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Discount Rate = 10%
Oil Price = 390 NOK/bbl
Gas Price = 1,25
Oil Tari Price Price = 9 NOK/bbl
Gas Tari Price = 0,3
!ear
Pro" Oil Pro" Gas #n$estent
&'ill( bbl) &'ill( NOK)
1 0,00 0,00 0 13
2 0,00 0,00 0 10
3 40,00 4,00 20.6 0
4 30,00 3,00 15.45 0
5 20,00 2,00 10.3 0
6 10,00 1,00 5.15 0
Oil Price = 390 NOK/bbl
Gas Price = 1,25
Oil Tari Price Price = 9 NOK/bblGas Tari Price = 0,3
!ear
Pro" Oil Pro" Gas #n$estent
&'ill( bbl) &'ill( NOK)
1 0,00 0,00 0 13
1(
*n in$estent +roect is "eine" b- t.e "ata set belo( T.e oil +rice is 5,0 D/bbl anto +a- a tari eual to 1,5 D, an" or eac. 3 as t.at is +ro"uce" an" sol" it is necessarin"e8 &P#) o t.e +roect at 10 % "iscount rate( &1,0 D = ,0 NOK)(
NOK/3
NOK/3
Gross #ncoe &ill(NOK)&bill( 3)
Net Present 7alue = 2(09,99 'ill( NOK
Proitabilit- #n"e8 &P#) = NP7 / P7 &6a+e8) = 2(09,99/20(0:2, = 0(10
6alculate t.e internal rate o return &#RR) o t.e +roect(
NOK/3
NOK/3
Gross #ncoe &ill(NOK)&bill( 3)
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2 0,00 0,00 0 10
3 40,00 4,00 20.6 0
4 30,00 3,00 15.45 0
5 20,00 2,00 10.3 0
6 10,00 1,00 5.15 0
Oil Tari Price Price = 9 NOK/bbl
Gas Tari Price = 0,3
!ear 1 !ear 2 !ear 3 !ear
Investment (Mill. NOK) 13 10 0 0
Operating costs (mill. NOK) 0 0 4 3
0 0 40 30
4 3
!ear
Pro" Oil Pro" Gas #n$estent
&'ill( bbl) &'ill( NOK)
1 0,00 0,00 0 13
2 0,00 0,00 0 10
3 0,00 0,00 0 0
4 0,00 0,00 0 0
5 0,00 0,00 0 0
6 0,00 0,00 0 0
40,00 4,00 20.6 0
! 30,00 3,00 15.45 0
" 20,00 2,00 10.3 0
10 10,00 1,00 5.15 0
&costs an" +ro"uction) is "ela-e" b- -ears
#nternal Rate o Retur= :(;5%
cross check
Pro" Oil Pro" Gas #n$estent
NOK/3
3( <.at are t.e conseuences or t.e +roects net +resent $alue an" intern
#ales vol$me o% oil (106 &&l)
#ales vol$me o% gas (10" #m3)
Gross #ncoe &ill(NOK)&bill( 3)
Net Present 7alue = ?1(2; 'ill( NOK
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!ear &'ill( bbl) &'ill( NOK)
1 0,00 0,00 0 13
2 0,00 0,00 0 10
3 0,00 0,00 0 0
4 0,00 0,00 0 0
5 0,00 0,00 0 0
6 0,00 0,00 0 0
40,00 4,00 20.6 0
! 30,00 3,00 15.45 0
" 20,00 2,00 10.3 0
10 10,00 1,00 5.15 0
Gross #ncoe &ill(NOK)&bill( 3)
8/9/2019 npv ofd
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O+eratin 6osts 6as. 4lo 6uulati$e 6as. 4lo Pre Ta8 NP7
&'ill( NOK) &'ill( NOK) &'ill( NOK)
0 '13.00 '13 '11.!2
0 '10.00 '23.00 '!.26
5.56 15.04 '."6 11.30
5.1 10.2! 2.32 .02
4.! 5.52 .!4 3.43
4.3" 0.6 !.60 0.43
NPV $2.095
IRR 14.929%
IRR 14.929%
O+eratin 6osts 6as. 4lo 6uulati$e 6as. 4lo Pre Ta8 NP7
&'ill( NOK) &'ill( NOK) &Non?Discounte") ? 'ill( NOK &'ill( NOK)
0 '13.00 '13.00 ?11(31
t.e as +rice is 1,25 NOK/3( 4or eac. bbl o oil t.at is +ro"uce" an" soto +a- a tari eual to 0,3 NOK( 6alculate t.e net +resent $alue &NP7) an"
&Non?Discounte") ? 'ill(NOK
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0 '10.00 '23.00 ?;(5;
5.56 15.04 '."6 9(91
5.1 10.2! 2.32 5(:9
4.! 5.52 .!4 2(;5
4.3" 0.6 !.60 0(33
!ear 5 !ear
0 0
2.5 2.5
20 10
2 1
O+eratin 6osts 6as. 4lo 6uulati$e 6as. 4lo Pre Ta8 NP7
&'ill( NOK) &'ill( NOK) &Non?Discounte") ? 'ill( NOK &'ill( NOK)
0 '13.00 '13.00 '11.!2
0 '10.00 '23.00 '!.26
0 0.00 '23.00 0.00
0 0.00 '23.00 0.00
0 0.00 '23.00 0.00
0 0.00 '23.00 0.00
4 16.60 '6.40 !.52
3 12.45 6.05 5.!1
2.5 .!0 13.!5 3.31
2.5 2.65 16.50 1.02
NPV= ($1.427)
IRR= Err:523
O+eratin 6osts 6as. 4lo 6uulati$e 6as. 4lo Pre Ta8 NP7
l rate o return i t.e .ole +roect &costs an" +ro"uction) is "ela-e" b- -
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&'ill( NOK) &'ill( NOK) &Non?Discounte") ? 'ill( NOK &'ill( NOK)
0 '13.00 '13.00 rr523
0 '10.00 '23.00 rr523
0 0.00 '23.00 rr523
0 0.00 '23.00 rr523
0 0.00 '23.00 rr523
0 0.00 '23.00 rr523
4 16.60 '6.40 rr523
3 12.45 6.05 rr523
2.5 .!0 13.!5 rr523
2.5 2.65 16.50 rr523
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&'ill( NOK)
'11.!2
'20.0!
'!.!
'1.6
1.6
2.0"5
&'ill( NOK)
?11(31
l" it is necessar-t.e +roitabilit-
6uulati$e Pre Ta8NP7
6uulati$e Pre Ta8NP7
8/9/2019 npv ofd
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?1:(::
?:(9;
?3(0:
?0(33
0(00
6uulati$e Pre Ta8 NP7
&'ill( NOK)
'11.!2
'20.0!
'20.0!
'20.0!
'20.0!
'20.0!
'11.56
'5.6
'2.45
'1.42
6uulati$e Pre Ta8 NP7
ars>
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&'ill( NOK)
rr523
rr523
rr523
rr523
rr523
rr523
rr523
rr523
rr523
rr523
8/9/2019 npv ofd
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Internal Rate of Return(IRR)= 34.2%
Year
1 1327.8
2 1770.4
3 1327.8 500
4 500
5 500
6 500
7 500
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
SUM 4426 2500
2!521.14 1!125.70
"a#$l$t$e (Pl!"or#&'se Rsers
E*+or! ,s!e#s-/e#e! Is&rce)&ot
'r$ll$n an #o*+let$on&ot
8/9/2019 npv ofd
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,+erat$n &ot ,$l tar$- a tar$- ,$l $n#o*e
10 21.0 412.13 32.40 15.3 210.00
10 34.25 53.49 51.38 24.78 3425.00
10 34.25 53.49 51.38 24.78 3425.00
10 34.25 53.49 51.38 24.78 3425.00
10 29.93 571.0 44.90 21.5 2993.00
10 23.94 45.85 35.92 17.32 2394.40
10 19.1 35.48 28.73 13.8 1915.52
10 15.32 292.38 22.99 11.09 1532.42
10 12.2 233.91 18.39 8.87 1225.93
10 9.81 187.13 14.71 7.09 980.75
10 7.85 149.70 11.77 5.8 784.0
10 .28 119.7 9.42 4.54 27.8
10 5.02 95.81 7.53 3.3 502.14
10 4.02 7.5 .03 2.91 401.71
10 3.21 1.32 4.82 2.32 321.37
10 2.57 49.05 3.8 1.8 257.10
10 2.0 39.24 3.09 1.49 205.8
10 1.5 31.39 2.47 1.19 14.54
10 1.32 25.12 1.97 0.95 131.3
10 1.05 20.09 1.58 0.7 105.31
10 0.84 1.07 1.2 0.1 84.25
3360 270.63 5163.62 405.95 195.78 27063.02
466.60 115.24 55.58 7!682.94
M$l //l ,$lrou#t$on
M$l S*3a
rou#t$on
8/9/2019 npv ofd
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&u*ulat$e
1327.8 0.75 989.42 989.42
1770.4 0.5 982.74 1972.15
1827.8 0.41 755.92 2728.08
15.2 108.23 0.31 495.54 2232.54
247.77 293.2 0.23 74.1 1558.38
247.77 293.2 0.17 502.28 105.10
247.77 293.2 0.13 374.22 81.88
21.52 299.28 0.09 284.48 397.40
173.22 235.03 0.07 17.29 230.11
138.57 180.02 0.05 98.03 132.08
110.8 145.02 0.04 57.17 74.91
88.9 1132.81 0.03 33.14 41.77
70.95 874.25 0.02 19.0 22.72
5.7 7.40 0.02 10.84 11.88
45.41 501.92 0.01 .07 5.81
3.33 39.54 0.01 3.33 2.48
29.0 23.3 0.01 1.77 0.71
23.25 178.90 0.01 0.90 0.19
18.0 111.12 0.00 0.41 0.0
14.88 5.90 0.00 0.1 0.7
11.90 13.52 0.00 0.03 0.79
9.52 21.19 0.00 0.03 0.7
7.2 48.95 0.00 0.0 0.70
.09 71.38 0.00 0.57 0
1957.79 17597.9 0
555.80 0 1
a$n#o*e
&a "lo '$#ountfa#tor
reentalue
8/9/2019 npv ofd
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s l R!o (R) 120.00 #3#3
Prce o" l 100.00 6''l
Prce o" s 10.00 6##'!&
l s Pro&c!o Prole "ro# se 1 o" E*ercse 1 r "or l !rs+or!!o 1.50 6''l
r "or /s !rs+or!!o 1.00 6##'!&
6sco&! r!e 7%
Year
1 1327.8 0
2 1770.4 0
3 1327.8 5004 500
5 500
6 500
7 500
8
9
10
11
12
1314
15
16
17
18
19
20
21
22
2324
SUM 4426 2500
3871 2050
B-E-P = [PV(CAPEX)+PV(OPE
"a#$l$t$e (Pl!"or#&'se Rsers
E*+or! ,s!e#s-/e#e! Is&rce)&ot
'r$ll$n an#o*+let$on &ot
et reentalue
8/9/2019 npv ofd
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= 40.68453 US'//l
8/9/2019 npv ofd
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,+erat$n &ot ,$l tar$- a tar$- ,$l $n#o*e
0
0
010 21.0 412.13 32.40 15.3 878.79
10 34.25 53.49 51.38 24.78 1393.45
10 34.25 53.49 51.38 24.78 1393.45
10 34.25 53.49 51.38 24.78 1393.45
10 29.93 571.0 44.90 21.5 1217.9
10 23.94 45.85 35.92 17.32 974.15
10 19.1 35.48 28.73 13.8 779.32
10 15.32 292.38 22.99 11.09 23.4
10 12.2 233.91 18.39 8.87 498.77
10 9.81 187.13 14.71 7.09 399.0110 7.85 149.70 11.77 5.8 319.21
10 .28 119.7 9.42 4.54 255.37
10 5.02 95.81 7.53 3.3 204.29
10 4.02 7.5 .03 2.91 13.44
10 3.21 1.32 4.82 2.32 130.75
10 2.57 49.05 3.8 1.8 104.0
10 2.0 39.24 3.09 1.49 83.8
10 1.5 31.39 2.47 1.19 .94
10 1.32 25.12 1.97 0.95 53.55
10 1.05 20.09 1.58 0.7 42.8410 0.84 1.07 1.2 0.1 34.27
3360 270.63 5163.62 405.95 195.78 11010.46
1734 188.16 282.23 136.11 7!655.00
)] /PV (Volume)
M$l //l ,$lrou#t$on
M$l S*3a
rou#t$on
8/9/2019 npv ofd
http://slidepdf.com/reader/full/npv-ofd 16/24
8/9/2019 npv ofd
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1327.8 0.93 1240.93 1240.93
1770.4 0.87 154.34 2787.27
1827.8 0.82 1492.03 4279.3015.2 327.02 0.7 249.48 4029.82
247.77 905.0 0.71 45.30 3384.52
247.77 905.0 0.7 03.08 2781.44
247.77 905.0 0.2 53.3 2217.81
21.52 1207. 0.58 702.87 1514.94
173.22 934.13 0.54 508.10 100.84
138.57 715.30 0.51 33.2 43.21
110.8 540.24 0.48 25.7 38.55
88.9 400.19 0.44 177.9 208.8
70.95 288.15 0.41 119.57 89.285.7 198.52 0.39 7.99 12.29
45.41 12.82 0.3 45.97 33.7
3.33 9.4 0.34 23.53 57.20
29.0 23.5 0.32 7.4 4.
23.25 13.15 0.30 3.89 0.77
18.0 42.52 0.28 11.7 49.01
14.88 .02 0.2 17.0 31.95
11.90 84.81 0.24 20.48 11.47
9.52 99.85 0.23 22.54 11.07
7.2 111.88 0.21 23.0 34.7.09 121.50 0.20 23.95 58.62
1957.79 2080.526 58.62
(58.62) 7
a$n#o*e
&a "lo '$#ountfa#tor
reentalue
&u*ulat$ereentalue
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s l R!o (R) 120.00 #3#3
Prce o" l 100.00 6''l
Prce o" s 10.00 6##'!&
l s Pro&c!o Prole "ro# se 1 o" E*ercse 1 r "or l !rs+or!!o 1.50 6''l
r "or /s !rs+or!!o 1.00 6##'!&
6sco&! r!e 7%
Year
1 1327.8 0
2 1770.4 0
3 1327.8 5004 500
5 500
6 500
7 500
8
9
10
11
12
1314
15
16
17
18
19
20
21
22
2324
SUM 4426 2500
3871 2050
= 8963.82 M$ll$on US'
"a#$l$t$e (Pl!"or#&'se Rsers
E*+or! ,s!e#s-/e#e! Is&rce)&ot
'r$ll$n an#o*+let$on &ot
et reentalue
8/9/2019 npv ofd
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,+erat$n &ot ,$l tar$- a tar$- ,$l $n#o*e
0
0
010 21.0 412.13 32.40 15.3 210.00
10 34.25 53.49 51.38 24.78 3425.00
10 34.25 53.49 51.38 24.78 3425.00
10 34.25 53.49 51.38 24.78 3425.00
10 29.93 571.0 44.90 21.5 2993.00
10 23.94 45.85 35.92 17.32 2394.40
10 19.1 35.48 28.73 13.8 1915.52
10 15.32 292.38 22.99 11.09 1532.42
10 12.2 233.91 18.39 8.87 1225.93
10 9.81 187.13 14.71 7.09 980.7510 7.85 149.70 11.77 5.8 784.0
10 .28 119.7 9.42 4.54 27.8
10 5.02 95.81 7.53 3.3 502.14
10 4.02 7.5 .03 2.91 401.71
10 3.21 1.32 4.82 2.32 321.37
10 2.57 49.05 3.8 1.8 257.10
10 2.0 39.24 3.09 1.49 205.8
10 1.5 31.39 2.47 1.19 14.54
10 1.32 25.12 1.97 0.95 131.3
10 1.05 20.09 1.58 0.7 105.3110 0.84 1.07 1.2 0.1 84.25
3360 270.63 5163.62 405.95 195.78 27063.02
1734 282 136 18816
M$l //l ,$lrou#t$on
M$l S*3a
rou#t$on
8/9/2019 npv ofd
http://slidepdf.com/reader/full/npv-ofd 21/24
1327.8 0.93 1240.93 1240.93
1770.4 0.87 154.34 2787.27
1827.8 0.82 1492.03 4279.3015.2 108.23 0.7 122.91 3052.39
247.77 293.2 0.71 2093.77 958.2
247.77 293.2 0.7 195.79 998.17
247.77 293.2 0.2 1828.78 282.95
21.52 299.28 0.58 1743.8 4570.82
173.22 235.03 0.54 128.42 5857.23
138.57 180.02 0.51 945.54 802.77
110.8 145.02 0.48 91.74 7494.52
88.9 1132.81 0.44 502.98 7997.50
70.95 874.25 0.41 32.78 830.285.7 7.40 0.39 258.83 819.11
45.41 501.92 0.3 181.92 8801.03
3.33 39.54 0.34 125.17 892.20
29.0 23.3 0.32 83.4 9009.
23.25 178.90 0.30 52.93 902.59
18.0 111.12 0.28 30.73 9093.32
14.88 5.90 0.2 14.70 9108.02
11.90 13.52 0.24 3.2 9111.29
9.52 21.19 0.23 4.78 910.51
7.2 48.95 0.21 10.33 909.18.09 71.38 0.20 132.3 8963.82
1957.79 17597.9 8963.82
1361 8963.82 7
a$n#o*e
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reentalue
&u*ulat$ereentalue
8/9/2019 npv ofd
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1 2 3
6000.00
4000.00
2000.00
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
&u
5 0 4
$ n M $ l l $ o n U S '
8/9/2019 npv ofd
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4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
ulat$e fro* roe#t San#t$on to en of ro
u*/er of :ear
8/9/2019 npv ofd
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9 20 21 22 23 24
#t$on