{"id":"https://openalex.org/W799005682","doi":"https://doi.org/10.1080/0013791x.2015.1045647","title":"Oil and Gas Exploration Valuation and the Value of Waiting","display_name":"Oil and Gas Exploration Valuation and the Value of Waiting","publication_year":2015,"publication_date":"2015-05-05","ids":{"openalex":"https://openalex.org/W799005682","doi":"https://doi.org/10.1080/0013791x.2015.1045647","mag":"799005682"},"language":"en","primary_location":{"id":"doi:10.1080/0013791x.2015.1045647","doi":"https://doi.org/10.1080/0013791x.2015.1045647","is_oa":false,"landing_page_url":"https://doi.org/10.1080/0013791x.2015.1045647","pdf_url":null,"source":{"id":"https://openalex.org/S51113653","display_name":"The Engineering Economist","issn_l":"0013-791X","issn":["0013-791X","1547-2701"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Engineering Economist","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5033745552","display_name":"Babak Jafarizadeh","orcid":"https://orcid.org/0000-0001-9811-0715","observed_orcids":["https://orcid.org/0000-0001-9811-0715"]},"institutions":[{"id":"https://openalex.org/I49324905","display_name":"Equinor (Norway)","ror":"https://ror.org/017mte255","country_code":"NO","type":"company","lineage":["https://openalex.org/I49324905"]}],"countries":["NO"],"is_corresponding":true,"raw_author_name":"Babak Jafarizadeh","raw_affiliation_strings":["Statoil, Stavanger, Norway"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Statoil, Stavanger, Norway","institution_ids":["https://openalex.org/I49324905"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5077092071","display_name":"Reidar B. Bratvold","orcid":"https://orcid.org/0000-0002-8121-6422","observed_orcids":["https://orcid.org/0000-0002-8121-6422"]},"institutions":[{"id":"https://openalex.org/I92008406","display_name":"University of Stavanger","ror":"https://ror.org/02qte9q33","country_code":"NO","type":"education","lineage":["https://openalex.org/I92008406"]}],"countries":["NO"],"is_corresponding":false,"raw_author_name":"Reidar Brumer Bratvold","raw_affiliation_strings":["University of Stavanger, Stavanger, Norway"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Stavanger, Stavanger, Norway","institution_ids":["https://openalex.org/I92008406"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5033745552"],"corresponding_institution_ids":["https://openalex.org/I49324905"],"apc_list":null,"apc_paid":null,"fwci":0.6367,"has_fulltext":false,"cited_by_count":26,"citation_normalized_percentile":{"value":0.7792802,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"60","issue":"4","first_page":"245","last_page":"262"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/petroleum-exploration","display_name":"petroleum exploration","score":0.9399999976158142},{"id":"https://openalex.org/keywords/value-of-waiting","display_name":"value of waiting","score":0.9020000100135803},{"id":"https://openalex.org/keywords/real-options","display_name":"real options","score":0.9300000071525574},{"id":"https://openalex.org/keywords/least-squares-monte-carlo","display_name":"least squares Monte Carlo","score":0.7799999713897705},{"id":"https://openalex.org/keywords/oil-price-uncertainty","display_name":"oil price uncertainty","score":0.593999981880188},{"id":"https://openalex.org/keywords/project-valuation","display_name":"project valuation","score":0.5329999923706055}],"concepts":[{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.8050891160964966},{"id":"https://openalex.org/C19499675","wikidata":"https://www.wikidata.org/wiki/Q232207","display_name":"Monte Carlo method","level":2,"score":0.6119747757911682},{"id":"https://openalex.org/C194483076","wikidata":"https://www.wikidata.org/wiki/Q380382","display_name":"Valuation of options","level":2,"score":0.5538536310195923},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5446687340736389},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5151563882827759},{"id":"https://openalex.org/C2781014177","wikidata":"https://www.wikidata.org/wiki/Q455422","display_name":"Discounted cash flow","level":3,"score":0.4612814784049988},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.44517287611961365},{"id":"https://openalex.org/C2780365114","wikidata":"https://www.wikidata.org/wiki/Q169478","display_name":"MATLAB","level":2,"score":0.4348599314689636},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.1550348699092865},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.15413713455200195},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.14847519993782043},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1080/0013791x.2015.1045647","doi":"https://doi.org/10.1080/0013791x.2015.1045647","is_oa":false,"landing_page_url":"https://doi.org/10.1080/0013791x.2015.1045647","pdf_url":null,"source":{"id":"https://openalex.org/S51113653","display_name":"The Engineering Economist","issn_l":"0013-791X","issn":["0013-791X","1547-2701"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Engineering Economist","raw_type":"journal-article"},{"id":"pmh:oai:gala.gre.ac.uk:19124","doi":null,"is_oa":false,"landing_page_url":"http://gala.gre.ac.uk/19124/1/19124%20JAFARIZADEH_Oil_and_Gas_Exploration_2015.pdf","pdf_url":"http://gala.gre.ac.uk/19124/1/19124%20JAFARIZADEH_Oil_and_Gas_Exploration_2015.pdf","source":{"id":"https://openalex.org/S4306401244","display_name":"Greenwich Academic Literature Archive (University of Greenwich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I55060895","host_organization_name":"University of Greenwich","host_organization_lineage":["https://openalex.org/I55060895"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:gala.gre.ac.uk:20120","doi":null,"is_oa":false,"landing_page_url":"http://gala.gre.ac.uk/20120/7/20120%20JAFARIZADEH_Oil_and_Gas_Exploration_2015.pdf","pdf_url":"http://gala.gre.ac.uk/20120/7/20120%20JAFARIZADEH_Oil_and_Gas_Exploration_2015.pdf","source":{"id":"https://openalex.org/S4306401244","display_name":"Greenwich Academic Literature Archive (University of Greenwich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I55060895","host_organization_name":"University of Greenwich","host_organization_lineage":["https://openalex.org/I55060895"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:RePEc:taf:uteexx:v:60:y:2015:i:4:p:245-262","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/0013791X.2015.1045647","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/9","score":0.6299999952316284,"display_name":"Industry, innovation and infrastructure"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":23,"referenced_works":["https://openalex.org/W659384096","https://openalex.org/W1602773783","https://openalex.org/W1989671390","https://openalex.org/W1995503011","https://openalex.org/W2009439696","https://openalex.org/W2020041898","https://openalex.org/W2023695648","https://openalex.org/W2040121361","https://openalex.org/W2042417987","https://openalex.org/W2044613220","https://openalex.org/W2054947075","https://openalex.org/W2059757952","https://openalex.org/W2072274284","https://openalex.org/W2077441682","https://openalex.org/W2082813923","https://openalex.org/W2101723221","https://openalex.org/W2124185870","https://openalex.org/W2126311658","https://openalex.org/W2141209339","https://openalex.org/W2145224101","https://openalex.org/W2150181906","https://openalex.org/W2163722560","https://openalex.org/W4365787967"],"related_works":["https://openalex.org/W2385839573","https://openalex.org/W2465005261","https://openalex.org/W1989671390","https://openalex.org/W4417131147","https://openalex.org/W2095081163","https://openalex.org/W2370668625","https://openalex.org/W7125685172","https://openalex.org/W7096333289","https://openalex.org/W2766197341","https://openalex.org/W7163919652"],"abstract_inverted_index":{"The":[0,70,85],"timing":[1],"flexibility":[2],"of":[3,21,43,56,95],"investments":[4],"in":[5,23,72,92],"oil":[6,45],"and":[7,26,46,68,98,108],"gas":[8,47],"assets":[9],"can":[10,101],"potentially":[11],"add":[12],"value.":[13],"In":[14],"this":[15],"article,":[16],"we":[17],"examine":[18],"the":[19,41,44,54,57,73,89,93,112],"value":[20,55],"waiting":[22],"exploration":[24],"projects":[25,63],"propose":[27],"a":[28,50,80],"real":[29],"option\u2013based":[30],"valuation":[31,90],"method":[32,91],"using":[33,79,111],"least-squares":[34],"Monte":[35],"Carlo":[36],"simulation.":[37],"We":[38],"show":[39],"that":[40,100],"dynamics":[42],"prices":[48],"have":[49],"large":[51],"impact":[52],"on":[53],"option":[58],"to":[59],"wait,":[60],"especially":[61],"for":[62],"with":[64],"long":[65],"lead":[66],"times":[67],"durations.":[69],"uncertainty":[71],"forward":[74],"price":[75,83],"curve":[76],"is":[77],"modeled":[78],"two-factor":[81],"stochastic":[82],"process.":[84],"article":[86],"also":[87],"presents":[88],"form":[94],"MATLAB":[96],"functions":[97],"routines":[99],"be":[102],"used":[103],"as":[104],"an":[105],"efficient":[106],"test":[107],"analysis":[109],"platform":[110],"industry-standard":[113],"input":[114],"formats.":[115]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
