Investment in deepwater oil and gas exploration projects:a multi-factor analysis with a real options model

被引:0
|
作者
Xin-Hua Qiu [1 ]
Zhen Wang [2 ]
Qing Xue [1 ]
机构
[1] School of Business Administration,China University of Petroleum
[2] Academy of Chinese Energy Strategy,China University of Petroleum
关键词
Investment decision; Real options; Multifactor model; Option pricing; Deepwater oil and gas;
D O I
暂无
中图分类号
F426.22 []; F406.7 [财务管理与经济核算];
学科分类号
0202 ; 020205 ; 120202 ;
摘要
Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncertainties 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 engineering uncertainties, which provides more accurate and reliable valuation information for decision makers.
引用
收藏
页码:525 / 533
页数:9
相关论文
共 50 条
  • [1] Investment in deepwater oil and gas exploration projects:a multi-factor analysis with a real options model
    XinHua Qiu
    Zhen Wang
    Qing Xue
    [J]. Petroleum Science., 2015, 12 (03) - 533
  • [2] Investment in deepwater oil and gas exploration projects: a multi-factor analysis with a real options model
    Qiu, Xin-Hua
    Wang, Zhen
    Xue, Qing
    [J]. PETROLEUM SCIENCE, 2015, 12 (03) : 525 - 533
  • [3] AN ESTIMATION OF PROFITABILITY OF INVESTMENT PROJECTS IN THE OIL AND GAS INDUSTRY USING REAL OPTIONS THEORY
    Kosowski, Piotr
    Stopa, Jerzy
    [J]. ARCHIVES OF MINING SCIENCES, 2012, 57 (02) : 391 - 401
  • [4] A Multi-factor Analysis Model of Quantitative Investment Based on GA and SVM
    Yang Wendong
    Lou Zhengzheng
    Ji Bo
    [J]. 2017 2ND INTERNATIONAL CONFERENCE ON IMAGE, VISION AND COMPUTING (ICIVC 2017), 2017, : 1152 - 1155
  • [5] Analysis of the world deepwater oil and gas exploration situation
    Wen, Zhixin
    Wang, Jianjun
    Wang, Zhaoming
    He, Zhengjun
    Song, Chengpeng
    Liu, Xiaobing
    Zhang, Ningning
    Ji, Tianyu
    [J]. Shiyou Kantan Yu Kaifa/Petroleum Exploration and Development, 2023, 50 (05): : 924 - 936
  • [6] REAL OPTIONS ANALYSIS OF PETROCHEMICALS INDUSTRY INVESTMENT PROJECTS
    Costa, Leticia de Almeida
    Samanez, Carlos Patricio
    [J]. INTERCIENCIA, 2014, 39 (02) : 85 - 90
  • [7] Analysis of the world deepwater oil and gas exploration situation
    WEN Zhixin
    WANG Jianjun
    WANG Zhaoming
    HE Zhengjun
    SONG Chengpeng
    LIU Xiaobing
    ZHANG Ningning
    JI Tianyu
    [J]. Petroleum Exploration and Development, 2023, (05) : 1060 - 1076
  • [8] Analysis of the world deepwater oil and gas exploration situation
    Wen, Zhixin
    Wang, Jianjun
    Wang, Zhaoming
    He, Zhengjun
    Song, Chengpeng
    Liu, Xiaobing
    Zhang, Ningning
    Ji, Tianyu
    [J]. PETROLEUM EXPLORATION AND DEVELOPMENT, 2023, 50 (05) : 1060 - 1076
  • [9] APPLICATIVE MODEL FOR APPRAISAL OF INVESTMENT PROJECTS BASED ON REAL OPTIONS METHODOLOGY
    Loncar, Dragan
    [J]. SERBIAN JOURNAL OF MANAGEMENT, 2011, 6 (02) : 269 - 282
  • [10] Real options analysis applied to investment projects in planted forests of Pinus
    Simoes, Danilo
    Rocha, Quinny Soaress
    Munis, Rafalele Almeida
    Da Silva, Richardson Barbosa Gomes
    Garcia, Giovani Caprioli
    [J]. BOIS ET FORETS DES TROPIQUES, 2022, (354) : 55 - 64