实物期权在油田开发投资中的应用  

Application of Real Options to Invitation of Oilfield Development

作　　者：袁良庆[1] 孙春芬[1] 

机构地区：[1]大庆油田工程有限公司

出　　处：《石油规划设计》2006年第6期15-18,共4页Petroleum Planning & Engineering

摘　　要：在国外开发油田时,对于投资项目和非金融资产可采用实物期权法。文章将实物期权与美式看涨期权进行了比较,介绍了实物期权法的数学模型,论述了实物期权方法与石油价格及其波动率、开发方案选择的关系。研究了将其应用到油田开发投资决策中的方式,对油田开发投资有一定的借鉴作用。In the process of oversea oilfield development,the real options could be used to assess investment projects and non-financial assets. The comparison of real options and American call option was made, and the mathematical model for evaluating real options was introduced. The relationships between real options and oil price,volatility of price and selection of available development alternatives were discussed. The application of real options to investment decision-making in oilfield development was described. This study will provide a good reference for oilfield development.

关 键 词：油田 勘探开发 实物期权 金融期权 项目投资 净现值 数学模型 主要参数 

分 类 号：F830.59[经济管理—金融学]