TITLE:
Optimal Selection of Overseas Oil Development Projects of Sinopec Based on a Multi-Objective Programming Model*
AUTHORS:
Haijun Fan, Xueqian Zhu, Guangchao Li, Yumei Fan
KEYWORDS:
Oil Development Project, Optimal Selection, Sinopec, Multi-Objective Model
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.6 No.3,
March
13,
2018
ABSTRACT: With the continuous low oil price, the national oil companies in China are under the pressure of lowering the development cost and improving their investment efficiency of their overseas investments. Optimal methods are needed in screening the overseas assets within the constraint of investment. This paper presents a multi-objective integer programming model for the optimal selection of overseas oil development projects for Sinopec based on the economic evaluation of various projects in different countries and regions. Combination of economic parameters and practical constraints are discussed and presented in the mathematical models. Application of the model shows its advantages over the traditional screening and ranking methods.