NDLI: Analysis of Environmental Bonding System for Oil and Gas Projects

Content Provider	Springer Nature Link
Author	Ferreira, Doneivan F. Suslick, Saul B. Moura, Paula C. S. S.
Copyright Year	2003
Abstract	This paper is concerned with potential financial impacts of different bonding instruments on oil and gas projects. An algorithm was prepared in order to assist decision makers, both regulators and industry, evaluate potential Net Present Value (NPV) impacts of financial instruments used to satisfy bonding requirements. Instrument option is the main variable for the proposed model. The user will be able to select between four instruments (Letters of Credit, Prepaid Collateral Closure Accounts, Leasing Specific Closure Accounts, and Ex-post Insurance Policies). This study includes simulations for three producing fields of different economically recoverable reserves (9 MMbbl, 53 MMbbl, and 148 MMbbl$^{5}$), where four financial instruments, in addition to a “no instrument” scenario, are tested under a proposed bonding regime. Sensitivity analysis of NPV and Government Take (GT) value indicate ex-post insurance policies and letters of credit cause fewer impacts yielding significantly better payoffs. Preliminary simulations also confirm that small projects, around 9 MMbbl, can be severely affected when collateral account instruments are used.
Starting Page	273
Ending Page	290
Page Count	18
File Format	PDF
ISSN	15207439
Journal	Natural Resources Research
Volume Number	12
Issue Number	4
e-ISSN	15738981
Language	English
Publisher	Kluwer Academic Publishers-Plenum Publishers
Publisher Date	2003-01-01
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economic Geology Hydrogeology Math. Applications in Geosciences Sedimentology
Content Type	Text
Resource Type	Article
Subject	Environmental Science

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