An Analysis of Regional Evaluation Characteristics for U.S. Oil & Gas Producing Assets

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2012 Vol.49, Issue 3 Preview Page Next Page

Research Paper

An Analysis of Regional Evaluation Characteristics for U.S. Oil & Gas Producing Assets 미국의 지역별 생산 유･가스전 가치평가의 특성요소 분석: 신승헌·박희원·임종세
Seung Hun Shin, Hee Won Park and Jong-Se Lim

30 June 2012. pp. 309-318

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Abstract

The value of oil and gas producing asset can be calculated by a discounted cash flow analysis and transaction metric analysis from historical transaction data. This paper presents an analysis on U.S. producing assets to characterize various factors affecting the value of oil and gas assets through the analysis of ten transaction data in Permian basin, Gulf of Mexico, and Texas & Oklahoma, U.S. The results of cash flow analysis on target projects show that transaction metrics can be affected by oil/gas ratio in reserves, well life related to well decline characteristics and PDP portion in proved reserves. The value of oil and gas asset increases with higher oil portion in reserves, higher initial production characteristics in case of equivalent reserves, longer life characteristics in case of equivalent current production rate. Also, offshore assets have higher portion of fixed operating cost and plug and abandon cost in total cash flow than onshore assets.

Keywords

Producing asset

Valuation

Transaction metrics

Proved reserves

생산 유･가스전의 가치는 할인현금흐름분석법과 과거 유･가스전 거래사례에서 얻어진 매장량, 일생산량, 에이커 등의 거래 단가 등을 비교하여 결정된다. 이 연구에서는 미국의 대표적인 유전거래 지역인 퍼미안 분지, 멕시코만 해상, 텍사스-오클라호마 육상 3곳의 10개 유･가스전 자료를 이용하여 생산 유･가스전 거래단가에 영향을 미치는 특성요소들을 분석하였다. 각 유･가스전의 자료와 현금흐름분석 결과 지역적 유･가스전의 특성인 원유/가스 매장량 비율, 생산감쇄율과 관련된 생산가채년수, 확인매장량 중 확인개발생산매장량의 비율 등에 따라 거래단가가 영향을 받음을 알 수 있었다. 유가가 강세인 현재 매장량 중 원유 비율이 높을수록, 동일한 매장량의 유･가스전의 경우 멕시코만과 같이 회수가 빠른 유･가스전이, 동일한 양으로 생산 중인 유･가스전의 경우 퍼미안과 같이 가채년수가 긴 유･가스전이 높은 가치를 지닌다. 또한, 현금흐름을 통한 운영단가 분석 결과 해상의 경우 육상에 비해 고정 운영비 및 폐공 비용이 전체 현금흐름에서 차지하는 비중이 높음을 알 수 있었다.

키워드

생산자산

가치 평가

거래단가

확인매장량

References

고재홍, 2007, “미국 텍사스 주 포트워스 분지의 바넷 셰일가스 시스템,” 한국지구시스템공학회지, 제44권 5호, pp. 455-473.
백문석, 2011, “비전통 가스자원 및 한국가스공사의 사업 현황,” 한국지구시스템공학회지, 제48권 4호, pp. 524-538.
성원모, 김세준, 이근상, 임종세, 2009, “국내 석유자원량 분류체계의 표준화,” 한국지구시스템공학회지, 제46권 4호, pp. 498-508.
Feygin, M. and Satkin, R., 2004, “The Oil Reserves-to- Production Ratio and Its Proper Interpretation,” Natural Resources Research, Vol. 13, No. 1, pp. 57-60.
Goodisman, A., 2011, “Merger, Acquisition & Divestment Trends in the International & U.S. Arena,” Presentation Material, Proceedings of IPAA & TIPRO conference, Houston, U.S.A., January 12.
Haag, J., 2005, The Acquisition & Divestiture of Petroleum Property, PennWell Corporation, Tulsa, Oklahoma, U.S.A., pp. 71-81.
Kaiser, M.J. and Snyder, B., 2009, “Supplemental Bonding in The Gulf of Mexico: The Potential Effects of Increasing Bond Requirements,” International Journal of Oil, Gas and Coal Technology, Vol. 2, No. 3, pp. 262-279.
Knull, W.H., Jones, S.T., Tyler, T.J. and Deutsch, R.D., 2007, “Accounting for Uncertainty in Discounted Cash Flow Valuation of Upstream Oil and Gas Investments,” Journal of Energy and Natural Resources Law, Vol. 25, No 3, pp. 268-302.
Mian, M., 2002, Project Economics and Decision Analysis, Vol. I: Deterministic Models, PennWell Corporation, Tulsa, Oklahoma, U.S.A., pp. 323-367.
Scotia Waterous, 2011, “U.S. Market Review, Fourth Quarter 2010,” Vol. 15, issue 3.
Suslick, S. and Schiozer, D., 2004, “Risk Analysis Applied to Petroleum Exploration and Production: An Overview,” Journal of Petroleum Science and Engineering, Vol. 44, No. 2, pp. 1-9.

Information

Publisher :The Korean Society of Mineral and Energy Resources Engineers
Publisher(Ko) :한국자원공학회
Journal Title :Journal of the Korean Society for Geosystem Engineering
Journal Title(Ko) :한국지구시스템공학회지
Volume : 49
No :3
Pages :309-318

[1] 고재홍, 2007, “미국 텍사스 주 포트워스 분지의 바넷 셰일가스 시스템,” 한국지구시스템공학회지, 제44권 5호, pp. 455-473.

[2] 백문석, 2011, “비전통 가스자원 및 한국가스공사의 사업 현황,” 한국지구시스템공학회지, 제48권 4호, pp. 524-538.

[3] 성원모, 김세준, 이근상, 임종세, 2009, “국내 석유자원량 분류체계의 표준화,” 한국지구시스템공학회지, 제46권 4호, pp. 498-508.

[4] Feygin, M. and Satkin, R., 2004, “The Oil Reserves-to- Production Ratio and Its Proper Interpretation,” Natural Resources Research, Vol. 13, No. 1, pp. 57-60.

[5] Goodisman, A., 2011, “Merger, Acquisition & Divestment Trends in the International & U.S. Arena,” Presentation Material, Proceedings of IPAA & TIPRO conference, Houston, U.S.A., January 12.

[6] Haag, J., 2005, The Acquisition & Divestiture of Petroleum Property, PennWell Corporation, Tulsa, Oklahoma, U.S.A., pp. 71-81.

[7] Kaiser, M.J. and Snyder, B., 2009, “Supplemental Bonding in The Gulf of Mexico: The Potential Effects of Increasing Bond Requirements,” International Journal of Oil, Gas and Coal Technology, Vol. 2, No. 3, pp. 262-279.

[8] Knull, W.H., Jones, S.T., Tyler, T.J. and Deutsch, R.D., 2007, “Accounting for Uncertainty in Discounted Cash Flow Valuation of Upstream Oil and Gas Investments,” Journal of Energy and Natural Resources Law, Vol. 25, No 3, pp. 268-302.

[9] Mian, M., 2002, Project Economics and Decision Analysis, Vol. I: Deterministic Models, PennWell Corporation, Tulsa, Oklahoma, U.S.A., pp. 323-367.

[10] Scotia Waterous, 2011, “U.S. Market Review, Fourth Quarter 2010,” Vol. 15, issue 3.

[11] Suslick, S. and Schiozer, D., 2004, “Risk Analysis Applied to Petroleum Exploration and Production: An Overview,” Journal of Petroleum Science and Engineering, Vol. 44, No. 2, pp. 1-9.

Journal of the Korean Society of Mineral and Energy Resources Engineers ISSN:2288-0291(Print) 2288-2790(Online) 한국자원공학회지

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