评估石油储量价值的期权方法

现有的以现金流为主的评价方法既难以满足石油储量估价方面商业操作的需要，也不能完整反映决策过程状态。采用期权定价理论研究评估石油储量价值的问题，在分析勘探期权、开发期权和生产期权的价格决定 因素的基础上，通过描述特定标的资产价格行为过程，基于无套利均衡条件，得到开发储量期权价格的偏微分方程。可以采用数值注解该偏移微分方程，从而定量评估储量价值。

The option method for evaluating the value of petroleum reserves

Petroleum reserves can be seen as call options from which the holder of options has the right but not obligation to acquire the reserves in a specified time. The author of this paper describes the option characteristics of oil reserves, classifies the oil reserve options into three sequential options (i.e. exploration option, development option and production option), and discusses the determinants of the option prices. After the stochastic diffusion process of underlying assets was assumed, the partial differential equation which determines the value of the developed petroleum reserves is created with the no-arbitrary equilibrium circumstance. The finite-difference approach is used for the nonanalytical solutions of the model.