| 期权的油气田开发工程临界油价与价值分析 |
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| 引用本文： | 黄伟和,郑丕谔.期权的油气田开发工程临界油价与价值分析[J].天津大学学报(社会科学版),2009,11(3):281-284. |
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| 作者姓名： | 黄伟和 郑丕谔 |
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| 作者单位： | 1. 中国石油大学石油天然气工程学院,北京,102249;中国石油勘探开发研究院廊坊分院,廊坊,065007
2. 天津大学管理学院,天津,300072 |
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| 摘 要： | 油气田开发工程最大的特点是风险因素多，不确定性大。期权理论是解决不确定性问题的一种有效方法，也是一种前沿技术。借鉴看涨期权定价模型推导的原理，构建了油气田开发工程投资期权价值模型和油气田生产运营期权价值模型，建立了投资临界油价和废弃临界油价的方程，举例说明了临界油价和期权价值的求解方法，分析了临界油价对投资决策的影响。
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| 关 键 词： | 油气田 实物期权 临界油价 价值分析 |
Value Analysis and Critical Oil Prices for Development Project of Oil and Gas Fields Based on Options |
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| HUANG Wei-he,ZHENG Pi-e.Value Analysis and Critical Oil Prices for Development Project of Oil and Gas Fields Based on Options[J].Journal of Tianjin University(Social Sciences),2009,11(3):281-284. |
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| Authors: | HUANG Wei-he ZHENG Pi-e |
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| Institution: | 1. School ofPetroleum and Natural Gas Engineering, China University ofPetroleum-Beijing, Beijing 102249, China; Research Institute of Petroleum Exploration and Development-Langfang, Petro China, Langfang 065007, China; 3. School of Management, Tianjin University, Tianjin 300072, China ) |
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| Abstract: | Based on the principle of option pricing model for call options,the author forms a set of option value models about the investment in development project and operation of oil and gas fields. The paper founds the equations for optimizing critical oil prices of investment and abandonment, and illustrates the computation methods of the option values and the critical oil prices. It also analyses the effect of the critical oil prices in investment decisionmaking. |
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| Keywords: | oil and gas field real option critical oil price value analysis |
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