VALUASI INVESTASI PADA SUMUR PENGEBORAN PERBANDINGAN METODE DISCOUNTED CASH FLOW DAN REAL OPTION DI BLOK SANGA-SANGA Studi pada Vico Indonesia

Oil and gas industry is a complex industry with the characteristics, high capital, the level of uncertainty in the exploration stage, high risk in its operations, the use or high-tech engineering with the involvement of various disciplines from the starting stage of exploration, development and production to the stage restoration of land that has been exploring. Virginia Indonesia Co.., LLC (VICO) is a company engaged in oil and gas fields operating in the Sanga-Sanga Block, Muara Badak, East Kalimantan, founded in 1972 as a joint venture with a vision to become a company known internationally as a corporate resource energy that can be reliable, dynamic and competitive, able to prosper its employees, local communities, shareholders, and the government of Indonesia and also to maintain operations and HSE standards are high. In general, the methods used in assessing an investment in oil drilling is to use the Discounted Cash Flow is by using a discount factor that describes the risks of uncertainty and the time to calculate the Net Present Value of project cash flow will be performed. As another alternative is to use Real Option which the factors of uncertainty are separated by a factor of time. The risk of uncertainty applied to each variable so that we will get the cash flow that has been given a risk factor, then cash flow is given a risk factor for taking the time to get the NPV. The purpose of this study was to evaluate a comparison technique used today is by using the Discounted Cash Flow with other evaluation that is Real Option. Real Option selected for the evaluation of the industry is starting to attract attention as an alternative method for assessing a project, especially the oil industry as an industry that has a level of risk or uncertainty is high