ANALYSIS OF THE OPTIMAL ECONOMIC EXPLOITATION OF OIL RESERVOIRS BY THE USE OF BUYBACK CONTRACT - A CASE STUDY OF IRAN'S OIL FIELDS IN THE SOUTH WEST

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EMAMI MEIBODI ALI; HOSSINI SEYED MAHDI; EBRAHIMI MOHSEN; SOURI ALI; HAJI MIRZAEE SEYED MOHAMMAD ALI

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Journal: Journal of Economic Research and Policies Year:2016 | Volume:24 | Issue:77 Page(s): 63-94

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Title

ANALYSIS OF THE OPTIMAL ECONOMIC EXPLOITATION OF OIL RESERVOIRS BY THE USE OF BUYBACK CONTRACT - A CASE STUDY OF IRAN'S OIL FIELDS IN THE SOUTH WEST

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Keywords

OPTIMAL ROUTE EXPLOITATION OF OIL AND GAS RESERVOIRSQ1

RISK SERVICE CONTRACTSQ1

IRANIAN SERVICE CONTRACTS BUYBACKQ1

Abstract

Maximization of the economic value of the exploitation of oil and gas resources in economic literature as the target state (as owner of the resource) is known. This goal is achievable when the contract conditions (which regulate the behavior of investors in the exploitation of the reservoir) is also taken into account. In this paper, the dynamically optimal oil production in the one of the Iran's oil fields in the South West with a buyback contract framework is considered as a case study by the use of Bellman equation in Matlab program and with regard to expected price path and interest rate scenario, the results shows that the optimal production path traced by model in comparison to path specified in the contract is different. In addition, Comparison these results and contractual profile to the expected behavior of international oil companies that is proposed high production level in early years of reservoir life cycle are consistent. Note that, any changes in the contract parameters would the constant parameter of cost function and minimum production rate condition in the model. According to the have been that in Status of High expectations of prices, Optimum path specified in the model, there is no reaction to changes in these factors.

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APA: Copy

EMAMI MEIBODI, ALI, HOSSINI, SEYED MAHDI, EBRAHIMI, MOHSEN, SOURI, ALI, & HAJI MIRZAEE, SEYED MOHAMMAD ALI. (2016). ANALYSIS OF THE OPTIMAL ECONOMIC EXPLOITATION OF OIL RESERVOIRS BY THE USE OF BUYBACK CONTRACT - A CASE STUDY OF IRAN'S OIL FIELDS IN THE SOUTH WEST. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 24(77), 63-94. SID. https://sid.ir/paper/89490/en

Vancouver: Copy

EMAMI MEIBODI ALI, HOSSINI SEYED MAHDI, EBRAHIMI MOHSEN, SOURI ALI, HAJI MIRZAEE SEYED MOHAMMAD ALI. ANALYSIS OF THE OPTIMAL ECONOMIC EXPLOITATION OF OIL RESERVOIRS BY THE USE OF BUYBACK CONTRACT - A CASE STUDY OF IRAN'S OIL FIELDS IN THE SOUTH WEST. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2016;24(77):63-94. Available from: https://sid.ir/paper/89490/en

IEEE: Copy

ALI EMAMI MEIBODI, SEYED MAHDI HOSSINI, MOHSEN EBRAHIMI, ALI SOURI, and SEYED MOHAMMAD ALI HAJI MIRZAEE, “ANALYSIS OF THE OPTIMAL ECONOMIC EXPLOITATION OF OIL RESERVOIRS BY THE USE OF BUYBACK CONTRACT - A CASE STUDY OF IRAN'S OIL FIELDS IN THE SOUTH WEST,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 24, no. 77, pp. 63–94, 2016, [Online]. Available: https://sid.ir/paper/89490/en

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