• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
For visually-impairedUser profile (HSE staff only)Search

Real Options in Value Chains of the Oil and Gas Company (on the Example of Royal Dutch Shell - BG Group Acquisition Deal)

Student: Anna Kulik

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Year of Graduation: 2020

The oil and gas industry is under pressure due to the sustainable amount of different uncertainties and companies in this segment have to make decisions under these conditions. Application of real options can provide managers with the opportunity to consider different scenarios and risks, and to take them into account for strategic management decision-making. Therefore, this research is conducted to implement real options in value chains of oil and gas companies. To be more specific, mergers and acquisitions will be considered as real options. The Cox-Ross-Rubinstein model of real options valuation will be used to estimate the efficiency of these deals. For this research, the acquisition deal between Royal Dutch Shell and BG Group is chosen, because this deal allows Shell to expand its participation in global value chains. In this paper, the deal is entirely associated with the oil and gas market. That is why all results could be used for any other deal in this industry. Keywords: global value chains, real options, mergers and acquisitions, project valuation, oil and gas industry.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses