Valuation in incomplete energy commodity markets

不完整能源商品市场的估值

• 批准号: 484594-2015
• 负责人: Ware, Antony
• 金额: $ 1.82万
• 依托单位: University of Calgary
• 依托单位国家: 加拿大
• 项目类别: Engage Grants Program
• 财政年份: 2015
• 资助国家: 加拿大
• 起止时间: 2015-01-01 至 2016-12-31
• 项目状态: 已结题
• 来源: https://www.nserc-crsng.gc.ca/ase-oro/Details-Detailles_eng.asp?id=584414
• 关键词: Valuation; incomplete; energy; commodity; markets

In addition to being a major purchaser of crude oil for BPs refineries in the United States, BP Canada Energy Group ULC ("BP") ranks among Canada's top marketers and traders of natural gas, crude oil and financial products. Investments in energy assets often require large capital outlay and can generate extremely risky cashflows. As part of its marketing and trading activities, BP Canada markets structured financial derivative contracts designed to help manage these risks. However, it is frequently the case that the markets for basic vanilla contracts are inactive, creating difficulties when it comes to determining the value of a contract. This project seeks to help BP develop a best practice approach to valuation in such incomplete market settings. Reliable valuations give rise to increased confidence in the market, and this can in turn serve to encourage investment in energy infrastructure.

除了是BP在美国炼油厂原油的主要买家，BP加拿大能源公司