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DOI | 10.1016/j.enpol.2017.01.003 |
On the rate of return and risk factors to international oil companies in Iran's buy-back service contracts | |
Ghandi, Abbas1; Lawell, C. -Y. Cynthia Lin2 | |
2017-04-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 103 |
文章类型 | Article |
语种 | 英语 |
国家 | USA |
英文摘要 | We analyze the rate of return (ROR) and risk factors faced by Shell Exploration, an international oil company (IOC), in its Soroosh and Nowrooz buy-back service contract in Iran. In particular, based on our models of cash flow, we analyze the buy-back contract specific risk factors that can contribute to a reduction in the rate of return for the international oil company. Our cash flow models resemble the cash flow of buy-back service contracts before the Iranian government changed the way it determined the capital cost ceiling and pre-defined the oil price in these contracts in 2008-2009. Our actual and contractual cash flow models reveal that Shell Exploration's actual ROR was much lower than the contractual level. Furthermore, we find that among the risk factors that we considered, a capital cost overrun has the greatest negative effect on the IOC's ROR. Moreover, we show that there is a potential for modifying the contracts in order for the IOC to face an actual ROR closer to the contractual ROR even if the contract faces cost overrun or delay, without exceeding the maximum contractual ROR that the National Iranian Oil Company is willing to give. |
英文关键词 | Rate of return Risk factors Iran' s buy-back service contract |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000397356000002 |
WOS关键词 | BUYBACK |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18569 |
专题 | 气候变化 |
作者单位 | 1.MIT, Cambridge, MA 02139 USA; 2.Univ Calif Davis, Davis, CA USA |
推荐引用方式 GB/T 7714 | Ghandi, Abbas,Lawell, C. -Y. Cynthia Lin. On the rate of return and risk factors to international oil companies in Iran's buy-back service contracts[J]. ENERGY POLICY,2017,103. |
APA | Ghandi, Abbas,&Lawell, C. -Y. Cynthia Lin.(2017).On the rate of return and risk factors to international oil companies in Iran's buy-back service contracts.ENERGY POLICY,103. |
MLA | Ghandi, Abbas,et al."On the rate of return and risk factors to international oil companies in Iran's buy-back service contracts".ENERGY POLICY 103(2017). |
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