Opções reais: exemplo de aplicação para avaliação de reservas petrolíferas
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2000
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This paper analyzes the managerial flexibility embedded in oil reserves (such as techniques of gas and water injection). We have concluded that these techniques can increase the oir reserves value by up to 25% according to the theoryt of real options. The main advantage of real option approach over dicounted cash flow approach is to include the operational issues in the oil and gas industry. We have used two classical models to value oil reserves. We have also performed sensitivity analyzes to confirm that both concession time and convenience and/or dividend yields are the most important factors.