실물옵션을 적용한 인도네시아 CBM 사업의 경제성 평가

초록

Coalbed Mathane(CBM), which is the one of promising unconventional resources, is relatively freefrom the mal-distribution problem and has low technological requirements. Because of those reasons, Korean oiland gas companies have high interests for the CBM developments. Unlike the other natural gas development,a CBM project needs a lot of drilling activities and has a long development phase. Naturally, a CBM projecthas additional operational risks than the other oil and gas projects. Therefore, we introduced a real option modelin the feasibility study of a CBM project to consider those risks. A deferring option and abandoning option wereapplied for the CBM project in Kalimantan, Indonesia. As results, we could quantify the value of each optionand the value of abandoning option in development stage was bigger than that in production stage.

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