回购合同项目的经济评价与优化

在回购合同模式下,伊朗政府拥有油气的所有权,合同者可以选择现金或购回一定数量的油气作为回收的成本和报酬.回购合同的主要经济参数包括政府优先油比例、项目收益率(ROR)、成本回收期、报酬费回收期、资本成本上限等.合同者的项目收益率是在签订合同时明确规定的,这一指标对产量和投资都非常敏感.政府优先油的比例也是回购合同项目经济评价和业务谈判的重要参数.实现合同者预计的项目收益率的最低油价是拐点油价,项目的拐点油价越高,合同者的经济风险就越大.延长成本回收期和在工程施工可行的情况下尽可能将投资提前是回购合同项目优化的重要途径.合同者要在合理范围内力争获得较大的投资额度,即较大的资本成本上限,同时要在设计上提出较为保守的目标(MDP)产量.

Economic evaluation and optimization of buyback projects

Under a buyback contract,the Iranian government owns the oil and gas asset,but the contractor has the option to get cash or buy back some of the petroleum production at recovery cost plus remuneration.The important parameters of a buyback contract include government priority oil allocation,project rate of return (ROR),cost recovery period,compensation payment period,and capital cost ceiling.The project ROR is clearly defined at contract signing,and is sensitive to production and capital investment.Government priority oil allocation is also a key parameter in economic evaluation,and in negotiation,of a buyback project.The minimum oil price needed to realize the contractor’ s expected ROR is the oil price threshold.The higher the price is than the threshold,the greater the contractor’ s economic risk will be.Prolonging the project recovery period is one important approach to optimizing a project.The contractor should invest as early as possible to maximize profit if the engineering construction is feasible.It’ s also important for the contractor to strive to increase the amount of capital invested,namely by getting a higher capital investment ceiling,while the Master Development Plan production target becomes more conservative.