Applied Research On Project Economic Evaluation Of Oil And Gas Exploration And Development Based On Real Option Method

In our country, in the current economic evaluation of oil and gas exploration and development projectst, when the habit of pressing stage project economic evaluation of oil and gas resources exploration and evaluation and development of evaluation into two parts, and this division method in practice is not conducive to a comprehensively and objectively control investment costs and risk, is not conducive to scientificly decision-making; Moreover, many oil companies when conducting economic evaluation of investment projects, the traditional NPV economic evaluation methods ignores the particularity of oil and gas exploration and development projects. Therefore, the study of oil exploration project investment decision method has an important theoretical and practical significance.In this paper, based on oil and gas exploration and development project investment decision as the research object, first of all, the status of project economic evaluation of oil and gas exploration and development of domestic and foreign research and analysis, pointing out shortcomings of the existing methods of economic evaluation of investment decisions and the introduction of real options method investment in oil and gas exploration projects decisions. Secondly, the characteristics of combined oil and gas exploration and development projects in high-risk, multi-stage, uncertainty, real option characteristics of oil and gas exploration and investment decisions in the presence of adaptive research. Construct a method based on real options integrated oil and gas exploration and development projects economic evaluation model, real options method application mechanism in petroleum exploration and development projects around the start value of the option to identify and analyze the process of exploration and development projects exist. Finally, select the appropriate option pricing model for data analysis examples of oil and gas exploration and development projects, and its contrast with the traditional NPV analysis indicates that the application of real options method can effectively improve the economic evaluation of investment projects in the science.