Investigating and Proposing Effective Methods for Investment and Financing in Iran’s Oil Production

Document Type : Research Article

Authors

1 Associate Professor, Department of Energy Economics and Management,, Faculty of Petroleum, Petroleum University Of Technology, Tehran, Iran

2 PhD Student of International Oil and Gas Contract Management, Department of Energy Economics, Faculty of Islamic Studies and Economics, Imam Sadiq University, Tehran, Iran.

https://dx.doi.org/10.22084/aes.2024.28360.3635

Abstract

In order to protect the oil and gas reservoirs and compensate for the decrease in their annual production level, maintenance and increase projects are defined and implemented. Providing the necessary financial resources for these projects will maintain the level of production and, accordingly, oil revenues, as well as providing the energy needed by the country. The conventional way of financing oil industry projects is through internal company resources and investment. In recent years, due to the inadequacy of the internal financial resources of the company and the restrictions caused by the imposition of oppressive sanctions against the country, various financing methods have been proposed and used for upstream oil projects. The purpose of this research is to choose the optimal method of investment and financing of maintenance and production increase projects among the available methods. For this purpose, after forming a panel of experts and identifying the methods that can be used to finance the studied projects, using the method of content analysis, the criteria for choosing the appropriate financing method were identified, and then weighting and ranking of the financing methods were carried out using the best and worst criteria and TOPSIS methods. From the total of eight criteria identified in this research, the risk-taking of the provider of financial resources, the adaptation of the repayment time to the outgoing cash flow and the flexibility of accepting guarantees in the order of the highest relative weights and criteria of the investment horizon, the adaptation of the payment time of financial resources to the construction period of the project, the access time to resources Finance, the amount of finance that can be provided, and the cost of financing had lower relative weights in order. Finally, among the sources identified for financing projects to maintain and increase the production of oil and gas fields, providing financial resources through the project fund, internal resources of the company and Sukuk bonds, respectively, as the best methods, and the national development fund and bank loans are the next priorities.

Keywords

References

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Journal of Applied Economics Studies in Iran
Volume 13, Issue 49
May 2024
Pages 73-98

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