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
In this paper, the new model of the real gas filtration problem has been presented multi-layered gas reservoir, when a gas well output and wellbore storage may be variable, and have obtained the exact solutions of pre...In this paper, the new model of the real gas filtration problem has been presented multi-layered gas reservoir, when a gas well output and wellbore storage may be variable, and have obtained the exact solutions of pressure distribution for each reservoir bed under three kinds of typical out-boundary conditions. As a special case, according to the new model have also obtained the qxact solutions of presssure distribution in homogeneous reservoir and is given important application in gas reservoir development.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In this paper, the new model of the real gas filtration problem has been presented multi-layered gas reservoir, when a gas well output and wellbore storage may be variable, and have obtained the exact solutions of pressure distribution for each reservoir bed under three kinds of typical out-boundary conditions. As a special case, according to the new model have also obtained the qxact solutions of presssure distribution in homogeneous reservoir and is given important application in gas reservoir development.
