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Simulação de técnicas de engenharia de reservatórios: exemplo de utilização de opções reais

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  • Saito, Richard
  • Schiozer, Denis J.
  • Castro, Guilherme Nogueira de

Abstract

This paper analyzes the managerial flexibility embedded in oil reserves (such as gas and water injection techniques). We have concluded that these techniques can increase the value of oil reserves by up to 25% according to the theory of real options. The main advantage of the real options approach over the discounted cash-flow approach is to include the operational issues in the oil and gas industry. We have used two classical models to assess the value of oil reserves. We have also performed sensitivity analysis to confirm that both concession time and convenience and/or dividend yields are the most important factors.

Suggested Citation

  • Saito, Richard & Schiozer, Denis J. & Castro, Guilherme Nogueira de, 2000. "Simulação de técnicas de engenharia de reservatórios: exemplo de utilização de opções reais," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 40(2), April.
    • Handle: RePEc:fgv:eaerae:v:40:y:2000:i:2:a:37697
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    References listed on IDEAS

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    6. Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, vol. 58(2), pages 135-157, April.
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