Value of intermediate products in economic evaluation on oil and gas development projects
For oil and gas development projects,it is impossible to conduct independent economic evaluation on surface engineering.So,combined with economic evaluation tools,a new pricing method of"intermediate products"was proposed according to some theories related to internal transfer pricing.Results show that(ⅰ)it is feasible for the economic evalua-tion to take upstream intermediate products in the projects as downstream costs,which may guide greatly the independent evaluation on each engineering stage;(ⅱ)when the products are employed in this evaluation,the chosen product should be appropriate.Especially"price of wellhead produced liquid"or"price of wellhead oil"is the option for field projects.In ad-dition,with full consideration of costs and expenses as well as some risk coefficients,constant modification is needed so as to ensure evaluation ending objective and reliable,and may offer a basis for investors to make decision;and(ⅲ)calculat-ing the intermediate products'price and independent evaluation on each stage are applicable to not only the field projects but all productive industrial projects.As for multi-system items,the intermediate products are quantified on the basis of the capital's time value theory,and then applied to the independent economic evaluation on each system,which meets the principle of consistency between evaluation benefits and costs.
Oil and gas development projectSurface engineeringEconomic evaluationIntermediate productWellhead gas priceInternal transfer pricing
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