Abstract:

Oil and gas are important non-renewable resources. With the shortage of the resource, the public is focused on the economic benefits of the petroleum enterprise. As the oil & gas exploration and development projects are in economic assessment, they are usually divided it into exploration stage and development stage, which cannot adequately control costs and risks, neither to make decision. Most petroleum companies applies a traditional economic method on project evaluation, but omits the uniqueness of oil & gas exploration and development projects. This paper, according to the application of binomial method in oil & gas exploration and development, originally used in real options, presents a new integrative economic evaluation model.

Key words: oil &, gas exploration and development projects, real options, integration, economic evaluation, binomial method

摘要：

石油天然气资源是重要的不可再生资源，随着国际油气资源的日益紧张，人们对石油企业经济效益的关注程度越来越大。我国对油气勘探开发项目进行经济评价的时候，习惯按阶段把油气资源项目经济评价分为勘探评价与开发评价两个部分，这样的划分方法不利于全面客观地控制成本与风险，也不利于科学决策。同时，石油公司在进行经济评价时，大部分采用传统的经济评价方法，忽略了油气勘探开发项目的特殊性。我国三大石油公司改革已经超过10年，如何与国际接轨，〖JP〗寻找一种新的适合油气勘探开发项目特点的一体化经济评价方法，成为油气勘探开发项目经济评价工作的研究重点和热点。本文根据实物期权法中的二叉树期权定价法在油气勘探开发项目中的应用机理，提出了适合我国油气勘探开发项目一体化经济评价的模型。

关键词: 油气勘探开发项目, 实物期权法, 一体化, 经济评价, 二叉树期权定价法