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Real options in the Ordos Basin, Ansai - the Jing'an block oil economic evaluation

Author: LiLi
Tutor: LuoZhaoHua
School: Chinese Geology University (Beijing)
Course: Mineralogy,petrology, Mineral Deposit Geology
Keywords: Economic Evaluation Methods of Evaluation Net Present Value Real Options Ordos Basin
CLC: F426.22
Type: Master's thesis
Year: 2005
Downloads: 290
Quote: 2
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Abstract


Oil companies has its own characteristics - high input, high-yield, high-risk and long production cycle . The economic evaluation of petroleum exploration and development of its input-output relationship has its particularity . China's petroleum industry has long neglected under the planned economic system to the input - output relationship . Throughout the process of exploration and development , we have studied the economic evaluation methods used in petroleum exploration and development . This paper attempts to traditional economic evaluation method of the net present value method and real options applied to the the Ordos Basin Ansai - Jing'an block evaluation , valuation , real options approach is a new value of oil development on this block method applied to the oil fields , financial options applied to the field in kind , taking into account physical characteristics in the field , the formula corrected through the analysis of the calculation results obtained : a real options approach its superiority , because taking into account the actual environment the uncertainty, the assumed value is less, the relative reduction in workload . Applied to the real options approach Ansai - Jing'an block value valuation the physical method results calculated the development the Value of estimated value of $ 1.757 × 10 10 with traditional methods of net present value of 1.38 × 10 10 line calculation of the value of the value will be higher than the traditional methods usually real options method , because of the uncertainty as actively consider the conclusions of the favorable factors . Real options approach to evaluate its feasibility . According to the characteristics of the traditional method and the real options approach , summed up the practical work needs to be real options method and traditional methods combined application , select the appropriate evaluation methods for the exploration and development of the different periods , depending on the requirements .

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