Download Economic Risk in Hydrocarbon Exploration by Lerche I., MacKay J.A. PDF

By Lerche I., MacKay J.A.

Fiscal chance in Hydrocarbon Exploration presents a complete framework for assessing the uncertainties linked to exploration risk—from commencing to finish. quite a few examples with accompanying microcomputer algorithms illustrate easy methods to quantitiatively procedure fiscal threat. specified assumptions and types of monetary hazard are completely in comparison. Numerical examples are given all through to facilitate hands-on calculations utilizing well known spreadsheet applications on own computersAudience: Scientists, economists, and execs keen on exploiting the world's oil and gasoline assets; oil and gasoline corporation explorationists, strategic source economists, and educational and personal study scientists desirous about quantitative geology difficulties or who take care of the commercial hazard linked to hydrocarbon exploration.

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20) Hence, order the summations in Eqs. 20) with respect to a,-, with ai< a2< oL^< ' • • < a^. Then as the budget, B, is systematically decreased, W^ = 0 when B = RTaNy and the Mh opportunity is removed from consideration. , reach zero and these opportunities are discarded. Thus at any given budget it is relatively simple to determine which opportunities should be invested in, and also the working interest that should be taken. The analytical exact formula for determining Wi, as given through Eq.

For the cumulative probabiUties for RAV from the Cozzolino and hyperbolic tangent formulas, and also for the expected value. 8a-c show, respectively, the variations; note the influence of working interest uncertainties on the shapes of the curves relative to those of Section U^^. 7 In this case all three measures indicate comparable volatiUties but all three also indicate a probabiUty of between 85 and 91% of a positive RAVy while FIGURE 3 . „ Vy C, and RT, together with uncertainty in the working interest, W, which is also given a uniform probability distribution, (a) RAV (CozzoUno); (b) RAV (hyperboUc tangent); (c) expected value.

1 t Relative importance (%) of factors contributing to the uncertainty in buyout amount using the uniform probability distributions forp,* ^. C RTy and W. (a) RAV (Cozzolino); (b) RAV (hyperbolic tangent); (c) expected value. 10a, which illustrates the Cozzolino RAV formula results, there is a 90% chance that one should pay at least $3 MM to buy out of the obligation, and there is a 50% chance that one should pay at least $15 MM, but only a 10% chance that one should pay more than $36 MM to buy out of the obligation.

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