Study On Economic Evaluation For Exploration And Development Project Of Oil Field

This paper begins with the internal and external study actuality oneconomic evaluation. With taking the investment specialty of oilfieldexploration and development project into account, three main defects areproposed: firstly, the indexes of economic evaluation have some definite defects;secondly, the improvement is needed in terms of the economic evaluationmethods of exploration and development; lastly, the economic evaluation forexploration and development are disjointed from each other. Accordingly, theseproblems are expanded and studied in the main part from chapter two to chapterfour.At first, bring forward three disadvantages of existing index system and toovercome the weakness, the new one was presented. And then, based on thelimitation analysis of traditional economic evaluation methods for oilexploration and development, some improvement are made respectively in thetwo fields. As oil exploration project management is a dynamic process, thispaper introduce a new economic evaluation method for dynamic analysis whichreflect the irreversibility of project and the benefit from a delay of investment--real option method of evaluation on investment project. After that, in terms ofeconomic evaluation method improvement, PCA (principal component analysis)approach can reflect the competitive information, avoid data repetition, andacquire objective and comprehensive evaluation results. Besides, due to theimprovement on the existing NPV (Net Present Value) method, we can not onlyanalyze and evaluate economic benefit more reasonable and objective, but alsodo the comparative evaluation on multi-projects or schemes which have differentlife periods. Also, this paper primarily probes into the integrated economicevaluation for oil exploration and development, and present the process flow ofintegrated evaluation model for trap beforehand exploration, exploration and development.