Economic valuation : where is the value of the Pirsaat Project from?

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dc.contributor.advisorJablonowski, Christopher J.
dc.creatorGuo, Qintao
dc.date.accessioned2017-02-23T15:02:24Z
dc.date.available2017-02-23T15:02:24Z
dc.date.issued2007-12
dc.description.abstractThe value of an E&P project comes from the cash flows it produces. These cash flows are subject to the uncertainty of input parameters and are also affected by contingent decisions that change the course of the project. Three project valuation methods, discounted cash flow (DCF) method, Monte Carlo simulation and real option valuation (ROV) method, are utilized to evaluate a specific E&P project in the Pirsaat oil field in Azerbaijan. The DCF method and Monte Carlo simulation both follow predetermined paths, thus ignoring the value of managerial flexibility, also called options. As an extension of DCF, ROV can highlight the option values inherent in the project. Therefore, ROV provides more insights about the project value. However, there is no widely accepted ROV approach today. The integrated approach is adopted in this thesis, as it treats all sources of uncertainties as market uncertainty and technical uncertainty separately, thus more robust.en_US
dc.description.departmentEnergy and Earth Resourcesen_US
dc.format.mediumelectronicen_US
dc.identifierdoi:10.15781/T23F4KS9P
dc.identifier.urihttp://hdl.handle.net/2152/45761
dc.language.isoengen_US
dc.relation.ispartofUT Electronic Theses and Dissertationsen_US
dc.rightsCopyright © is held by the author. Presentation of this material on the Libraries' web site by University Libraries, The University of Texas at Austin was made possible under a limited license grant from the author who has retained all copyrights in the works.en_US
dc.rights.restrictionRestricteden_US
dc.subjectProject valuation methodsen_US
dc.subjectDiscounted cash flow (DCF)en_US
dc.subjectReal option valuation (ROV)en_US
dc.subjectMonte Carlo simulationen_US
dc.titleEconomic valuation : where is the value of the Pirsaat Project from?en_US
dc.typeThesisen_US
dc.type.genreThesisen_US
thesis.degree.departmentEnergy and Earth Resourcesen_US
thesis.degree.disciplineEnergy and Mineral Resourcesen_US
thesis.degree.grantorUniversity of Texas at Austinen_US
thesis.degree.levelMastersen_US
thesis.degree.nameMaster of Artsen_US

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