A Three-Phase Methodical Approach to Assessing the Effectiveness of Investment Projects In Oil and Gas Production

摘要

The article is devoted to the improvement of the methodological framework for evaluating the effectiveness of investments in oil and gas production. Particular attention is paid to the formation of cash flows, accounting for the time factor at various stages and stages of the life cycle of long-term investment projects in the oil and gas industry, which makes it possible to more reasonably evaluate their effectiveness under uncertainty and risk conditions. A new approach to the economic evaluation of investment efficiency has been developed, which combines the methods of differentiated accounting for the influence of the time factor at various stages of the life cycle of investment projects. It is proposed to carry out the division of the life cycle of investment projects for the development of oil and gas resources into three periods (phases): the period of investment expenditures (exploration, drilling), the payback period (rehabilitation) and the after payback (primary operational) period. For each period, it is envisaged to apply the relevant time factor accounting procedures and different discount rates, taking into account the risks of investing and cash flow generation.