The boom of the oil service sector continues to increase

Affected by factors such as the EU's policies such as Russia's oil ban, the "OPEC+" production capacity adjustment plan, and the United States curbing inflation related policies, international oil prices have fluctuated in the near future. International oil prices exceeded $ 100/barrel, and domestic 92 gasoline also entered the "9 yuan era". In this context, domestic energy giants have increased capital investment, and the prosperity of the oil service sector has continued to increase. In nearly two months from April 26 to June 22, the oil service sector rose 19.45%.

International institutions are optimistic about future oil prices

Since the conflict between Russia and Ukraine, international oil prices have shocked all the way. The settlement price of Brent Crude Oil Futures (Brent) of the Intercontinental Exchange once exceeded $ 139/barrel. new highs.

Goldman Sachs pointed out in a report on June 6 that the future oil prices may rise further. It is expected that the price of Brent crude oil in the third quarter is $ 140/barrel, the fourth quarter is $ 130/barrel, and the first quarter of 2023 will be $ 130/barrel.

Citi Bank and Barclays also both increased the expected oil price expectations. Citi Bank predicts the price of Brent crude oil in the second quarter to increase $ 14/barrel to $ 113/barrel, which is higher than the previous predicted $ 99/barrel. Barclays Bank estimates that the price of Buret oil will reach $ 111/barrel this year and next year, respectively, respectively, $ 11/barrel and $ 23/barrel, respectively.

Domestic energy giants increase investment

Under high oil prices, oil companies are profitable, cash flow is overwhelming, and the motivation to increase capital expenditure is more motivated.

The annual report of the "three barrels of oil" in 2021 shows that in 2022, Sinopec's planned capital expenditure increased by 18%to 198 billion yuan, a record high; China Sea Oil planned expenditure was 90 billion to 100 billion yuan, which was slightly increased from 2021; PetroChina The planned expenditure was 242 billion yuan, a slight decrease from 251 billion yuan in 2021.

However, recently, China Petroleum announced that investment will increase investment in June and will continue to exert oil and gas storage and production in domestic exploration and development; it will be fully promoted in major upstream and downstream projects and strive to sprint into the target of production. Based on the planning and development investment of domestic exploration and development at the beginning of the year, they compiled in March to complete the accelerated domestic oil and gas exploration and development plan, and further added the scale of investment to increase the deployment of three -dimensional earthquake work, and strive to obtain new exploration breakthroughs; at the same time, actively expanded to expand The scale of oil and gas production capacity construction will fully complete the goal of the annual oil and gas output struggle.

Data show that from January to May, the amount of domestic oil and gas production in PetroChina increased year -on -year. As of June 15, the domestic exploration and development business, such as the Daqing Oilfield, has completed the drilling 3105 and put into production 2812 ports, and the production capacity was 967,000 tons.

Increasing investment in domestic energy giants will provide more orders for oil service companies, which will continue to boost the oil service industry.

The prospect of the oil service sector is worth looking forward to

The three major international oil service providers Slunbezhe, Harribaton and Berkus stated in the performance report last year that with the rebound of energy demand, the global oil service market is re -entered the upward cycle, and the development of the industry this year's industry will be re -entered and the development of the industry this year's industry Holding optimism.

Olivier Le Peuch, CEO of Slunbee, believes that the oil service industry is on the edge of a strong rising cycle. "The increase in oil demand is expected to exceed the peak before the epidemic, and the supply of supply tensions and decline in inventory will increase this year's capital expenditure." He predicts that the overall income this year is expected to achieve double -digit growth, including land, sea and North America. The shale business will be the main support.

Harribton also pointed out that the fundamentals of the oil service industry will maintain steady growth, which will stimulate the company's North American shale and overseas oil service business to recover and benefit from it.

According to the "market observation" of US financial information websites, in the next five years, the average annual growth rate of the global oil service market will reach 6.7%, and the market size will reach US $ 303.04 billion by 2027.

People in the industry believe that as the price of oil prices has soared, it has also indirectly promoted the enthusiasm for investment in oil service upstream, and the oil service industry is expected to usher in value restructuring.

Debon Securities pointed out that under the high oil price center, oil and gas companies will continue to release positive capital expenditures in the next three years under the ideal investment income, which can pay attention to the oil -oriented equipment bids increased by increasing capital expenditure of beneficiary oil and gas companies. Guotai Junan also pointed out that oil prices are up, unconventional oil and gas equipment demand rises, and oil service equipment is worthy of attention. Founder Securities is recommended to pay attention to the target of oil and gas companies and oil -oriented enterprises.

- END -