The Application Of Real Option Method In The Economic Evaluation Of Dagang Oilfield Exploration And Development Project

In recent years, the study of real options theory has made great progress, there are many useful literature both at home and abroad,but most studies are limited to theory, haven't really apply it in practice. Therefore, this article applies real option method in Dagang oilfield of petroleum exploration and development projects, both to the scientific value evaluation of the project, also make investment decisions become more reasonable.In this paper, the theoretical knowledge of the traditional method and real options method in this paper, and then studies the real options method in oil and gas exploration and development project, the application of the mechanism of it is to build a new economic evaluation method, namely oil project integrated economic evaluation model, and finally applied to the case in dagang oilfield, and comparative analysis with traditional method.First of all, the status of project economic evaluation of oil and gas exploration and development of domestic and foreign research and analysis, pointing out shortcomings of the existing methods of economic evaluation of investment decisions and the introduction of real options method investment in oil and gas exploration projects decisions.Secondly, the characteristics of combined oil and gas exploration and development projects in high-risk, multi-stage, uncertainty, real option characteristics of oil and gas exploration and investment decisions in the presence of adaptive research. Construct a method based on real options integrated oil and gas exploration and development projects economic evaluation model, real options method application mechanism in petroleum exploration and development projects around the start value of the option to identify and analyze the process of exploration and development projects exist.Finally,select the appropriate option pricing model for data analysis examples of oil and gas exploration and development projects,and its contrast with the traditional NPV analysis indicates that the application of real options method can effectively improve the economic evaluation of investment projects in the science.