油气勘探折现投资回报率测算方法研究  

Measurement method of discounted return rate on oil and gas exploration investment

作　　者：王永祥 WANG Yongxiang(PetroChina Coalbed Methane Company Limited)

机构地区：[1]中石油煤层气有限责任公司

出　　处：《国际石油经济》2022年第6期87-94,共8页International Petroleum Economics

摘　　要：油气勘探效益以新增最高级别储量为衡量对象,将新增最高级别经济可采储量作为勘探效益的衡量参数,将最高级别储量价值作为勘探效益的衡量标准,在这三个基本假设下,依据折现现金流量法评估油气储量价值。提出了单位储量价值、发现价值和勘探折现投资回报率三个指标的定义和计算方法。以中国石油根据美国证券交易委员会(SEC)规则要求披露的数据为实例,对比分析2016-2020年各年度、三年滑动、五年滑动的勘探效益指标,并初步探讨油气价格、储量价值和发现成本与投资回报之间的相关性。The oil and gas exploration benefit is evaluated by the discounted cash flow method based on such three basic assumptions as taking the highest level of newly added reserves as the measurement object, taking the highest level of economically recoverable reserves as the measurement parameter of exploration benefit, and taking the value of the highest level of reserves as the measurement standard of exploration benefit. The paper puts forward definition and calculation methods of unit reserve value, discovery value, and exploration discount rate of return on investment. Taking the data disclosed by PetroChina in accordance with the requirements of the SEC as an example, it makes a comparative analysis of the exploration benefit indicators of each year, three-year sliding, and five-year sliding during the 13Five-Year Plan period, and discusses the correlation between oil and gas price, reserve value, discovery cost, and return on investment.

关 键 词：油气行业 勘探效益 投资回报率 储量价值 发现价值 美国证券交易委员会(SEC) 

分 类 号：F426.22[经济管理—产业经济] F406.7