Valuation in incomplete energy commodity markets

除了是美国BPS炼油厂的原油主要采购商外，BP加拿大能源公司 ULC集团(BP)是加拿大最大的天然气、原油和金融市场营销者和贸易商之一 产品。对能源资产的投资往往需要大量的资本支出，并可能产生极大的风险 现金流。作为其营销和交易活动的一部分，BP加拿大公司销售结构性金融衍生品 旨在帮助管理这些风险的合同。然而，通常的情况是，基础设施的市场 普通合同是不活跃的，在确定合同价值时造成了困难。这 该项目旨在帮助英国石油公司在这种不完全的市场环境下开发一种最佳的估值方法。 可靠的估值提高了人们对市场的信心，这反过来又可以起到鼓励作用 对能源基础设施的投资。

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.