000			02086nmc a2200325 4500
005			20260520005658.0
008			260224s xxu
082			_aCD W938 1 0013960
210			_aWPC (16th.)
245	0	0	_aValue assessment of oil reserves under gas and water injection techniques
270			_a12/09/06 ; 26/08/2003
300			_a10 p.
520			_aResumen 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.
773			_gv. 5, p. 135
942			_cCONGTP
100	1		_aSaito, Richard _910194
100	1		_aCastro, Guilherme N. de _910195
100	1		_aPedroso Júnior, Carlos _910196
100	1		_aSchiozer, Denis J. _910197
110	2		_aPetrobras _9547
110	2		_aUniversidade Estadual de Campinas _95689
111	2		_aWorld Petroleum Congress (16th. : 2000 jun. 11-15 : Calgary, Alberta, Canada) _934
700	1		_aCastro, Guilherme N. de _910195
700	1		_aPedroso Júnior, Carlos _910196
700	1		_aSchiozer, Denis J. _910197
710	2		_aPetrobras _9547
710	2		_aUniversidade Estadual de Campinas _95689
800	1		_aSaito, Richard _910194
999			_c133697 _d133697