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Educational Programme
Final Grade
Year of Graduation
Ekaterina Litovchenko
Restructuring of Oil and Gas Projects in the Changing Environment of the Modern World (The Example of Upstream of the Middle East Contries)
World Economy
(Master’s programme)
This paper is devoted to the challenging questions of implementing risk analysis in the oil and gas projects valuation and minimization of risks influence on the value of these projects.

Wide range of risks evolving during the realization of oil and gas projects as well as their peculiarities were examined.

Crucial risks that influenced oil and gas sector during last two years were observed. Paper gives a selection of projects which realization has been ceased due to aforementioned risks.

The effectiveness of three ways to consider risks while implementing oil and gas projects was analyzed. These ways are to use real options model, to use production sharing agreements and to follow the learning curve.

The use of real options and PSA was tested on the actual upstream oil project of Lukoil-Overseas in Kazakhstan. The value of project in the original conditions was compared with the value of project restructured to PSA and with the value of project in case when the company has an option to postpone or to stop the realization of project.

Valuation results show both opportunities and limitations of methods being observed and demonstrate the importance of being flexible for investor while taking decisions about oil and gas project implementation.

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