Study On The Capital Budget Management Of Oilfield Enterprises

With the rapid development of the socialist market economy and international economy integration, the petroleum and petrochemical industry steps into a new stage of omni directional, multilevel and broad-field openness, competition and development. It is urgent for the oilfield enterprises to bring up the cost control to a strategic height and give full consideration to the budget management. Capital budget management is an important part of total budget management. It's an effective instrument to improve the investment structure and increase the investment benefit, playing a decisive role in oilfield enterprises'development. At present, reservoir management's implementation and inner and outer circumstance make more requests to capital budget management. Therefore, it inevitably requires the oilfield enterprises to construct scientific and effective capital budget management for controlling cost, increasing benefit and keeping sustainable development.This paper analyzes the problems existing in the process of capital budget management of oilfield enterprises based on the theories of reservoir management and capital budget management. It constructs a more perfect capital budget management system according to the reservoir management's requirement and uncertainties in the investing process. It constructs a project evaluation system based on the real option method considering the uncertainties. According to existing problems in the oilfield enterprises capital budget management, it advances project group responsibility system in the budget implementing and controlling process and puts forward EVA bonus motivation plan in the budget evaluation and motivation system. Besides, it supplements the modified system of capital budget management according to the flexibility principle. At last it advances some safeguard measures for the implementation of the budget management system.