Project Economic Evaluation Of Oil And Gas Exploration And Development Based On Real Options Method

The oil&gas is the important and non-renewable resource.With the shortage of the resource,the economic benefits of the petroleum enterprise becomes more important.In the past,the economic evaluation of oil&gas was divided into two stages,exploration evaluation and development evaluation.It is unfavorable of controlling cost and risk and of advisable decision-making.The traditional methods of economic evaluation neglect the particularity of the oil&gas exploration and development project.The oncoming ten-year reformation of three major petroleum companies needs a integrative method which is adapt to the particularity of the oil&gas exploration and development project.It becomes the emphases and hotspot of the oil economic evaluation work.The new economic evaluation method of oil&gas exploration and development project is established in the thesis.According to the applying mechanism of the oil&gas exploration and development economic evaluation based on the real options,the thesis introduces integrative method which is adapt to the most oil&gas exploration and development project,and analyzes case,and compares real options with traditional methods.The thesis consists of six parts as follows:PartⅠ:Introduction.In this part, the background and meaning of study is introduced,and finally the study methods and framework of the thesis is referred to.PartⅡ: Analysis of economic evaluation of oil&gas exploration and development project.In this part,the actuality of the economic evaluation is introduced,and the methods of economic evaluation is analyzed.PartⅢ:Comparison of methods of economic evaluation of oil&gas exploration developmental project.In this part,there is a comparison between the conventional methods and real options.PartⅣ:Usage of real options in oil&gas exploration and development project. This part is the core of the thesis,especially the integrative method of economic evaluation which is the innovation.In this part,the particularity of real options of the oil&gas exploration and development project is analyzed.The depth of stages of economic evaluation is showed,and finally the integrative method of economic evaluation is established.PartⅤ:Demonstration.In this part,the analysis of the actual case and the discussion of the application of this new method is focus.The new model and method which is founded in PartⅣis used,and the correlative output results is got.At the end of the part,there is a contrast of the result between traditional method and real options.PartⅥ:Conclusion and suggestion.In this part,the thesis is summarized.The faultiness of real options is referred to,and the aspects which the real options research can be improved and developed is discussed.