提升承保能力

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Active Participation in Domestic Marine Project

积极参与中国海上生产、建工项目

Continue to take large proportion of 2014 CNOOC

package program as its strategic partner

作为中国海油战略合作伙伴，继续大比例参与14年海油“一揽子”项目；

Underwriting Liwan 3-1 construction and operation insurance with large proportion as Husky’s crucial cooperative partner

作为哈斯基能源国内保险重要合作伙伴，高比例承接荔湾3-1建工及运营项目；

Leading underwriter of COPC energy operation insurance

康菲石油作为战略客户，首席承保其蓬莱项目运营期保险；

etc.

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Supporting to Energy Corporations’ “Deep Water” Strategy

为国家能源公司挺进“深水”战略，保驾护航

Providing insurance coverage for both CNPC Platform “981” and South Sea exploration program as co-insurer 中国石油于14年顺利启动南海两口探井的钻探作业，作业由中海油服公司“海洋石油981”服役，平安作为重要的共保人分别为“981”平台和勘探项目提供双重保障。

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Shell/Sinopetrol domestic unconventional oil/gas package program 积极参与壳牌/中石油国内非常规油气田一揽子项目

Sinopetrol Sichuan& Daqing well equipment insurance

积极参与中石油川庆勘探井上、井下机具险项目

Sinopetrol domestic well control insurance 参与中石油国内井控险项目

etc.

Active Participation in Domestic Inland Oil Production

积极参与国内陆上油田生产项目

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Supporting Strategic Clients’ Overseas Business

支持国家能源公司及战略客户全球资产配置

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苏伊士/中投集团运营险项目

GDF SUEZ E&P international Operational Package

(China invest 30% interest)

尼克森加拿大Long Lake项目

Nexen Canada Long lake project

支持中国海油、中石油全球项目发展

CNPC & CNOOC Overseas Projects Onshore & Offshore

(Chad, Ecuador, Iraq, Kazakhstan, Nigeria, Sudan, Uganda,

Indonesia, Pakistan, Afghanistan, Canada, etc.)

国内能源客户及战略海外客户全球业务合作 Overseas participation with Foreign or Chinese Energy Clients

壳牌/中石油Arrow项目

Shell Arrow coal bed methane project in Queensland Australia

Supporting Strategic Clients’ Overseas Business

支持国家能源公司及战略客户全球资产配置

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• Review and Prospect of Ping An’s Cooperation with Energy Corporations

平安与能源企业合作回顾及展望

• Chronicle of Ping An’s Major Events in 2014

平安14年大事记

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The total capital of PA group in 2014 was RMB3.8 trillion, among which the owner’s equity was RMB206.488 billion 平安集团14年总资产3.8万亿，归属母公司股东权益为人民币2,064.88亿元； No. 62 in Forbes “Global 2000” No. 128 in Fortune “Global 500” No.1 of mainland non-state-owned corporation 中国平安在《福布斯》最新一期“全球上市公司2000强”中名列第62位; 在美国《财富》杂志“全球领先企业500强”中名列第128位，并蝉联中国内地非国有企业第一

资产实力雄厚

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品牌价值日益攀升 PA becomes No.1 insurance brand worldwide

2014年5月21日，中国平安在“BrandZ最具价值全球品牌100强”榜单中，以124亿美元的品牌价值名列保险行业全球第一品牌，标志着中国保险业在世界保险业的地位大幅提升。

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品牌价值日益攀升 PA becomes No.1 insurance brand worldwide

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中国平安入选9家全球系统重要性保险机构(GSII)名单，比肩国际顶级保险集团

Ping An designated as Global Systematically Important Insurer

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Ping An acquired titled sponsorship of China Super League for 4 years

with 600 million RMB as the first titled finance brand.

2014年中国平安4年6亿冠名中超，成为中超历史上第一个金融类冠名品牌。为中国足球联赛层面的复兴拾柴添薪。

As the chief finance cooperation partner, Ping An provided crus insurance

for national soccer team during Asian Cup.

中国平安成为国家足球队首家金融合作伙伴，为国足出征亚洲杯赠送黄金腿部保险，为国足保驾护航

Sponsor China Super League & National Soccer Team

赞助中超及国家队

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On January 22nd, Ping An group purchased Tower Place in London

EC3 district at the price of 327 million pound. This is another purchase

of landmark building in London made by Ping An after that of Lloyd’s

building earlier.

1月22日，中国平安集团以3.27亿英镑购入伦敦EC3保险区的Tower Place，

此次交易是继买下伦敦劳埃德大厦后，平安在伦敦收购的又一处地标性建筑。

Overseas Investment

海外投资新举措

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Ping An has provided various finance services to over 100 million

clients via internet for the past 14 years

14年以来，已有超过1亿互联网客户享受到平安旗下各平台提供的丰富有品质的个人金融生活服务。

Development of Ping An’s Internet Finance Strategy

中国平安互联网金融战略取得重大发展

Board chairman of Lufax, Mr Greg Gibb won 2014 Chinese

government Friendship Award who was the third Ping An’s senior

executive that won this award. Up till now all the three winners of this

award in finance industry are from Ping An.

平安陆金所（Lufax.com）董事长计葵生荣获2014年中国政府“友谊奖”，成为平安第三位获此殊荣的外籍高管截至目前，中国金融业仅有三位国际经理人获此殊荣，均来自平安；

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Ping An Special Risks Business Department 2015

愿平安始终与您相伴！

May Ping An Always be with you!

平安产险总公司特殊风险业务部 - willis.com _pinganen.pdfproduction phase of...

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