... allocation, and acquisition decisions. These drivers include the opportunity pipeline (assets in the exploration and appraisal programs), reserves and resource inventory, production volumes, and cash flows (self-funding, debt-equity and partnerships). Each driver is related to the others, as shown in Fig...

..., proclivity to ignore statistical rules leads to distortion in reserves and associated uncertainty estimates. The vision toward improving reserves reliability involves a multi-prong approach that tackles all these root causes. An optimal appraisal strategy that addresses the key subsurface uncertainty, due...

... worldwide and lends itself to the use of a systematic approach. The focus on this phase is obvious. The majority of investment in a petroleum asset is in the appraisal and development phases, where the potential for value degradation due to lengthy, unfocused evaluation or sub-optimization of the project...

... of Public Accounts for the appraisal of oil and gas properties, and (c) the Western States Petroleum Association annual study of oil and gas property sales and oil industry cost-of-capital. These studies are often cited in evaluation reports and in publication which discuss evaluation procedures. The three...

... Abstract Subsurface or field appraisal is an activity aimed at reducing reservoir uncertainty. For optimal results from appraisal, it is necessary to have a clear understanding of appraisal, to distinguish between two types of appraisal, and to use a decision tool that ties reservoir...

... value appraisal project valuation cash flow asset and portfolio management discount rate property spe 30048 2 project economics value society banking & finance journal treatment petroleum technology petroleum engineer society of petroleum engineers dallas united states government...

... Abstract The appraisal of oil and gas properties for sale or acquisition; financing; and for estate and ad valorem taxes is dependent on the knowledgeable and appropriate use of Fair Market Value (FMV) discount rates. Information from over 200 FMV property acquisitions in California from 1983...

... appraisal cases. The industry cases were further analyzed as part of the class work in the University of Tulsa-sponsored seminar on "Appraisal of Oil and Gas Properties," where critical review by many market sector representatives was applied. With these data as a base, a study has been made of the adequacy...

... capabilities. The paper then discusses four different methods of determining the Fair Market Value of a property, and specifically point out sensitivities of the various assumptions used in the valuation methods. These appraisal methods include the following: Value per BOE . Gross recoverable barrels...

... --in this context, management must decide, at τ, to continue appraisal work for some fixed period (Δ), to commit to development or to reject the project. To construct a model that is useful in the decision-making process, certain simplifications are necessary for ease of presentation and understanding; therefore...

..., are often financed by commercial bank lending. Particularly when such financing is Particularly when such financing is done on a "project" basis on appraisal of the property to be developed is required for a lender to determine the future value and debt repayment ability of the property. Such appraisals...

... that the two would be at all alike. The funds would be at work during the interim period not at a rate similar to that of the proposed investment, but at the average rate at which general corporate funds are being invested-at the over-all value of money to the company. An appraisal must be made by management...