Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projec...Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.展开更多
Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has ...Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has deepened its supply-side structural reforms,prevented and resolved the problem of excess production capacity,increased the effective supply of clean energy such as natural gas,and formed an energy innovation system.It has pushed forward the reform of pricing mechanisms with significant adjustments in the pricing mechanisms of oil products,pipeline transportation,gas storage and gas used for fertilizer production.It has also accelerated market access reform and encouraged various investors to enter into the fields of exploration & production,pipeline transportation and crude oil imports.China has sped up the legislative process of environmental protection to promote green and low-carbon development.It has accelerated oil & gas industry institutional reform,with some provinces initiating the pilot reform of oil and gas.展开更多
基金supported from the National Science and Technology Major Project under Grant No.2011ZX05030
文摘Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.
文摘Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has deepened its supply-side structural reforms,prevented and resolved the problem of excess production capacity,increased the effective supply of clean energy such as natural gas,and formed an energy innovation system.It has pushed forward the reform of pricing mechanisms with significant adjustments in the pricing mechanisms of oil products,pipeline transportation,gas storage and gas used for fertilizer production.It has also accelerated market access reform and encouraged various investors to enter into the fields of exploration & production,pipeline transportation and crude oil imports.China has sped up the legislative process of environmental protection to promote green and low-carbon development.It has accelerated oil & gas industry institutional reform,with some provinces initiating the pilot reform of oil and gas.
