Real Option Approaches for Staged Petroleum Engineering Investments
According to the assumption that petroleum engineering investments proceed by three stages: exploration, development and expanding production, the article respectively describes the real option characters existing in the different stages of petroleum projects due to uncertainties such as oil price fluctuation, change in oil and gas reserves, etc. Also, project value models of three above-mentioned stages are respectively built up based on the practice of petroleum engineering, In addition, for the typical real options of different stages in petroleum engineering investment, the compound price-setting models of real options including expand options and contract options are put forward. Last, the effectiveness of models is discussed with an example of one multinational petroleum enterprise and obtains several useful conclusions.
Real Options Staged Petroleum Engineering Investment Project Value Compound Model
Cao Lilian Wang Daoping Yang Shenglai
School of Economics and Management, University of Science and Technology Beijing, Beijing P.R.China, Faculty of Petroleum Engineering, China University of Petroleum, Beijng P.R.China, 102249
国际会议
天津
英文
2007-10-20（万方平台首次上网日期，不代表论文的发表时间）