基于财务模拟分析的尼日利亚边缘油气田经济评估Economic_Evaluation_of_Nigerian_Marginal_Oil_and_Gas_Field_using_Financial_Simulation_Analysis.pdf

International Journal of Energy Economics and Policy ISSN: 2146-4553 available at http: International Journal of Energy Economics and Policy, 2016, 6(3), 563-574. Economic Evaluation of Nigerian Marginal Oil and Gas Field using Financial Simulation Analysis 1 2 Yusuf Opeyemi Akinwale *, John-Felix Kayode Akinbami 1Faculty of Economic Sciences and Information Technology, North West University, Vaal Triangle Campus, South Africa, 2Centre for Energy Research and Development, Obafemi Awolowo University, Ile-Ife, Nigeria. *Email: yemiiakinwale@ ABSTRACT Marginal oil and gas field could contribute immensely to wealth creation, employment generation and confidence in local oil firms if properly exploited by the indigenous firms. Despite the laudable marginal field initiative by the government, indigenous players still face challenges in exploiting these fields in Nigeria. This study evaluates the fiscal regime and the economic factors that could be hindering oil field development among the indigenous oil firms. The result of the financial cash flow modelling found that the marginal oil field’s project is viable with post-tax net present value (NPV) and expected monetary value above $29 million. The petroleum profit tax, royalty and crude oil price have more impacts on the field’s NPV. The study suggests a periodic assessment of the fiscal regime and appropriate policy by the government to encourage the local players in developing the marginal oil field. Keywords: Indigenous, Marginal Oil and Gas Field, Financial Simulation, Government JEL Classifications: F38, Q47 1. INTRODUCTION