SY/T 10023.2-2000 Recommended Practice for Economic Evaluation of Offshore Oil (Gas) Field Development Projects Part 2: Cooperative Oil (Gas) Fields
Some standard content:
ICS75.020
Registration No.: 6954—2000
People's Republic of China Offshore Oil and Gas Industry StandardSY/T10023.2--2000
Offshore Oil (Gas) Field
Recommended Method of Offshore Oil/Gas Field Development Project Economic Evaluation
Part 2: Co-operative Offshore Oil/Gas Field2000-04-10 Issued
State Administration of Petroleum and Chemical Industry
2000-10-01 Implementation
$Y/T 10023. 22000
Policy statement
1. Scope
2. Definition
3. Principles and implementation requirements of economic evaluation
Fund raising
Expense collection
6. Product allocation
7. Enterprise income tax calculation
8. Cash flow calculation
9. Economic evaluation indicators and calculation methods
10. Uncertainty analysis
11. Alternative comparison method:
12. Economic evaluation of renovation and expansion projects Evaluation
Appendix A (Standard Appendix) Economic Evaluation Report (Format) Appendix B (Suggestive Appendix) Relevant Legal Provisions (Taxes and Fees) Items
SY/T10023.2—2000
In order to make scientific decisions on offshore cooperative oil (gas) field development projects, this standard is formulated to establish a standardized economic evaluation method for offshore oil (gas) field development projects based on the current national investment system and fiscal and taxation system, in reference to international common practices, and in combination with the characteristics of offshore cooperative oil (gas) field development.||t t||This standard is compiled with reference to the Standard Contract for the Exploration and Development of Oil (Gas) Fields by China National Offshore Oil Corporation (Rounds 1 to 4), the Recommended Practice for Economic Evaluation of Offshore Oil (Gas) Field Development Projects Part 1: Self-operated Oil (Gas) Fields by China National Offshore Oil Corporation, and the Economic Evaluation Methods and Parameters for Construction Projects (1993 Edition) by the State Planning Commission, in combination with the internationally accepted economic evaluation practices and the practice of economic evaluation of offshore cooperative oil (gas) field development projects in recent years. This standard specifies the economic evaluation methods for offshore cooperative oil (gas) field development projects. The various requirements specified in this standard, which involve the economic evaluation methods, drafting and presentation of reports on offshore oil (gas) field development projects, shall be expressed in the same form regardless of their technical content. This standard was issued on April 10, 2000 and will be implemented on October 1, 2000. Appendix A of this standard is the standard appendix
Appendix B of this standard is the indicative appendix.
This standard is proposed and managed by China National Offshore Oil Corporation. This standard was drafted by: China National Offshore Oil Corporation Nanhai East (Petroleum). The main drafter of this standard: Shen Wenxiang
The chief reviewer of this standard: Lv Bingru
SY/T 10023.2—2000
Policy statement
Offshore oil and gas industry standard publications only address general issues: When it comes to specific situations, national and local laws and regulations should be consulted
Offshore oil and gas industry standard publications do not undertake to provide users, manufacturers or suppliers with advance notice and training on health, safety and hazard prevention for their employees and other on-site operators, nor do they undertake any liability under national and local regulations. The content of any offshore oil and gas industry standard publication cannot be interpreted by implication or other means as granting any right to manufacture, sell or use any method, equipment or product involving patent rights, nor does it assume liability for any person who infringes on patent rights. Usually, offshore oil and gas industry standards are reviewed, revised, re-identified and revoked at least every five years: Sometimes, this review period can be extended by one year, and no more than two years. Therefore, the validity period of the publication shall not exceed the end year from the date of publication, unless the validity period is extended by authorization. The status of the publication can be found from the Secretariat of the Offshore Oil and Gas Industry Standardization Technical Committee (telephone: 010-84522162, mailing address: Box 235, Offshore Oil Production Research Center, Beijing, ed. 0149) or the Offshore Oil and Gas Industry Standardization Technical Committee (telephone: 010-64(h5361, mailing address: Science and Technology Office of Offshore Oil Corporation, 25th Floor, Dongjingxin Building, Eryuanqiao, Beijing, ed. [00027]). The purpose of issuing offshore oil and gas industry standards is to promote proven and good engineering technologies and operating practices. It is not intended to exclude the need to make correct judgments on when and where to apply these technologies and practices. The formulation and publication of offshore oil and gas industry standards are not intended to restrict anyone in any way from adopting any other technologies and practices. The standards are available for use by anyone who wishes to adopt them. The Offshore Oil and Gas Industry Standardization Technical Committee and its authorized issuing units have made every effort to ensure the accuracy and reliability of the data contained therein. However, the Offshore Oil and Gas Industry Standardization Technical Committee and its authorized issuing units do not represent or guarantee the standards they publish, and hereby expressly state that the Offshore Oil and Gas Industry Standardization Technical Committee and its authorized issuing units do not assume any obligation or responsibility for loss or damage caused by the use of these standards, for the use of standards that may conflict with any national or local regulations, and for the consequences of infringement of any patent rights caused by the use of these standards.
Offshore Oil and Gas Industry Standard of the People's Republic of China Recommended Method of Offshore Oil/Gas Field Development Project Economic Evaluation
Part 2: Co-operative Offshore Oil/Gas Field 1 Scope
This standard specifies the technical requirements for economic evaluation of offshore cooperative oil (gas) field development projects. This standard is applicable to the economic evaluation of offshore cooperative oil (gas) field development projects. The economic evaluation of offshore cooperative oil (gas) field production at all stages should refer to this standard. The economic evaluation of offshore cooperative oil (gas) field exploration stage and feasibility study stage can also refer to this standard. 2 Definitions
This standard adopts the following definitions
2.1 Contract Area
The area of sea area defined by geographical coordinates and specified in the oil contract. It refers to the area of sea area for cooperative exploitation of oil resources
2.2 Contractors
Shanghai Municipal Ten
Yijiangan
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Guangsweep production blindness
Modification fee:
Foreign contractors stated in the oil contract and the assignees of the rights and obligations of this contract with the consent of the state company. 2.3 Operator: The operating unit responsible for implementing petroleum operations in the contract area. 2.4 Oil/Gas Field: An oil/gas accumulation consisting of one or more overlapping oil/gas layers in one or more related traps in a single or the same separate geological structural unit, which is determined to be valuable according to the procedures specified in the petroleum contract. 2.5 Petroleum Operations: Exploration operations, development operations and production operations carried out in accordance with the provisions of the petroleum contract, as well as other activities related to these operations. 2.6 Exploration Operations: The operations of searching for traps containing petroleum using geological, geophysical, geochemical and other methods including drilling exploration from the date of entry into force of the petroleum contract; all work done on discovered petroleum traps to determine whether they have commercial value, including drilling evaluation wells, feasibility studies, and preparation of overall development plans; and activities related to the above operations.
2.7 Development Operations: Operations carried out to achieve oil production from the date when the relevant government departments of the People's Republic of China approve the overall development plan of any oil (gas) field, including planning, design, construction, installation, drilling and related research work, as well as production activities carried out before the date of commencing commercial production.
2.8 Preduction Operations Approved by the State Administration of Petroleum and Chemical Industry on April 10, 2000 and implemented on October 1, 2000
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All operations and related activities carried out by a single oil (gas) mine from the start of commercial production, such as extraction, injection, production increase, disposal, storage, transportation and extraction. 2.9 Dale f CNununrrent of Cunnenial For each oil field, it means the date on which 1×10-10 m3 of crude oil has been produced and normally delivered from the permanent production facilities in the Overall Development Plan; for each gas field, it means the date on which 1×10-10 m3 of crude oil has been produced and normally delivered from the permanent production facilities in the Overall Development Plan (without natural gas shortage under standard atmospheric conditions); or the date on which the Joint Management Committee determines the start of oil (gas) production after obtaining the "Production Facility Operation Permit" issued by the government competent department; or the date on which the oil (gas) field starts production if the parties have other plans. 2.10 Overall Development Program is the date on which the operator of a gas field develops and operates the field and is reviewed and approved by the Joint Management Committee. 2.11 Annual Gross Production of Crude (il/Natural Gas): the total amount of crude (gas) produced by each single field in the contract area in each calendar year after deducting the amount of crude (gas) used in oil operations and the amount of loss, and measured by measuring instruments at the specified delivery point; 2.12 Exploration Cost: the total investment required to carry out exploration operations; 2.13 Development Cost: the total amount of crude (gas) produced by each field in the contract area in each calendar year after deducting the amount of crude (gas) used in oil operations and the amount of loss; 2.14 Exploration Cost: the total investment required to carry out exploration operations; 2.15 Development Cost: the total amount of crude (gas) produced by each field in the contract area in each calendar year after deducting the amount of crude (gas) used in oil operations and the amount of loss; 2.16 Exploration Cost: the total investment required to carry out exploration operations; 2.17 Development Cost: the total amount of crude (gas) produced by each field in the contract area in each calendar year after deducting the amount of crude (gas) used in oil operations and the amount of loss; 2.18 Development Cost: the total amount of crude (gas) produced by each field in the contract area in each calendar year after deducting the amount of crude (gas) used in oil operations and the amount of loss; 2.19 Development Cost: the total amount of crude (gas) produced by each field in the contract area in each calendar year after deducting the amount of crude (gas) produced by each field in the contract area in each calendar year; 2.20 Development Cost: the total amount of crude (gas) produced by each field in the contract area in each calendar year after deducting the amount of crude (gas) produced by each field in the contract area in each calendar year; 2.21 2.14 Production Cost (0peratirgCost) All expenses incurred for implementing production operations for oil (gas) fields after the oil (gas) fields begin commercial production. Production costs incurred before the oil (gas) fields begin commercial production are deemed as development investment. 2.15 Contract Interest (Deermed Inlerest) The interest on development investment calculated at the interest rate specified in the contract before the State Company has recovered the development investment incurred per unit of oil (gas) in the contract area: 2.16 Oil (gas) product price (Price of Crude Oil/Natural Gas) 2.16.1 Crude oil price (Price of Crude Oil/Natural Gas) (0il) Crude oil price refers to the prevailing price of long-term trade contracts for crude oil of similar quality in major oil fields in the world at that time, and is adjusted according to factors such as crude oil quality, delivery conditions, transportation, payment and other conditions, and is agreed upon by the State Council and the contracting parties in accordance with the procedures stipulated in the contract. It is the FOB price at the delivery point in China (in USD/m2). 2.16.2 Natural gas price (1'rice of Vatural Cas) Natural gas price - generally, determined by long-term sales contracts for natural gas (in USD/m2). 2.17 Cost Recovery Oil: 62.5% of the original annual total production plus the remaining part of the mining area usage fee. 2.18 Investment Recovery Oil: The remaining part of the cost recovery oil after the production fee is recovered: 2.19 Balance Oil: 32.5% of the annual total crude oil production plus the remaining investment recovery oil as described in Section 6.3.2c) of this standard. 2.20 Alloxable Remainder (il) The remaining oil multiplied by the share rate (X) applicable to each oil (gas) field in the Contract Area in that calendar year is the share oil. 2.21 Chinese Shared Oil (Chinesc Share il) The remaining portion after deducting the share rate, that is, the remaining oil multiplied by (1x): 2
2.22 Share Rate [Factar (X)]
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The proportion (%) of the remaining oil that can be used as share oil in that year is calculated based on the sliding step of the annual total oil (gas) production of the oil (gas) field in that year as stipulated in the Contract.
2.23 Internal Rate of Return (IRR - Intearmal Rate of Return) 2.24 Net Present Value (NPy-Net Present Value) Net Present Value refers to the sum of the present values of the net cash flows of each year in the calculation period discounted to the starting year of the evaluation period according to the company's benchmark rate of return. It is a dynamic evaluation indicator for examining the profitability of an investment. 2.25 Payback Period (Pt-FayOut Time) Payback period refers to the time required for net income to offset the investment. It is the main static evaluation indicator for examining the investment profitability of a project! Payback period (expressed in years) should generally be calculated from the start of construction. 2.26 Internal Rate of Return on Differential Investments (IRR of Differential Investments) The internal rate of return on differential investments is the discount rate when the sum of the present values of the differences in the net cash flows of each year of the two plans is equal to zero. 2.27 Net Present Value Rate (NPVR-Net Present Value Ratio) Net present value rate is the ratio of net present value to investment present value. The net present value rate indicates the excess net benefit obtained by the unit investment of the program. 3 Principles and implementation requirements of economic evaluation
3.1 Principles
Economic evaluation should follow the following basic principles: a) Economic benefits are the core;
1) The calculation of costs and benefits should be consistent; 2) The economic model of the standard contract for foreign cooperation in oil (gas) exploration and development of China National Offshore Oil Corporation should be adopted, and it should be modified according to the oil contract signed between the state-owned company and the contracting party; 3) Follow the principle of equal investment and mutual benefit; 4) Accurately calculate and analyze the investment benefits of the project and the investment parties, and pay attention to the sovereign interests of the resource-rich country.
3.2 Implementation requirements
Economic evaluation should be objective, accurate, reasonable, effective, and the specific requirements are as follows: Analysis method
A dynamic and static combined method with dynamic analysis as the main and static analysis as the auxiliary; 5) Calculation period
Includes the construction period and the production period. The construction period shall be determined according to the actual situation of the project, and the calculated production period shall not exceed 20 years; c) Determination of main parameters
The evaluation shall use the forecast price and main related parameters based on the domestic and international market prices at that time, such as oil price oil price change rate, input price and investment price change rate, etc.; d) Calculation currency
US dollar calculation currency:
) Calculation period unit
Year is the unit, and the year-end method is adopted;
Basic work
The collection, collation, calculation and analysis of basic data and economic parameters shall be carried out. The annual oil (gas) output, development investment, production operating fee, predicted oil (gas) price, project progress, etc. adopted shall be detailed and accurate, and repeated calculation, intentional expansion or reduction shall be avoided to avoid distortion of evaluation:
4 Fund raising
4.1 Exploration investment
4.1.1 The exploration investment shall be provided entirely by the contractor. SY/T10023.2—2000
4.1.2 Exploration investment that has occurred before the decision on oil (gas) field development project is made shall be regarded as sunk investment in the development project evaluation, that is, it shall not be treated as cash flow expenditure; however, in product distribution, the recovery of exploration investment shall be calculated as cash flow inflow. 4.1.3 Exploration investment that is expected to be incurred after the decision on oil (gas) field development project is made can be treated as cash flow expenditure in project evaluation. 4.1.4 If a full-process economic evaluation is required as a reference for project evaluation, the evaluation start year can be set as the year when exploration investment begins, and all exploration investment can be treated as cash flow expenditure.
4.2 Development investment
4.2.1 The development investment ratio in the oil (gas) field agreed upon by the state company and the contractor shall be provided by the state company and the contractor respectively.
4.2.2 If two or more projects share engineering facilities or are managed by a common management organization for project development, the investment in the shared facilities and the development investment in the public management fees of the organization shall be allocated to each project according to the sharing method agreed upon between the State Company and the contractor, and then the State Company and the contractor shall provide the funds in accordance with the development investment ratio between the State Company and the contractor in each different project. 4.3 Production and operation fees
4.3.1 The State Company and the contractor shall provide the funds in accordance with the development investment ratio between the State Company and the contractor in the oil (gas) field.
4.3.2 If two or more projects share engineering facilities or are managed by a common management organization for project production, the production and operation fees in the public management fees of the shared facilities and organizations shall be allocated to each project according to the sharing method agreed upon between the State Company and the contractor, and then the State Company and the contractor shall provide the funds in accordance with the development investment ratio between the State Company and the contractor in each different project. 4.4 Sharing of Exploration, Development and Production Expenses If the operating organization of an operator undertakes operations in several different contract areas at the same time or conducts exploration, development and production operations in several different contract areas at the same time, all direct investments in exploration, development and production shall be borne directly by the different exploration, development and production projects in the different contract areas; the common expenses incurred shall be shared among the different contract areas and then shared among the exploration, development and production projects in the different contract areas in accordance with the method agreed by both parties; and then provided by the State Company and the Contractor in accordance with the methods of 4.1, 4.2 and 4.3. 5 Cost Recovery
5.1 Exploration Investment
5.1.1 The exploration investment incurred by the Contractor for this Contract Area shall be recovered in the form of oil (gas) produced by any oil (gas) field in the Contract Area, converted into oil (gas) volume at the oil (gas) price. 5.1.2 If no oil (gas) field is developed and produced in the Contract Area, the exploration investment incurred by the Contractor shall be deemed as its loss. In any case, the State Company shall not reimburse the Contractor for such losses. 5.1.3 If there are two or more oil (gas) field development and production projects in the Contract Area, the State Company and the Contractor shall agree on whether or how to allocate the exploration investment made by the Contractor for the Contract Area between the projects. 5.1.4 The exploration investment shall be deemed as the Contractor's own capital investment and shall not be subject to interest when recovered. 5.2 Development Investment
5.2.1 The development investment made by the State Company and the Contractor for the oil (gas) field shall be recovered in the form of oil (gas) from the oil (gas) produced by the oil (gas) field after conversion into oil (gas) volume at the oil (gas) price. 5.2.2 The contract interest on the development investment shall be calculated when it is recovered and shall be recovered in the same manner as the development investment. The contract interest on the development investment shall be calculated at a fixed rate of 9% compounded annually from the first day of the month following the month on which the development investment of either party to the Contract is actually received in the bank account of the operator's joint account book (unless otherwise agreed by both parties) and shall be recorded in the joint account book on a monthly basis. The contract interest is calculated on the basis of 365 days per year, and the interest is compounded once every calendar year on December 31st according to the actual number of interest-bearing days. 5.3 Production and operation costs
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The production and operation costs incurred by the state-owned company and the contractor for the oil (gas) field are recovered in the form of oil (gas) after being converted into oil (gas) volume according to the oil (gas) price from the oil (gas) produced by the oil (gas) field. 6 Product distribution
The tax exemption, fee recovery and profit distribution of the cooperative oil (gas) field are all carried out in kind. In the economic evaluation, the cash flow calculation should be carried out after the physical object is converted into cash according to the price
The crude oil products of the oil field are distributed in the following order (unless otherwise stipulated in the oil contract). 6.1 Value-added tax
Pay in accordance with the relevant regulations of the government (see Appendix B). 6.2 Mining area royalties
shall be paid in accordance with the relevant regulations of the government (see Appendix B). 6.3 Cost recovery oil
Cost recovery oil shall be distributed in the following order:
a) First, the production and operation expenses actually incurred by both parties but not yet recovered shall be paid. The unrecovered production and operation expenses shall continue to be recovered in the next calendar year until they are fully recovered.
If the production and operation expenses incurred by the State Company and the Contractor for any oil field are not fully recovered on the date of the expiration of the production period stipulated in the contract, or on the date when both parties decide to abandon production, the loss shall be deemed as a loss, and each party shall bear the loss in accordance with its respective investment ratio. h) Investment recovery oil shall be distributed in the following order
1) First, it shall be paid to the Contractor to recover the exploration investment incurred by it for the contract area but not yet recovered. The exploration investment that has not been fully recovered shall continue to be recovered in the investment recovery oil in the subsequent calendar years until it is fully recovered; the remaining part of the investment recovery oil after the exploration investment incurred shall be recovered in proportion to the contract area incurred by the State Company 2) and the Contractor's development investment in the oil country that has not yet been recovered by the State Company and the Contractor and its contractual interest. The development investment and its contractual interest that have not been fully recovered shall continue to be recovered in the investment recovery oil in the subsequent calendar years until it is fully recovered.
If the development investment and contractual interest incurred by the State Corporation and the Contractor for any oil field have not been fully recovered on the date of the expiration of the production period stipulated in this Agreement or on the date when both parties decide to abandon production
, the unrecovered development investment and contractual interest incurred by the State Corporation and the Contractor for the oil field shall be deemed as losses, and the parties shall bear such losses in accordance with their respective investment proportions; 3) After the development investment and contractual interest of an oil field have been fully recovered, if there is still remaining investment recovery oil, the remaining part shall automatically become part of the balance oil.
6.4 The remaining oil
shall be divided into share oil and Chinese retained oil according to the share ratio (X) stipulated in the contract. The distribution shall be made in the following manner: a) Share oil, which shall be distributed in proportion to the development investment of the State Corporation and the Contractor in the oil field; h) Chinese retained oil, which shall belong to the Chinese government. 6.5 Others
There are a few additional explanations for the order and method of distribution of crude oil products of oil fields: a) The 1×10t crude oil produced and exported by each oil field before the start of commercial production shall also be distributed according to the above method; b) If the oil contract or the two parties to the cooperation have adjustment opinions on the terms and order of distribution of crude oil of a certain oil field that are inconsistent with the above method, the economic evaluation shall be revised according to the adjustment opinions agreed by both parties; c) The distribution method of crude oil products of oil fields can be applied to gas fields by analogy. 7 Calculation of corporate income tax
Cooperative oil (gas) field development projects are not taxpayers of corporate income tax. The project evaluation shall be calculated separately according to the project. The corporate income tax payable by the state-owned company and the contractor shall be calculated separately. The tax rate shall be implemented according to government regulations (see Appendix B). The tax amount is the taxable income multiplied by the corporate income tax rate. 7.1 Taxable income of the contractor
Taxable income of the contractor is the balance after deducting the tax deduction items of the contractor in Article 7.1.2 from the detailed income of the contractor in the taxable year as mentioned in Article 7.1.1. If the taxable income of the year is a negative value, it can be offset by the taxable income of the next year; if the taxable income of the next year is not offset, it can be offset over the next five years. 7.1.1 The taxable income of the contractor in the taxable year includes: recovery of exploration investment, collection of production operating expenses, recovery of development investment and contract interest, and share of oil. 7.1.2 The tax deductions of the contractor mainly include: a) The production operating expenses invested by the contractor in the current year are allowed to be deducted in the current year; b) The exploration investment invested by the contractor in the contract area is allowed to be amortized within a period of not less than one year after the oil (gas) field is put into production; d) The submerged exploration investment invested by the contractor in other contract areas can be amortized within a period of not less than one year during the production of the oil (gas) field, and the effective period for amortization of such submerged exploration investment is 10 years; d) The total investment of the contractor in project development can be amortized within six months after the oil (gas) field is put into production. Average depreciation for the year (straight-line method) No residual value is left when calculating the old: If there are special circumstances, the tax department will approve the use of other depreciation methods, and the approved method can be used to depreciate the development investment:
c) Other pre-tax deduction expenses, including expenses paid by the contract parties before the contract takes effect, such as contribution fees, signing fees, early research fees and training fees, etc. These expenses are not entered into the joint account book and cannot be collected by letter, but after review and confirmation by the tax department, they can be used to offset taxes: loan interest for development investment, if the development investment is made by Sichuan loans, the loan interest actually paid before the oil (gas) field is put into production is not capitalized, and the development investment is depreciated together; the loan interest that continues to be incurred after the oil (gas) field is put into production is regarded as the production cost of the year.It is treated as production operation cost, and the loan interest is generally not considered in economic evaluation. 7.2 The fictitious taxable income of the state principality is the balance after deducting the tax deduction items of the state company in 7.2.2 from the taxable income of the state principality in 7.2.1 below. If the taxable income of the year is negative, it can be offset by the taxable income of the next year: if the taxable income of the next year is insufficient to offset, it can be offset within five years. 7.2.1 The taxable year income of a household company includes: recovery of production operating expenses, recovery of development investment and contract interest, and share of oil. 7.2.2 The tax deductions of the state company mainly include: a) production operating expenses invested by the state company in the current year in accordance with 7.1.2a) of this standard; b) total investment in project development invested by the state company in accordance with 7.1.2d) of this standard; c) loan interest on development investment in accordance with 7.1.2) of this standard; d) other related exploration, research and other expenses. For example, if the state company spends other related exploration, research and other expenses for the oil (gas) field development project, the amortization method is negotiated by the state company and the tax department, and is generally not given separate consideration in the economic evaluation. 8 Cash flow calculation 8.1 Project cash flow calculation 8.1.1 Project cash flow is the annual total output value of oil (gas) output, that is, the annual total oil (gas) output multiplied by the oil (gas) price of the current year. 8.1.2 The cash outflow of the project includes: exploration investment expected to be incurred after the decision on the project development is made, project development investment, production operation fee, payable value-added tax, mining area royalties, oil retained by the Chinese side and corporate income tax payable by both parties. 6
8.1.3 Monthly net cash flow of the project
is the cash inflow of the project minus the cash outflow of the project. 8.2 Calculation of cash flow of contractors
8.2.1 Cash flow of contractors
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includes: exploration investment recovery, its share of pre-production operating fee recovery, development investment and contract interest collection, and profit sharing: 8.2.2 Cash outflow of contractors
includes: exploration investment expected to be incurred after the project development decision, its share of development investment and production operating fee payment, and its corporate income tax payment:
8.2.3 Net cash flow of contractors
is the cash inflow of contractors minus cash outflow. 8.3 Calculation of cash flow of state-owned companies
8.3.1 Cash flow of state-owned companies
includes: production operating fee recovery, development investment and contract interest collection, and profit sharing. 8.3.2 The cash outflow of the state company includes: its share of development investment and production operating fee payment, as well as its corporate income tax payable. 8.3.3 The net cash flow of the state company is the cash inflow of the state company minus the cash outflow. 8.4 The cash inflow of the government includes: value-added tax, mining area royalties, Chinese oil retention and corporate income tax paid by the state company and the contract. 9 Economic evaluation indicators and calculation methods The starting year of the economic evaluation of the development project is generally set at the beginning of the development investment. 9.1 Basic evaluation indicators 9.1.1 Internal rate of return (IRR) Its expression is: E(CI - GO), (1+ IRR)-\ =0
Wherein:
CF-cash inflow;
GO-cash outflow;
(CI(O),-net cash flow in the first year
n-calculation period.
In economic evaluation, the internal rate of return of the entire investment should be calculated. And the internal rate of return of the enterprise's investment should be compared with the enterprise's benchmark rate of return (1,). When IRR≥1, it is considered that the profitability of the project has met the minimum requirements and is economically feasible. 9.1.2 Net Present Value (NPV)
Its expression is:
Wherein:
le-benchmark rate of return
(GI-CO), ×(1+ 1,)
The items with MPV greater than or equal to zero are economically acceptable: 9.1.3 Payback period (Pr)
Its expression is:
Payback period (P) = [
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The number of years when the cumulative net cash flow
begins to appear positive
The absolute value of the cumulative net cash flow in the previous year
The net cash flow in the current year
(3)
In economic evaluation, the calculated payback period (Pr) is different from the enterprise's benchmark payback period (Pr). ) comparison, when P≤P, it indicates that the project investment can be completed within the expected time.
9.2 Auxiliary indicators
In addition to the above basic evaluation indicators, other auxiliary indicators can be considered according to the specific situation of the project. 10 Uncertainty analysis
In order to examine the reliability of the project's economic benefits and estimate the project's ability to bear risks, it is necessary to analyze the impact of uncertainty factors on the project's economic indicators.
10.1 Sensitivity analysis
Analyze the impact of these factors on the project's economic benefits by predicting the changes in the main factors affecting the project's cash flow. 10.1 .1 Determine the analysis index
According to the above economic evaluation method, such as internal rate of return, net present value, payback period and other indicators, select the internal rate of return or add other indicators to conduct sensitivity analysis according to the depth of economic evaluation and different requirements of the project. The oil (gas) production, oil (gas) price, development investment or other factors such as production operating expenses should be selected first. Sensitivity analysis does not consider force majeure factors such as natural disasters. 10.1.3 Analysis and calculation
For each selected sensitivity factor, analyze and calculate the sensitivity of each factor one by one. Calculate the corresponding economic index value under the assumption that the project increases or decreases by a certain percentage (such as 5%, 10%, 20% and 30%). (See A4 in Appendix A 10.1.4 Summary of analysis results
The calculation results should be expressed in the form of a table or graph, showing the rate of change of economic indicators with the change of sensitive factors, judging the sensitivity of the selected factors to the economic efficiency of the project, and determining the most sensitive factor 10.2 Critical value analysis
Calculate the values of output, price, investment and production operating costs when the internal rate of return of the project is the required critical value, respectively, to indicate the project's affordability.
11 Scheme comparison method
11.1 Scheme comparison method
The comparison of different investment schemes for the same project can adopt a variety of methods such as the differential investment internal rate of return method, the net present value method, the annual value method, the net present value rate method, the cost present value comparison method or the annual cost comparison method. 11.1.1 Internal rate of return on differential investment method
The expression is:
Z[(CI - CO)@ -(CI - CO), I×(1 + △IRR)- =0 Where:
△IRR is the internal rate of return on differential investment;
(CI-CO) is the net cash flow in the tth year of the plan with large investment;(CI-CO)u is the net cash flow in the tth year of the plan with small investment: n is the calculation period.
When comparing the plans, the internal rate of return on differential investment can be calculated according to the above method and compared with the benchmark rate of return. When △IRR≥benchmark rate of return, the plan with large investment is preferred. Otherwise, the plan with small investment will be the preferred plan. 81 The cash inflow of the project is the total annual output value of oil (gas), which is the total annual oil (gas) output multiplied by the oil (gas) price of the year. 8.1.2 The cash outflow of the project includes: the exploration investment that must be incurred after the project development decision is made, the project development investment, the production operation fee, the payable value-added tax, the mining area usage fee, the oil retained by the Chinese side, and the corporate income tax payable by both parties. 6
8.1.3 Monthly net cash flow of the project
is the cash inflow of the project minus the cash outflow of the project. 8.2 Calculation of cash flow of contractors
8.2.1 Cash flow of contractors
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includes: exploration investment recovery, its share of pre-production operating fee recovery, development investment and contract interest collection, and profit sharing: 8.2.2 Cash outflow of contractors
includes: exploration investment expected to be incurred after the project development decision, its share of development investment and production operating fee payment, and its corporate income tax payment:
8.2.3 Net cash flow of contractors
is the cash inflow of contractors minus cash outflow. 8.3 Calculation of cash flow of state-owned companies
8.3.1 Cash flow of state-owned companies
includes: production operating fee recovery, development investment and contract interest collection, and profit sharing. 8.3.2 The cash outflow of the state company includes: its share of development investment and production operating fee payment, as well as its corporate income tax payable. 8.3.3 The net cash flow of the state company is the cash inflow of the state company minus the cash outflow. 8.4 The cash inflow of the government includes: value-added tax, mining area royalties, Chinese oil retention and corporate income tax paid by the state company and the contract. 9 Economic evaluation indicators and calculation methods The starting year of the economic evaluation of the development project is generally set at the beginning of the development investment. 9.1 Basic evaluation indicators 9.1.1 Internal rate of return (IRR) Its expression is: E(CI - GO), (1+ IRR)-\ =0
Wherein:
CF-cash inflow;
GO-cash outflow;
(CI(O),-net cash flow in the first year
n-calculation period.
In economic evaluation, the internal rate of return of the entire investment should be calculated. And the internal rate of return of the enterprise's investment should be compared with the enterprise's benchmark rate of return (1,). When IRR≥1, it is considered that the profitability of the project has met the minimum requirements and is economically feasible. 9.1.2 Net Present Value (NPV)
Its expression is:
Wherein:
le-benchmark rate of return
(GI-CO), ×(1+ 1,)
The items with MPV greater than or equal to zero are economically acceptable: 9.1.3 Payback period (Pr)
Its expression is:
Payback period (P) = [
SY/T10023.2—2000
The number of years when the cumulative net cash flow
begins to appear positive
The absolute value of the cumulative net cash flow in the previous year
The net cash flow in the current year
(3)
In economic evaluation, the calculated payback period (Pr) is different from the enterprise's benchmark payback period (Pr). ) comparison, when P≤P, it indicates that the project investment can be completed within the expected time.
9.2 Auxiliary indicators
In addition to the above basic evaluation indicators, other auxiliary indicators can be considered according to the specific situation of the project. 10 Uncertainty analysis
In order to examine the reliability of the project's economic benefits and estimate the project's ability to bear risks, it is necessary to analyze the impact of uncertainty factors on the project's economic indicators.
10.1 Sensitivity analysis
Analyze the impact of these factors on the project's economic benefits by predicting the changes in the main factors affecting the project's cash flow. 10.1 .1 Determine the analysis index
According to the above economic evaluation method, such as internal rate of return, net present value, payback period and other indicators, select the internal rate of return or add other indicators to conduct sensitivity analysis according to the depth of economic evaluation and different requirements of the project. The oil (gas) production, oil (gas) price, development investment or other factors such as production operating expenses should be selected first. Sensitivity analysis does not consider force majeure factors such as natural disasters. 10.1.3 Analysis and calculation
For each selected sensitivity factor, analyze and calculate the sensitivity of each factor one by one. Calculate the corresponding economic index value under the assumption that the project increases or decreases by a certain percentage (such as 5%, 10%, 20% and 30%). (See A4 in Appendix A 10.1.4 Summary of analysis results
The calculation results should be expressed in the form of a table or graph, showing the rate of change of economic indicators with the change of sensitive factors, judging the sensitivity of the selected factors to the economic efficiency of the project, and determining the most sensitive factor 10.2 Critical value analysis
Calculate the values of output, price, investment and production operating costs when the internal rate of return of the project is the required critical value, respectively, to indicate the project's affordability.
11 Scheme comparison method
11.1 Scheme comparison method
The comparison of different investment schemes for the same project can adopt a variety of methods such as the differential investment internal rate of return method, the net present value method, the annual value method, the net present value rate method, the cost present value comparison method or the annual cost comparison method. 11.1.1 Internal rate of return on differential investment method
The expression is:
Z[(CI - CO)@ -(CI - CO), I×(1 + △IRR)- =0 Where:
△IRR is the internal rate of return on differential investment;
(CI-CO) is the net cash flow in the tth year of the plan with large investment;(CI-CO)u is the net cash flow in the tth year of the plan with small investment: n is the calculation period.
When comparing the plans, the internal rate of return on differential investment can be calculated according to the above method and compared with the benchmark rate of return. When △IRR≥benchmark rate of return, the plan with large investment is preferred. Otherwise, the plan with small investment will be the preferred plan. 81 The cash inflow of the project is the total annual output value of oil (gas), which is the total annual oil (gas) output multiplied by the oil (gas) price of the year. 8.1.2 The cash outflow of the project includes: the exploration investment that must be incurred after the project development decision is made, the project development investment, the production operation fee, the payable value-added tax, the mining area usage fee, the oil retained by the Chinese side, and the corporate income tax payable by both parties. 6
8.1.3 Monthly net cash flow of the project
is the cash inflow of the project minus the cash outflow of the project. 8.2 Calculation of cash flow of contractors
8.2.1 Cash flow of contractors
SY/T 10023.2—2000
includes: exploration investment recovery, its share of pre-production operating fee recovery, development investment and contract interest collection, and profit sharing: 8.2.2 Cash outflow of contractors
includes: exploration investment expected to be incurred after the project development decision, its share of development investment and production operating fee payment, and its corporate income tax payment:
8.2.3 Net cash flow of contractors
is the cash inflow of contractors minus cash outflow. 8.3 Calculation of cash flow of state-owned companies
8.3.1 Cash flow of state-owned companies
includes: production operating fee recovery, development investment and contract interest collection, and profit sharing. 8.3.2 The cash outflow of the state company includes: its share of development investment and production operating fee payment, as well as its corporate income tax payable. 8.3.3 The net cash flow of the state company is the cash inflow of the state company minus the cash outflow. 8.4 The cash inflow of the government includes: value-added tax, mining area royalties, Chinese oil retention and corporate income tax paid by the state company and the contract. 9 Economic evaluation indicators and calculation methods The starting year of the economic evaluation of the development project is generally set at the beginning of the development investment. 9.1 Basic evaluation indicators 9.1.1 Internal rate of return (IRR) Its expression is: E(CI - GO), (1+ IRR)-\ =0
Wherein:
CF-cash inflow;
GO-cash outflow;
(CI(O),-net cash flow in the first year
n-calculation period.
In economic evaluation, the internal rate of return of the entire investment should be calculated. And the internal rate of return of the enterprise's investment should be compared with the enterprise's benchmark rate of return (1,). When IRR≥1, it is considered that the profitability of the project has met the minimum requirements and is economically feasible. 9.1.2 Net Present Value (NPV)
Its expression is:
Wherein:
le-benchmark rate of return
(GI-CO), ×(1+ 1,)
The items with MPV greater than or equal to zero are economically acceptable: 9.1.3 Payback period (Pr)
Its expression is:
Payback period (P) = [
SY/T10023.2—2000
The number of years when the cumulative net cash flow
begins to appear positive
The absolute value of the cumulative net cash flow in the previous year
The net cash flow in the current year
(3)
In economic evaluation, the calculated payback period (Pr) is different from the enterprise's benchmark payback period (Pr). ) comparison, when P≤P, it indicates that the project investment can be completed within the expected time.
9.2 Auxiliary indicators
In addition to the above basic evaluation indicators, other auxiliary indicators can be considered according to the specific situation of the project. 10 Uncertainty analysis
In order to examine the reliability of the project's economic benefits and estimate the project's ability to bear risks, it is necessary to analyze the impact of uncertainty factors on the project's economic indicators.
10.1 Sensitivity analysis
Analyze the impact of these factors on the project's economic benefits by predicting the changes in the main factors affecting the project's cash flow. 10.1 .1 Determine the analysis index
According to the above economic evaluation method, such as internal rate of return, net present value, payback period and other indicators, select the internal rate of return or add other indicators to conduct sensitivity analysis according to the depth of economic evaluation and different requirements of the project. The oil (gas) production, oil (gas) price, development investment or other factors such as production operating expenses should be selected first. Sensitivity analysis does not consider force majeure factors such as natural disasters. 10.1.3 Analysis and calculation
For each selected sensitivity factor, analyze and calculate the sensitivity of each factor one by one. Calculate the corresponding economic index value under the assumption that the project increases or decreases by a certain percentage (such as 5%, 10%, 20% and 30%). (See A4 in Appendix A 10.1.4 Summary of analysis results
The calculation results should be expressed in the form of a table or graph, showing the rate of change of economic indicators with the change of sensitive factors, judging the sensitivity of the selected factors to the economic efficiency of the project, and determining the most sensitive factor 10.2 Critical value analysis
Calculate the values of output, price, investment and production operating costs when the internal rate of return of the project is the required critical value, respectively, to indicate the project's affordability.
11 Scheme comparison method
11.1 Scheme comparison method
The comparison of different investment schemes for the same project can adopt a variety of methods such as the differential investment internal rate of return method, the net present value method, the annual value method, the net present value rate method, the cost present value comparison method or the annual cost comparison method. 11.1.1 Internal rate of return on differential investment method
The expression is:
Z[(CI - CO)@ -(CI - CO), I×(1 + △IRR)- =0 Where:
△IRR is the internal rate of return on differential investment;
(CI-CO) is the net cash flow in the tth year of the plan with large investment;(CI-CO)u is the net cash flow in the tth year of the plan with small investment: n is the calculation period.
When comparing the plans, the internal rate of return on differential investment can be calculated according to the above method and compared with the benchmark rate of return. When △IRR≥benchmark rate of return, the plan with large investment is preferred. Otherwise, the plan with small investment will be the preferred plan. 8)
Projects with MPV greater than or equal to zero are economically viable: 9.1.3 Payback period (Pr)
Its expression is:
Payback period (P)=［
SY/T10023.2—2000
The number of years when the cumulative net cash flow
Starting number of positive values
The absolute value of the cumulative net cash flow in the previous year
The net cash flow in the current year
（3）
In economic evaluation, the calculated payback period (Pr) is compared with the company's benchmark payback period (Pr). When P≤Pr, it indicates that the project investment can be completed within the expected time.
9.2 Auxiliary indicators
In addition to the above basic evaluation indicators, other auxiliary indicators can be considered and added according to the specific circumstances of the project. 10 Uncertainty Analysis
In order to examine the reliability of the project's economic benefits and estimate the project's ability to bear risks, it is necessary to analyze the impact of uncertainty factors on the project's economic indicators.
10.1 Sensitivity Analysis
Analyze the impact of these factors on the project's economic benefits by predicting the changes in the main factors affecting the project's cash flow. 10.1.1 Determine the analysis indicators
According to the indicators calculated by the above economic evaluation method, such as internal rate of return, net present value, and investment payback period, according to the depth of economic evaluation and different requirements of the project, select the internal rate of return or add other indicators to conduct sensitivity analysis. 10.1.2 Select sensitivity factors
Oil (gas) production, oil (gas) price, development investment, or other factors such as production operating expenses should be selected as required. Sensitivity analysis does not consider force majeure factors such as natural disasters. 10.1.3 Analysis and calculation
For each selected sensitivity factor, calculate the corresponding economic indicator value according to the assumption that the single factor increases or decreases by a certain percentage (such as 5%, 10%, 20% and 30%, etc.). (See A410.1.4 Summary of analysis results
The calculation results should be presented in the form of tables or graphs, showing the rate of change of economic indicators with changes in sensitive factors, judging the sensitivity of the selected factors to the economic performance of the project, and determining the most sensitive factors. 10.2 Critical value analysis
Calculate the values of output, price, and investment and production operating costs when the project internal rate of return is the required critical value, respectively, to indicate the project's affordability.
11 Scheme comparison method
11.1 Scheme comparison method
The comparison of different investment schemes for the same project can adopt a variety of methods such as the differential investment internal rate of return method, the net present value method, the annual value method, the net present value rate method, the cost present value comparison method or the annual cost comparison method. 11.1.1 Differential investment internal rate of return method
The expression is:
Z[(CI - CO)@ -(CI - CO), I×(1 + △IRR)- =0 In the formula:
△IRR is the internal rate of return of the difference investment;
(CI-CO) is the net cash flow of the plan with large investment in the tth year; (CI-CO)u is the net cash flow of the plan with small investment in the tth year: n is the calculation period.
When comparing the plans, the internal rate of return of the difference investment can be calculated according to the above method and compared with the benchmark rate of return. When △IRR≥benchmark rate of return, the plan with large investment is preferred. Otherwise, the plan with small investment will be the preferred plan.)
Projects with MPV greater than or equal to zero are economically viable: 9.1.3 Payback period (Pr)
Its expression is:
Payback period (P)=［
SY/T10023.2—2000
The number of years when the cumulative net cash flow
Starting number of positive values
The absolute value of the cumulative net cash flow in the previous yearWww.bzxZ.net
The net cash flow in the current year
（3）
In economic evaluation, the calculated payback period (Pr) is compared with the company's benchmark payback period (Pr). When P≤Pr, it indicates that the project investment can be completed within the expected time.
9.2 Auxiliary indicators
In addition to the above basic evaluation indicators, other auxiliary indicators can be considered and added according to the specific circumstances of the project. 10 Uncertainty Analysis
In order to examine the reliability of the project's economic benefits and estimate the project's ability to bear risks, it is necessary to analyze the impact of uncertainty factors on the project's economic indicators.
10.1 Sensitivity Analysis
Analyze the impact of these factors on the project's economic benefits by predicting the changes in the main factors affecting the project's cash flow. 10.1.1 Determine the analysis indicators
According to the indicators calculated by the above economic evaluation method, such as internal rate of return, net present value, and investment payback period, according to the depth of economic evaluation and different requirements of the project, select the internal rate of return or add other indicators to conduct sensitivity analysis. 10.1.2 Select sensitivity factors
Oil (gas) production, oil (gas) price, development investment, or other factors such as production operating expenses should be selected as required. Sensitivity analysis does not consider force majeure factors such as natural disasters. 10.1.3 Analysis and calculation
For each selected sensitivity factor, calculate the corresponding economic indicator value according to the assumption that the single factor increases or decreases by a certain percentage (such as 5%, 10%, 20% and 30%, etc.). (See A410.1.4 Summary of analysis results
The calculation results should be presented in the form of tables or graphs, showing the rate of change of economic indicators with changes in sensitive factors, judging the sensitivity of the selected factors to the economic performance of the project, and determining the most sensitive factors. 10.2 Critical value analysis
Calculate the values of output, price, and investment and production operating costs when the project internal rate of return is the required critical value, respectively, to indicate the project's affordability.
11 Scheme comparison method
11.1 Scheme comparison method
The comparison of different investment schemes for the same project can adopt a variety of methods such as the differential investment internal rate of return method, the net present value method, the annual value method, the net present value rate method, the cost present value comparison method or the annual cost comparison method. 11.1.1 Differential investment internal rate of return method
The expression is:
Z[(CI - CO)@ -(CI - CO), I×(1 + △IRR)- =0 In the formula:
△IRR is the internal rate of return of the difference investment;
(CI-CO) is the net cash flow of the plan with large investment in the tth year; (CI-CO)u is the net cash flow of the plan with small investment in the tth year: n is the calculation period.
When comparing the plans, the internal rate of return of the difference investment can be calculated according to the above method and compared with the benchmark rate of return. When △IRR≥benchmark rate of return, the plan with large investment is preferred. Otherwise, the plan with small investment will be the preferred plan.
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