Research On Valuation And Improvement Of Oil And Gas Assets

In recent years,the operating performance of oil field enterprises has generally declined due to the effects of large fluctuations in international oil prices and inefficient investment in exploration and development sectors,putting forward more urgent requirements for adjusting the industrial chain layout and optimizing the resource allocation structure.Oil and gas assets are the main results of investment in exploration and development sectors,which account for a high proportion of the total assets of oil companies and are crucial to the sustainable development of enterprises.Due to the complex nature of oil and gas assets and the dependence of their output on reserves,many special problems have arisen in terms of valuation,which are also research hotspots in the field of oil and gas accounting.The valuation of oil and gas assets not only affects the financial results of oil companies and investment decisions,but also provides effective basis for managers to understand the actual situation of assets and dispose of inefficient assets in a timely manner.However,there are many deficiencies in oil and gas assets valuation in the current accounting standards and practices.In order to further understand the current situation of oil and gas assets of China's oil companies and related issues on valuation,improving the accuracy and standardization of valuation,this paper clearly defines the research scope of oil and gas asset valuation on the basis of asset valuation theory and literature at home and abroad.Then,taking Petro China,Sinopec and CNOOC as examples,the paper systematically analyzes the value presentation characteristics of oil and gas assets from five aspects: overall characteristics,value changes,depreciation and amortization,impairment and value composition by using the horizontal and vertical comparative research method,and further discusses the influence of existing value presentation mode.In the following chapters,the specific valuation problems are discussed by category,with unreasonable aspects of oil and gas assets valuation being clarified from the perspectives of valuation basis and valuation method,and improvement schemes are put forward.Based on the previous viewpoints and the actual situation of oil companies,this study draws the following conclusions.First,the economic value of oil and gas assets is closely related to the reserves,which determines their particularity in valuation.Second,the valuation of oil and gas assets deviates from its economic value and is affected by the fluctuation of oil price,resulting in poor risk resistance,while the related reserve assets have not been recognized and reported.Third,oil companies often violate the principles of prudence and comparability in accounting related to valuation,leading to the inflated book value of oil and gas assets,or follow the practice of IAS and SFAS,ignoring the particularity of China's institutional background.While,the defective internal mechanism has caused the valuation problems to be more prominent.Fourth,the accounting standards should be further improved about regulations on valuation of oil and gas assets,taking internal mechanism of enterprises and national macro policies as effective support to achieve the fundamental goal of valuation improvement.This paper has always carried out the core idea of normative research.When constructing the basic framework of the oil and gas asset valuation improvement scheme,the research follows the principle of prudence,not only basing on the national conditions,but also learning from foreign experiences.The fundamental goal is to improve the synergy between the book value and economic value of oil and gas assets.And effective ideas are provided from the three aspects of accounting standards,enterprise mechanism and national policies,which have certain guiding significance for standardizing the valuation of oil and gas assets and improving the accounting practice of oil field enterprises.