SY/T 6511-2000 Economic evaluation method for oilfield development plan
Some standard content:
ICS 75.180.99
Registration No.: 8211—2001
Standards Sharing Network of Petroleum and Natural Gas Industry of the People's Republic of China
wbzfyw.com
SY/T 65112000
Economic evaluating methods for oil field development project
Economic evaluating methods for oil field development project2000-12-25 Issued
State Administration of Petroleum and Chemical Industry
Implemented on June 1, 2001
SY/T 6511—2000
Principles and index system of economic evaluation
Financial evaluation of development plan
4Uncertainty analysis
5Comparison and optimization of plans
6Contents of economic evaluation report
Appendix A (standard appendix) Symbol notes
Appendix H (standard appendix)
Format of appendix to economic evaluation report
SY/T6511—2000
Oilfield development plan (new area development plan, old area adjustment plan) is related to the economic benefits of the enterprise. The plan design includes two parts: technical and economic. The technical plan proposes the deployment content from the technical perspective, predicts the technology and development indicators to be adopted, and stipulates the work scenario to be achieved, ensuring the technical feasibility of the plan. However, due to the multiple choices of plan design, in order to ensure that the plan is economically optimal, it is necessary to conduct economic evaluation and plan optimization of the plan to provide a scientific basis for decision-making. Appendix A and Appendix B of this standard are both standard appendices. This standard is proposed by China National Petroleum Corporation. This standard is under the jurisdiction of the Oil and Gas Field Development Professional Standardization Committee. The drafting unit of this standard is the Exploration and Development Science Research Institute of Zhongyuan Oilfield Branch of China Petrochemical Corporation. The main contributors of this standard are Zhang Zhonghua, Liu Chuanxiuzhi and Liu Hongwei. 1 Scope
Petroleum and Natural Gas Industry Standard of the People's Republic of China Economic Evaluation Method for Oil Field Development Project
SY/T 6511—2000
Economic evaluating methods for oil Field development project This standard specifies the content, methods and technical requirements for the economic evaluation of water-driven sandstone oilfield development plans. This standard is applicable to the economic evaluation of oilfield development plans (new area development plans, old area adjustment plans): 2 Economic evaluation principles and indicator system
2.1 Evaluation principles
2.1.1 Comply with the various economic laws and regulations promulgated by the state. 2.1.2 Comply with the relevant laws and regulations of the industry on construction projects and the methods that have been determined by the industry. 2.1.3 Based on geology and production practice, reservoir engineering, drilling engineering, oil production engineering, surface engineering and economic analysis are closely integrated:
1.1.4 In the economic evaluation work, price factors, uncertainties and risk factors are considered. 2.1.5 Focus on economic benefits and pursue profit maximization. 2.2 Economic indicator system
2.2.1 Discovery cost (C)
Cx- (,+ 1)/N
Note: For the symbols of quantities in this standard, see Appendix A (Appendix to the standard). 2.2.2 Total investment (1)
I, = I++ Ii+ It
2.2.3 Unit production cost (L)
Cod = Con/Qs
2.2.4 Million tons of capacity construction investment (『TH) Development investment required to build a million tons of crude oil production capacity. 2.2.5 Total Profit (LR)
Total Profit = Product Sales Revenue - Cost and Expenses - Sales Tax and Surcharges 2.2.6 Investment Profit Rate (R:)
Ru=4LR×100
2.2.7 Investment Profit and Tax Rate (R)
Approved by the State Administration of Petroleum and Chemical Industry on December 25, 2000 (1)
(4)
Implemented on June 1, 2001
2.2.8 Payback Period (PT)
2.2.9 Net Present Value (NPV)
SY/T6511—2000
ALS×100
PT = (CPT - 1) +
The present value of the net cash flow generated in each year of the scheme during the evaluation period, discounted to the end of the base year (the zeroth year) according to the benchmark rate of return.
(c-c0)(1+
2.2.10 Internal Rate of Return (IRR)
The discount rate that can make the net present value equal to zero during the scheme evaluation period is expressed as: E(CI -CO),(1 + IRR)-= 0
3 Financial evaluation of development plan
3.1 Basic steps
3.1.1 Understand the source, purpose, design principles and key points of the plan, and
3.1.2 Collect relevant information on geology, reservoir engineering, surface engineering and economic evaluation. 3.1.3 Calculate economic indicators according to the design indicators of the oilfield development plan. 3.1.4 Prepare basic economic evaluation reports.
3.1.5 Conduct preliminary analysis of the calculation results. 3.1.6 Conduct uncertainty analysis on the calculation plan. 3.1.7 Propose a recommended plan based on the optimal plan. 3.2 Financial evaluation Quality and reservoir basis
3.2.1 Overview of oilfield
3.2.1.1 Geographical location of oilfield,
3.2.1.2 Geological characteristics of oilfield.
Transportation, political and economic development.
3.2.1.3 Analysis of favorable and unfavorable conditions for development. 3.2.2 Main geological data of oilfield
The main geological data of oilfield are shown in Table 1.
Table 1 Main geological data of oilfield
Current formation pressure
3.2.3 Data table of oilfield development (new and old, old areas) design plan Data table of development plan design Appendix B (Standard Appendix) Table B3.2
List of Materials
(8)
(9)
Nanjing Materials Special Materials
Permeability
10-3pm2
Porosity
3.3 Determination of Evaluation Period
SY/T6511-2000
3.3.1 The evaluation period for the development plan of the new area is 10 to 15 years. 3.3.2 The evaluation period for the adjustment plan of the old area is 10 years. 3.3.3 The base year refers to the year before the evaluation period (year zero). 3.3.4 Exploration investment incurred before the base year , development investment and produced crude oil, converted into sales revenue, are included in the base year. 3.3.5 Fixed assets before the evaluation of the plan are calculated based on their net value and included in the base year. 3.4 Investment forecast
3.4.1 Exploration investment (I.)
Exploration investment is calculated based on the actual exploration expenses incurred by the reserves used in the plan. 3.4.2 Development investment (I)
I=IW+I
3.4.2.1 Development drilling investment (Itw)
Iw=Ca.D.Wif
The methods for determining C are:
a) Empirical formula method. Determined based on the relationship between the cost per meter of footage and the average well depth. -(10)
(11)
b) Value selection method. The drilling cost quota is determined based on the recent drilling cost of similar areas under the conditions of roughly the same well depth and difficulty of drilling into the formation. 3.4.2.2 Surface construction investment (I#)
Surface construction of oilfield development mainly refers to the investment in new well site equipment, pipelines, gathering and transportation stations, water injection stations, etc. to build a certain production capacity in the construction area. Its prediction method is the single well surface construction investment expansion quota method, see formula (12): TaWu
(12)
The single well surface construction investment expansion quota in formula (12) is determined using recent actual data. According to the different situations of new and old areas, it is divided into two types of surface construction investment expansion quotas for new and old areas. 3.4.3 System engineering and public engineering investment () 3.4.3.1 System engineering includes crude oil storage and transportation, gas transmission, oil and gas processing, power supply, communication, water supply and drainage, roads, etc. 3.4.3.2 The content of public works includes mechanical repair engineering, logistics and auxiliary enterprises, civil construction in mining areas, other non-installation equipment, comprehensive utilization engineering, environmental protection engineering, computer engineering, and other engineering. 3.4.3.3 Method for determining the investment in system engineering and public works: I=T.Wk
In the formula, the expansion quota of single-well system engineering and public engineering investment is determined by recent actual data. For new blocks of old oil fields, in addition to determining the development investment required for the block to be put into production, the system engineering and public engineering investment is generally not calculated. New oil fields (far away from old oil fields) are predicted using the expansion quota of single-well system engineering and public engineering investment. 3.4.4 Interest during the construction period
is calculated on a compound basis until the end of construction. The interest in the current year is calculated for half a year, and the interest in subsequent years is calculated on a full-year basis. If there is a loan agreement, the interest rate stipulated in the loan agreement is converted into an annual interest rate. If there is no loan agreement, the current average annual interest rate of the oil field is used. 3.4.5 Working capital
In economic evaluation, working capital is predicted using one of the following methods. When n: can be accurately calculated, formula (14) is used to calculate annual working capital; in other cases, formula (15) is used for calculation. 3.4.6 Dealing with special issues in the project investment forecast SY/T 6511---2000
I- CIP.ri
3.4.6.1: Investments made before the calculation period shall not be adjusted and shall be consolidated and placed in the base year. (14)
3.4.6.2 Exploration and development shall be calculated as development investment based on the development cost, and the transferred investment shall be deducted from the exploration investment. 3.4.6.3 The investment amount calculated using the investment expansion quota shall be adjusted according to the price index. See formula (16). I, (1) = F (0) - (1 - h) (-1)
3.5 Oil production cost forecast
3.5.1 Cost items
The cost items are divided into 14 items, including material costs, production workers' wages, employee welfare, operation costs, repair costs, power costs, other mining costs, well logging and testing costs, fuel costs, oil and gas processing costs, water (gas) injection costs, light hydrocarbon recovery costs, depreciation costs 3.5.2 Development variables
There are 4 development variables: liters, liquid production per unit, water (gas) injection per unit, and oil production. 3.5.3 Classification of oil production cost items
According to the influencing factors of each cost item, it is divided into the following five categories of costs (see Table 2). Table 2 Classification of cost items
Cost category
Costs related to the number of wells (wells)
Costs related to liquid production
Costs related to water (gas) injection
Costs related to light hydrocarbon production
Costs related to construction
3.5.4 Cost item prediction method
3.5.4.1 Empirical formula method
Cost items
Material costs, production workers' wages, employee welfare, well operation costs, repair costs, power costs, other mining costs, well testing costs
Fuel costs, oil and gas processing costs
Ice (gas) injection costs
Light hydrocarbon recovery fees
Depreciation costs
Unit cost, with water content as the dependent variable and unit cost of cost item as the dependent variable, statistical regression is performed. There are two regression forms, namely, the cost per ton of oil, the cost per unit, and the total cost of the item. The total cost of each cost item H in the irrigation field over the years is used as the trapped variable, and the corresponding development variable is used as the gate variable. The empirical formula is used to calculate the total cost of the item. 3.5.4.2 The expanded quota of oil production cost
is used when there is no empirical formula or no data on the development variables of the entire oil field. The method is as follows: the quota is calculated using the actual data of the recent years before calibration. The calculation formula is: C(t) =
SY/T 65112000
When using formula (17) to determine the quota, the change law of the actual calculated value should be analyzed, and it should be used in combination with the actual oil field and the price index. 3.5.4.3 Depreciation forecast
The depreciation forecast for the new district development plan adopts the average life method, as shown in formula (18): 1-s
Among them, it is calculated at 0--5%, and T is calculated at 6-12 years. Depreciation forecast for the old district adjustment plan: The depreciation of the old district is mainly predicted based on the net value of fixed assets. 3.6 Cost Forecast
3.6.1 Management Cost Forecast
Management costs refer to the various costs incurred by the administrative department of an enterprise for the management and organization of business activities, including company funds, union funds, employee education funds, labor insurance premiums, unemployment insurance premiums, board fees, consulting fees, audit fees, litigation fees, sewage fees, greening fees, taxes (referring to property taxes, vehicle and vessel use taxes, stamp taxes, etc.), land use taxes, land loss compensation fees, technology transfer fees, technology development fees, intangible asset amortization, start-up cost amortization, business cost amortization, business entertainment expenses, bad debt losses, inventory shortages, destruction and scrapping (minus inventory surpluses) and other management costs.
To simplify the calculation, management costs other than mineral resource compensation fees can be calculated according to formula (19): Management costs = management cost quota × total staffing. Among them, the management cost quota can be calculated at 10,000 to 15,000 yuan (person-year). 3.6.2 Mineral Resource Compensation Fee
Since April 1, 1994, the state has started to collect mineral resource compensation fee, and the calculation method is as follows: HCF = CIP-ib-ix
Among them, when the mineral is oil or natural gas, take 0.01. 3.6.3 Financial Expenses
Financial expenses refer to the various expenses incurred by enterprises to raise funds, including interest expenses (less interest income), net exchange losses, foreign exchange adjustment fees, financial institution fees and other financial expenses incurred during the production and operation period of the enterprise. The following methods are used to predict financial expenses:
a) In the economic evaluation of the new area, calculate the interest expenses of the fixed assets and working capital loan balances during the production period year by year, and other expenses such as exchange losses are ignored.
bh) In the adjustment plan of the old area, calculate the interest expenses of various loan balances (including the original loan balance and the new loan balance). If some information is lacking, other financial expenses can be calculated according to the actual expenditures in the starting year of the plan. c) When it is difficult to make various specific calculations due to lack of data, the actual financial expense quota is used for forecasting. 3.6,4 Sales expense forecast
Sales expense is estimated at 0.2%-0.5% of sales revenue. 3.7 Sales revenue and tax calculation
3.7.1 Sales revenue calculation
3.7.1.! The sales revenue of crude oil, natural gas and light hydrocarbons is calculated by different categories according to different prices, and then added. When evaluating the economics of the block, the global average price can also be used for calculation.
3.7.1.2 Sales revenue is calculated according to formula (22): 3.7.2 Tax calculation
SY/T65112000
CIP =Q× P
Including sales tax and surcharge, income tax. The specific calculation method shall be implemented in accordance with government regulations. 3.8 Financial evaluation indicators and financial evaluation benchmark parameters 3.8.1 Financial evaluation indicator system
(22)
Financial evaluation indicators use financial internal rate of return, investment payback period and fixed asset investment loan repayment period as the main evaluation indicators, and calculate auxiliary indicators such as financial net present value, financial net present value rate, investment profit and tax rate, investment profit rate, etc. 3.8.2 Financial evaluation benchmark parameters
The main benchmark parameters of industry economic evaluation are shown in Table 3. Table 3 Industry economic evaluation benchmark parameters
Crude oil extraction
Natural gas development
3.8.3 Necessary conditions for the economic feasibility of development plans Benchmark investment internal rate of return
The economic feasibility of a development plan must meet the following three conditions at the same time: a) Net present value is greater than or equal to zero;
b) Internal rate of return is greater than or equal to the industry benchmark rate of return: c) Investment payback period is less than or equal to the industry benchmark payback period. 3.9 Basic financial evaluation statements
3.9.1 Financial cash flow statement [see Appendix B (Standard Appendix) Table B8] Benchmark investment payback period
The financial cash flow statement is divided into three formats: total investment, domestic investment, and enterprise's own funds. The financial internal rate of return, investment payback period, financial net present value and other evaluation indicators are calculated for the three cases of total investment, domestic investment or enterprise's own funds. Format 1: All funds (including three types of funds) are used as the calculation basis. The repayment of principal and interest is not calculated for domestic and foreign loans. It is used to examine the profitability of all funds.
Format 2: Domestic funds are used as the calculation basis. The repayment of principal and interest is calculated for foreign loans. It is used to examine the profitability of domestic funds and whether the use of foreign loans is beneficial.
Format 3: The enterprise's own funds are used as the calculation basis. The repayment of principal and interest should be calculated for both foreign and domestic loans. It is used to calculate the financial internal rate of return, investment payback period, net present value, etc. of the enterprise's investment, and examine the profitability of own funds and whether the use of domestic and foreign loans is beneficial.
3.9.2 Profit and Loss Statement [See Appendix B (Standard Appendix) Table B9] reflects the sales profit, operating profit and total profit during the project calculation period. Based on this, economic indicators such as investment profit rate and investment profit tax rate can be calculated. It is a basic table that must be compiled in financial evaluation. 3.9.3 Loan repayment balance sheet [See Appendix B (Standard Appendix) Table B111 Calculate the surplus or shortage of funds in each year during the project evaluation period. It is the basis for raising funds and formulating borrowing and repayment plans. It can also calculate the loan repayment period and analyze repayment capacity. 4. Uncertainty analysis
4.1 Break-even analysis
Mainly calculate the break-even output (QEEP). -6
SY/T6511-—2000
PAB-bZxz.net
Where A and B values are calculated according to formula (24) and formula (25). A=RL +DL+YQCL+ZHS·M·B/
BRL+DL+YQCL+ZHS·M
4.2 Sensitivity Analysis
（23）
（24）
（25)
Investigate the impact of changes in the main factors of the plan on the economic benefits of the project. The main factors refer to output, price, cost, investment, etc. Usually, these factors change alone or simultaneously, which will have different degrees of impact on the net present value, internal rate of return and investment payback period, which is expressed in a sensitivity analysis table (see Table 4). Table 4 Internal rate of return, financial net present value, and investment payback period sensitivity analysis table Sensitivity factors
Sales price
104 yuan
Rate of change
Basic plan
Rate of change
Based on the calculation results in Table 4, analyze the impact of changes in the main sensitivity factors of the plan on economic indicators. Based on the calculation results in Table 4, make a risk analysis conclusion. 5 Plan comparison and optimization
The task of plan comparison and analysis is to select the plan with the best economic benefits from many plans under the conditions of technical feasibility and economic effectiveness. The basic approach is as follows: 5.1 Economically ineffective plans should be screened out first. 5.2 When the ranking of development effects is consistent with the ranking of economic benefits, a single-objective economic decision-making method is used for optimization. When the ranking of development effects is inconsistent with the ranking of economic benefits, a multi-objective decision analysis method is used for optimization. 5.3
Contents of economic evaluation report
Overview.
6.2 Project investment estimation method, basis, and estimation results. 6.3 Calculation basis, quota estimation method, and estimation results of oil and gas production costs. SY/T 6511--2000
Determination of public economic parameters, oil and gas price selection, etc. Financial evaluation and calculation results of main evaluation indicators. 6.5
Sensitivity analysis, plan optimization and economic feasibility evaluation conclusions. 6.6
Economic evaluation results appendix and attached figures. The economic evaluation results appendix is shown in Appendix B (standard attached). AH-
SY/T 6511-~2000
Appendix A
(Target Appendix)
Symbol Notes
Coefficients related to liquid production, oil production, and water injection: Absolute value of cumulative cash flow in the year before CT, 104 yuan; Annual average profit during the evaluation period, 10* yuan;
--Annual average profit and tax during the evaluation period, 104 yuan: Mineral resource compensation fee, 104 yuan;
Cash flow, 104 yuan;
Cash flow, 10+ yuan;
Oil (gas) product sales revenue, 1 0° yuan; the year when the cumulative net cash flow begins to become positive, integer: discovery cost, yuan/t;
unit drilling cost, yuan/m;
-unit production cost, yuan person;
total oil cost, 104 yuan/a;
-total daily cost of the first cost item, 104 yuan/a; C()--unit cost of the second cost item in the tth year "10° yuan/(wa), yuan/l;-average well depth of the planned design, m;
DL-power cost per ton of liquid produced, yuan/tLCIO)~-(PT Net cash flow for the year; price index;
water content;
exploration investment, 10+ yuan;
- development investment, 101 yuan;
- drilling investment, 104 yuan;
ground construction investment, 101 yuan;
total investment, 104 yuan;
fixed asset investment, 104 yuan;
- working capital, 10° yuan:
construction period interest, 10 Yuan;
System engineering and public works investment, 104 yuan; 1(t)
The static value of the first-year forecast investment, 104 yuan; 1, (t)——the first-year investment quota, 10 yuan: ITB
Zi Wanjiao capacity construction investment, 108 yuan;
76-mineral resource compensation rate;
i.Benchmark rate of return;
i.——recovery rate coefficient;
Annual wage index;一一Total cost of the first cost item per day, 104 yuan/a; C() -Unit cost of the second cost item per month in the tth year "10° yuan/(wa), yuan/l; -Average well depth of the planned design, m;
DL—Power cost per ton of liquid produced, yuan/tLCIO)~-(PT Net cash flow for the year; Price index;
Water cut;
Exploration investment, 10+ yuan;
-Development investment, 101 yuan;
——Drilling investment, 104 yuan;
Surface construction investment, 101 yuan;
Total investment, 104 yuan;
Fixed asset investment, 104 yuan;
-Working capital, 10° yuan:
Interest during the construction period, 10 Yuan;
System engineering and public works investment, 104 yuan; 1(t)
The static value of the first-year forecast investment, 104 yuan; 1, (t)——the first-year investment quota, 10 yuan: ITB
Zi Wanjiao capacity construction investment, 108 yuan;
76-mineral resource compensation rate;
i.Benchmark rate of return;
i.——recovery rate coefficient;
Annual wage index;一一Total cost of the first cost item per day, 104 yuan/a; C() -Unit cost of the second cost item per month in the tth year "10° yuan/(wa), yuan/l; -Average well depth of the planned design, m;
DL—Power cost per ton of liquid produced, yuan/tLCIO)~-(PT Net cash flow for the year; Price index;
Water cut;
Exploration investment, 10+ yuan;
-Development investment, 101 yuan;
——Drilling investment, 104 yuan;
Surface construction investment, 101 yuan;
Total investment, 104 yuan;
Fixed asset investment, 104 yuan;
-Working capital, 10° yuan:
Interest during the construction period, 10 Yuan;
System engineering and public works investment, 104 yuan; 1(t)
The static value of the first-year forecast investment, 104 yuan; 1, (t)——the first-year investment quota, 10 yuan: ITB
Zi Wanjiao capacity construction investment, 108 yuan;
76-mineral resource compensation rate;
i.Benchmark rate of return;
i.——recovery rate coefficient;
Annual wage index;
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