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论文编号：	12272
作者编号：	2320180616
上传时间：	2021/3/3 15:40:49
中文题目：	基于石油合同中经济条款的A油田
英文题目：	Investment decision research of A-E expansion project based on economic clauses in product sharing contract
指导老师：	焦媛媛教授
中文关键字：	石油合同；经济条款；实务期权；投资决策；风险；
英文关键字：	Oil contracts；Economic terms；Real options；Investment decision；Risk;
中文摘要：	摘要当前国际政治震荡经济下行趋势明显，受到整体环境的影响石油价格波动较大，低油价极大的冲击着石油行业。国内石油产能一直处于自给不足，走出去寻求国际合作运营的趋势特点尤为凸显。我国已经成为世界上排名第二的石油消费国，然而自产石油远不能满足国内石油需求，主要依赖于石油进口。近年来我国对外石油需求以6%的增速高速增长，截至2020年我国石油进口已占国内石油消耗的76%，加大国内石油开采力度，油气公司走出去寻求国际合作的趋势显然。一方面上游油气并购业务我国本就起步较晚，相关经验和知识积累不足，另一方面中国油气国际并购市场活跃，无论是三桶油还是上游民营油企都纷纷涌入油气并购浪潮中。但限于石油天然气国际并购本身就带有风险高，投资大的行业特点，要求从业人员对评估项目经济性时要格外慎重。深度解读石油合同其中经济条款，对于投资者和运营者来说，分析项目经济性是获得投资收益的前提。同时也对后面生产运营环节起着至关重要的影响。本文通过引入实务期权的决策方法与传统经济评价相结合，运营油田再投资扩建项目的投资决策研究。通过取证分析研究可以有效提高投资的准确性，规避不确定投资风险同时，还能很好的解决合作油田运营后期合作方与操作方在合同区内油田再投资扩建项目上总是观点分歧，无法使项目高效平稳运行的问题。本文以A油田E外扩的项目为例，从该项目的石油合同中财务条款作为切入点，对经济条款逐层分析，例如成本回收的范围，各类费用的支出规定及利息计算方法，分成比例的划分规定等等都是如何影响资源国和外国合同者的核心利益的。通过其不确定分析方法，找出其影响收益的因素排序。通过数据整合，分析，整理深挖其的背后底层逻辑。将实务期权与传统评价方法相结合研究上游油气企业的运营阶段的投资决策问题，使得合作开发者躲开高风险决策的方法。
英文摘要：	Abstract The current international political turmoil and the economic downturn are obvious, and oil prices fluctuate greatly under the influence of the overall environment. Low oil prices have greatly affected the oil industry. Domestic oil production capacity has always been under self-sufficiency, and the trend of going out to seek international cooperation and operation is particularly prominent. My country has become the world's second-ranked oil consumer, but self-produced oil is far from meeting domestic oil demand and mainly relies on oil imports. In recent years, my country's foreign oil demand has grown at a rapid growth rate of 6%. As of 2020, my country's oil imports have accounted for 76% of domestic oil consumption. Increased domestic oil exploration and oil and gas companies are going out to seek international cooperation. On the one hand, my country's upstream oil and gas M&A business started relatively late, and relevant experience and knowledge accumulation is insufficient. On the other hand, China's oil and gas international M&A market is active. Both three barrels of oil and upstream private oil companies have flooded into the wave of oil and gas M&A. However, limited to the oil and natural gas international mergers and acquisitions, which inherently have high risks and large investments, require practitioners to be extra cautious when assessing project economics. In-depth interpretation of the economic terms of oil contracts, for investors and operators, analysis of project economics is a prerequisite for obtaining investment income. At the same time, it also has a vital impact on the subsequent production and operation links. This thesis combines the practical option decision-making method with traditional economic evaluation to study the investment decision-making of operating oilfield reinvestment expansion projects. Forensic analysis and research can effectively improve the accuracy of investment and avoid uncertain investment risks. At the same time, it can also solve the problem of disagreement between the partners and the operators on the oilfield reinvestment and expansion projects in the contract area. The problem of making the project run efficiently and smoothly. This article takes the A expansion project as an example. From the financial terms of the oil contract of the project as a starting point, the economic terms are analyzed layer by layer, such as the scope of cost recovery, the expenditure regulations of various expenses and the calculation method of interest, and the proportion of shares How does the division of regulations and so on affect the core interests of the resource country and foreign contractors. Through its uncertain analysis method, find out the order of the factors affecting the income. Through data integration, analysis, sort out the underlying logic behind it. Combining practical options with traditional evaluation methods to study investment decision-making issues in the operation stage of upstream oil and gas companies, so that co-developers can avoid high-risk decision-making methods.
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