TY  - DATA
AU  - Saito,Richard
AU  - Castro,Guilherme N.de
AU  - Pedroso Júnior,Carlos
AU  - Schiozer,Denis J.
AU  - Castro,Guilherme N.de
AU  - Pedroso Júnior,Carlos
AU  - Schiozer,Denis J.
ED  - Petrobras
ED  - Universidade Estadual de Campinas
ED  - World Petroleum Congress (16th. : 2000 jun. 11-15 : Calgary, Alberta, Canada)
ED  - Petrobras
ED  - Universidade Estadual de Campinas
TI  - Value assessment of oil reserves under gas and water injection techniques
U1  - CD W938 1 0013960 
N2  - Resumen del autor, extraído del trabajo. This paper analyzes the managerial flexibility embedded in oil and gas exploration and production. The analyses include the economic impact of different techniques on the valuation of oill reserves. Two methodologies are used to evaluate the simulation of engineering techniques: (i) real options approach; and (ii) discount cash flow method. Given the exogenous variables (e.g. oil price, interest rate), this paper evaluates the best engineering technique for oil recovery by using a valuation approach. We conclude that by appropriately combining different production techniques, the value of oil reserves can increase according to real option approach, higher than the value assessed under the discounted cash flow method. Since oil recovery includes many managerial options, we argue that real option approach is more appropriate than DCF. The paper concludes that concession time and dividend yield are the most sensitive parameters for valuation of oil reserves
ER  -