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| Tekijä: | Smit, H.T.J. |
| Otsikko: | Investment analysis of offshore concessions in the Netherlands |
| Lehti: | Financial Management
1997 : SUMMER, VOL. 26:2, p. 5-17 |
| Asiasana: | INVESTMENTS CAPITAL PROJECTS UNCERTAINTY INVESTMENT ANALYSIS NETHERLANDS |
| Kieli: | eng |
| Tiivistelmä: | This article describes a valuation of a complex capital project, the staged development of an oil field concession in the Netherlands. The program is flexible in that management may change the amount of investment as uncertainty is resolved over time. The article describes an actual "soup-to-nuts" implementation of the real-options methodology for exploration investments on a block on the Dutch Continental Shelf. At the core of the model is the valuation of a producing field based on replication using Brent crude oil futures. The results show that exploration investments in speculative blocks are more effective in resolving the inherent uncertainty, than otherwise similar low-uncertainty blocks. |
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