元大京华 中国石油天然气研究报告 2010.pdf

Industry Initiation China: Oil, Gas Consumable Fuels 15 March, 2010 Top recommendations What’s new? Industry outlook ► BUY CNPC HK (135 HK), PetroChina’s ► We initiate coverage on the ► We expect China’s natural gas (857 HK; not rated) subsidiary, in a China gas sector. consumption in 2020 to be six position to benefit from explosive times that of 2008. ► We expect unconventional gas growth in gas. sources such as coal-bed ► We believe the soon-to-be- ► BUY China Oil Gas (603 HK) to gain methane and shale gas to announced China gas reform exposure to coal-bed methane significantly boost gas reserves will boost sector growth. (CBM) in China. in China. Kim-Chong Tan China Gas Industry +852 3969 9526 kimchong.tan@ The oil contender Rita Wu Initiating coverage: We initiate coverage of the China gas sector with BUY +86 21 6187 3832 wurong@ recommendations on CNPC (HK) and China Oil Gas, and a HOLD call on China Resources Gas (1193 HK). Gas to help ease China’s reliance