Đầu tư trực tiếp ra nước ngoài trong lĩnh vực thăm dò khai thác dầu khí tại tổng công ty thăm dò và khai thác dầu khí (pvep)

’ » I I I i “k ii ■ i II & i i * TONG CONG TY THA.M DO KHAI THAC DAU > Z < Z ■> < J rji « t—< z X kJ ■ffl\ ? >■ z ■ w' t o JtwaA t |> TRirCJNG DAI HOC KINH TE QUOC DAN NGUYEN THI HAI YEN DAI HOC KTQD TT THONG TIN TH If VIEN PHONG LUAN AN • TV LIEU DAU TV TRUC TIEP RA NUOC NGOAI TRONG LINH VU'C • THAM DO KHAITHAC DAU KHI TAI • TONG CONG TY THAM DO KHAI THAC DAU KHI (PVEP) Chuyen nganh: Kinh te Dau tu LUAN VAN THAC SY KINH TE • • M MP NGUOl HUONG DAN KHOA HOC: TIEN SY NGUYEN HONG MINH Ha Noi, 2011 LCD CAM DOAN Toi xin cam doan day la cong trinh nghien curu cua rieng toi Cac so lieu, ket qua neu luan van la trung thuc va chua timg duoc cong bo bat ky cong trinh nghien curu nao Tac gia Nguyen Thi Hai Yen -1- MUC LUC • • DANH MUC CAC CHU VIET TAT DANH MUC BANG BIEU .5 DANH MUC HINH VE TOM TAT LUAN VAN LO1 MCI DAU CHUONG I: LY LUAN CHUNG VE DAU TU TRUC TIEP RA MOC • • NGOAI TRONG LINH VUC THAM DO KHAI THAC DAU KHI 11 1.1 Ly luan chung ve dau tu true tiep nunc ngoai 11 1.1.1 Khai niem dau tu true tiep nude ngoai 11 1.1.2 Cac hinh thuc dau tu true tiep nude ngoai 11 1.1.3 Tinh tat yeu cua dau tu true tiep nude ngoai 12 1.1.4 Dong co de thuc hien dau tu true tiep nude ngoai 13 1.1.5 Cac ly thuyet ve dau tu nude ngoai 14 1.2 Dau tu true tiep nude ngoai nganh dau 16 1.2.1 Cac cong doan va trinh tu tien hanh cua hoat dong dau tu tham khai thac dau 16 1.2.2 Dac trung co ban cua hoat dong dau tu tham va khai thac dau 19 1.2.3 Su can thiet phai tien hanh hoat dong dau tu true tiep linh vuc tham khai thac dau nude ngoai 21 1.2.4 Cac nhan to anh hudng den hoat dong dau tu true tiep nude ngoai linh vuc tham va khai thac dau 23 1.2.5 Cac hinh thuc hop tac dau tu true tiep linh vuc tim kiem tham khai thac dau nude ngoai 24 1.2.6 Chi tieu danh gia ket qua va hieu qua cua hoat dong dau tu true tiep linh vuc tham va khai thac dau nude ngoai 32 CHUONG 2: THUC TRANG HOAT DONG DAU TlT THAM DO KHAI THAC DAU KHI RA NIJOC NGOAI TAI TONG CONG TY THAM DO KHAI THAC DAU KHI (PVEP) GIAI DOAN 2006-2010 .34 2.1 Tong quan ve Tong Cong ty Tham dd Khai thac Dau 34 2.1.1 Qua trinh hinh va phat trien 34 2.1.2 Chuc nang, co cau to chuc, nhiem vu 35 -22.1.3 Khai quat tinh hinh dau tu cua Tong Cong ty giai doan 2006-2010 38 2.2 Thue trang hoat dong dau tu tham khai thac dau khl nude ngoai tai Tong Cong ty Tham Khai thac Dau giai doan 2006-2010 41 2.2.1 Quy trinh phe duyet va tham quyen phe duyet cac du an dau tu tham khai thac dau nude ngoai 41 r A A 2.2.2 Tong so du an dau tu tham khai thac dau nude ngoai cua Tong Cong ty Tham Khai thac Dau 44 2.2.3 Tinh hinh trien khai cac du an tham dd khai thac dau nude ngoai tai Tong Cong ty Tham dd Khai thac Dau 47 2.3 Danh gia tinh hinh dau tu tham dd khai thac dau nude ngoai tai Tong Cong ty Tham dd Khai thac Dau giai doan 2006-2010 53 2.3.1 Ket qua va hieu qua dau tu tham dd khai thac dau nude ngoai giai doan 2006-2010 53 2.3.2 Nhung han che ton tai 67 CHlTONG 3: GIAI PHAP DAY MANH HOAT DONG THAM DO KHAI THAC DAU KHI RA NIJOC NGOAI CUA TONG CONG TY THAM DO & KHAI THAC DAU KHI (PVEP) TOI NAM 2015 72 3.1 Chien luge phat trien cua Tong Cong ty den nam 2015 va dinh hudng den nam 2025 72 3.1.1 Quan diem va nguyen tac phat trien 72 3.1.2 Muc tieu phat trien 73 3.2 Phan tich ma tran SWOT: Diem manh - diem yeu - co hoi - thach thuc cua hoat dong dau tu Tham dd Khai thac Dau nude ngoai tai PVEP 73 3.2.1 The manh va diem yeu cua PVEP 74 3.2.2 Co hoi va thach thuc cua PVEP dau tu nude ngoai 77 3.3 Giai phap day manh hoat dong Dau tu Tham dd khai thac dau nude ngoai tai Tong Cong ty Tham dd Khai thac Dau 78 3.3.1 Da dang hoa phuong thuc dau tu 78 3.3.2 Giai phap phat trien nguon nhan luc 79 3.3.3 Giai phap ve phat trien khoa hoc cong nghe 79 3.3.4 Giai phap ve to chuc 80 3.3.5 Giai phap ve tai chinh 80 3.3.6 Doi mdi phuong phap khai thac thong tin ve du an 81 3.3.7 Hoan thien cong tac danh gia du an 83 -33.3.8 Doi moi quy trinh tham tra, phe duyet va quyet dinh dau tu 85 3.3.9 Hoan thien khung phap ly cho hoat dong dau tu dau d nude ngoai 88 KET LUAN 90 DANH MUC TAI LIEU THAM KHAO 91 PHU LUC 93 -4DANH MUC CAC CHTf VIET TAT NSNN : Ngan sach Nha nude XK : Xuat khau PVN : Tap doan dau quoc gia Viet Nam PVEP : Tong Cong ty Tham dd Khai thac Dau BOT : Xay dung - Kinh doanh - Chuyen giao BTO : Xay dung - Chuyen giao - Kinh doanh BT : Xay dung - Chuyen giao CNH - HDH : Cong nghiep hoa - hien dai hoa HDDK : Hop dong dau PSC : Hop dong phan chia san pham JOC : Hop dong dieu hanh chung TDKT : Tham dd khai thac TKTD : Tim kiem tham dd PTKT : Phat trien khai thac TKTD&KT : Tim kiem tham dd va khai thac TDTL : Tham dd tham luong TKTD&TL : Tim kiem tham dd va tham luong TD&TL : Tham dd va tham luong GK : Gieng khoan KT-CT : Kinh te - Chinh tri -5DANH MUC BANG BIEU Bang 1.1: Thai gian cac giai doan hoat dong tham va khai thac dau 17 Bang 1.2: Bang thong ke chi phi mot so hang muc cua hoat dong dau tu tham dd khai thac dau 21 Bang 1.3: Dong tien cua du an he thong to nhuong 27 Bang 1.4: Phan thu cua chinh phu va cua nha thau 28 Bang 1.5: Cau true cua mot hop dong chia san pham 29 Bang 2.1: Tinh hinh thuc hien von dau tu phat trien cua Tong Cong ty Tham Khai thac Dau phan theo linh vuc dau tu 40 Bang 2.2: Ket qua hoat dong dau tu tham khai thac dau nude va tai nude ngoai cua Tong Cong ty Tham Khai thac Dau 41 Bang 2.3: Tong so du an tham dd khai thac dau nude ngoai va so nude nhan dau tu cua Tong Cong ty giai doan 2006-2010 46 Bang 2.4: Tinh hinh cu the cac du an tham dd khai thac dau tai nude ngoai cua Tong Cong ty 48 Bang 2.5: Tong so du an dau tu tham dd khai thac DK va ngoai nude 51 Bang 2.6: Khdi luqng von dau tu thuc hien cac du an tham dd khai thac dau nude ngoai tai nude ngoai luy ke den 2010 53 Bang 2.7: Toe tang von dau tu tham dd khai thac dau nude ngoai 54 Bang 2.8: Su phat trien cua PSC theo nhung thay doi cua moi trudng 55 Bang 2.9: Tom tat cac dieu khoan co ban cua cac hop dong PSC 1985 56 Bang 2.10: Tom tat he thong tai chinh PSC cua Malaysia 56 Bang 2.11: Tom tat R/C PSC 57 Bang 2.12: Trtr luong tiem nang cac 10 dau tai nude ngoai .62 Bang 2.13: Doanh thu tang them tren dong von dau tu 63 Bang 2.14: Ti le von dau tu thuc hien / ke hoach hoat dong TDKT dau nude ngoai giai doan 2005 - 2008 64 Bang 2.15: Quy mo von dau tu binh quan/ du an cua Tong Cong ty giai doan 20062010 66 -6DANH MUC HINH VE X XX So 1.1: So cac cong doan cua hoat dong dau 16 So 1.2: So dong tien du an dau 30 Hinh 2.1: So to chuc cua PVEP 38 Bieu 2.2: Tong dau tu Tong Cong ty TDKT dau giai doan 2006-2010 39 nam giai doan 2001 - 2010 52 Hinh 2.4: Dong tien cua PVEP Id SK 305 58 _ •> X X _ Bieu 2.5: San luong khai thac dau tai nuoc ngoai 59 Bieu 2.6: Ty von dau tu/doanh thu hoat dong tham khai thac dau nude ngoai cua PVEP 60 Bieu 2.7: Gia tang tru luong quy dau hoat dong tham khai thac dau nude ngoai cua PVEP giai doan 2006-2010 61 TRUING DAI HOC KINH TE QUOC DAN * * * NGUYEN THI HAI YEN DAU TV TRVC TIEP RA Nl’(')'C NGOAI TRONG LINH WC THAM DO KHAI THAC DAU KHI TAI • • TONG CONG TY THAM DO KHAI THAC DAU KHI (PVEP) Chuyen nganh: Kinh te Dau tu TOM TAT LUAN VAN THAC SI Ha Noi, 2011 -87- Thai gian phe duyet dur an: khong neu rd, nhung se co thdng bao vong sau nhan dugc quyet dinh tir cap co tham quyen - Thai gian cap Giay phep dau tu: 30 Chua tinh den thdi gian xin chu truong, chi rieng thdi gian tham dinh phe duyet hien theo quy dinh nhanh nhat la 22 (do chua co quy dinh ve thdi gian phe duyet, gia thuyet du an trinh len se co quyet dinh phe duyet hoac bac bo vong ngay), thdi gian ke tir tiep can tai lieu den nop chao thau/chao hang la khoang han thang Dd la chua tinh den thdi gian ke tir cd quyet dinh cho den luc Petrovietnam nhan dugc quyet dinh (quy dinh hien la ngay) Lam mot phep tinh dan gian se thay rang toan bo thdi gian nghien cuu danh gia tai lieu chi cdn ven ven tren dudi 7-10 ngay, va chua bang phan nua thdi gian danh cho tham dinh va phe duyet Thdi gian trinh duyet dai va phuc tap ton nhieu thdi gian cd the lam mat co hoi dau tu r r \ yr Mot sd khac: thdi gian tir bat dau dam phan hgp ddng cho den hgp x dong cd hieu luc keo dai khoang 1-2 thang Neu lam theo dung quy dinh hien hanh, r thdi gian cap Giay phep Dau tu la 30 ngay, song thuc te cac du an dau tu nudc ngoai cua Petrovietnam hien phai mat tir 4-6 thang mdi co dugc Giay phep Neu cir chd Giay phep thi viec trien khai hgp dong se bi cham tre va rat co the se bi cdng ty/nudc chu nha phat De nhanh chong tim kiem dugc cac du an mdi d nudc ngoai mot each hieu qua, can co qui dinh cu the ro rang ve thdi gian phe duyet va cac cap co tham quyen can ton trgng thuc hien dung cac quy dinh Thdi gian tham dinh phe duyet chi nen keo dai tdi da 20 va PVEP nen dugc thdng bao vong ke tir co quyet dinh Ngoai ra, cung can co them quy dinh rieng ve rut ngan thdi gian phe duyet ddi vdi nhung du an dac biet can quyet dinh nhanh ■ Cap phe duyet Chung ta biet rang khac vdi nhieu nganh cdng nghiep khac, chi mot du an dau vai chuc trieu USD The nhung theo cac quy che hien nay, Bo trudng Bo Ke hoach dau tu chi co quyen quyet dinh phe duyet cac du an nho han trieu USD, cac du an -88ldn han ddi hdi phai cd phe duyet cua Thu tudng Chinh phu Nhu vay cd the thay rang 100% cac du an dau tu tham dd khai thac dau d nude ngoai deu phai qua rat nhieu cap phe duyet trudc dugc trinh len Thu tudng Chinh phu Dieu khong A A that phu hop vdi dau tu nude ngoai nganh dau khi, la mot nganh kinh doanh rui ro cao nhung mang lai lai nhuan cue cao va cung yeu cau phai cd nhung quyet dinh nhanh va tao bao Vi vay, nham phu hop han vdi dac thu kinh doanh d nude ngoai nganh dau va tao su nang dong cho nha dau tu, nen md rong va phan quyen cho Hoi ddng Thanh vien cua Petrovietnam duoc phep quyet dinh va chiu trach nhiem trudc Thu tudng Chinh phu doi vdi cac du an dudi 20 trieu USD Cac du an tir 20 trieu den dudi 30 trieu USD se Bo Ke hoach Dau tu tham dinh phe duyet va Thu tudng Chinh phu se phe duyet cac du an tir 30 trieu USD trd len 3.3.9 Hoan thien khung phap ly cho hoat dong dau tu* dau o’ nirdc ngoai De nang cao hieu qua hoat dong dau tu tham dd khai thac dau d nude ngoai, can phai cd he thong phap luat day du va ddng bo, rd rang va phu hop lam nen tang phap ly cho hoat dong quan ly cua Nha nude, lam co sd de cac hoat dong dau tu nude ngoai cd the tuan thu dugc luat phap quoc te, luat phap nude tiep nhan dau tu va ca luat phap Viet Nam, tranh dugc nhung tien quan ly Tren co sd PVN/PVEP se biet rd minh dugc lam gi, khong dugc lam gi, khuon kho nao, tir dd mdi cd the hoach dinh chien luge va ke hoach san xuat kinh doanh, dam bao cho su ton tai va phat trien lau dai cua doanh nghiep nen kinh te quoc te ngoai Mat khac, viec thieu cac van ban phap ly de dieu chinh hoat dong dau tu nude ngoai se rat de dan den hien tugng cua quyen tien cua cac co quan quan ly nha nude theo co che "xin - cho", gay kho khan cho tien hanh trien khai va phat trien dau tu -89- - Tien hanh soat tat ca cac van ban phap luat, Nghi dinh, Thong tu lien quan den dau tu nude ngoai, tu dieu chinh nhung noi dung khong thdng nhat, bai bo nhung quy dinh trai vdi chinh sach hoac vdi luat, khac phuc nhung thu tuc gay phien ha, khong phu hop vdi hop tac quoc te - Cac quy dinh hien hanh ve dau thau va phe duyet trao thau chi cd hieu luc va phu hop vdi cac du an d nude Ddi vdi cac du an tham khai thac dau d nude ngoai, PVEP vdi tu each la nha thau phai tuan thu cac quy dinh ve dau thau cua hop ddng da ky va chiu su giam sat chat che cua nude chu nha, tir lap dau bai thau, xet thau, trao thau va trien khai hop ddng Vi vay, Chinh phu nen cho phep PVEP trien khai cac du an tham khai thac d nude ngoai duoc thuc hien cdng tac dau thau (mdi thau, danh gia va phe duyet/trao thau) theo quy dinh cua nude chu nha va hop ddng dau da duoc phe duyet Giay phep Dau tu - Theo thdng le dau quoc te, cac cdng ty dau khi thuc hien du an r a r mot sd trudng hop dac biet can lap cdng ty vien mang quoc tich mot nude thu ba de thuan tien cho viec dieu hanh va han che rui ro Vi vay, can thiet, PVEP se kien nghi Chinh phu cho phep lap cdng ty vien d nude ngoai de thuc hien du an -90- KET LUAN Tong Cong ty Tham Khai thac Dau (PVEP) la mot don vi vien true thuoc Tap doan dau Viet Nam, duoc lap vdi nhiem vu dieu hanh va trien khai cac du an tim kiem, tham do, khai thac dau nudc, tham gia nhu mot ben nha thau cung cac doi tac trien khai cac hop ddng phan chia san pham, cac hop ddng lien doanh va lien doanh dieu hanh chung d nudc; tim kiem, tham dd, khai thac dau dau tu d nudc ngoai Cung vdi qua trinh xay dung va phat trien cua nganh dau Viet Nam hon 30 nam qua, hoat dong dau tu tham dd khai thac dau d ca va ngoai nudc cua Tdng Cdng ty da cd nhung budc phat trien vuqt bac, dat duoc nhung tuu rat quan va cung dang dung trudc rat nhieu nhung co hoi va thach thuc mdi Tu nhung nam 1990 Tdng Cdng ty dudi su chi dao cua Chinh phu, Tap doan dau Viet Nam da bat dau day manh hoat dong tim kiem cac co hoi dau tu nudc ngoai nham gia tang tru luong dau hang nam cho dat nudc Ngay 23/09/2006 la thdi diem Lo dau tai nudc ngoai cho dong dau thuong mai dau tien, danh dau mot moc quan trong hoat dong dau tu tham khai thac dau nudc ngoai cua nganh dau Viet Nam noi chung va cua Tdng Cdng ty noi rieng Qua viec phan tich thuc trang, danh gia nhung ket qua dat duoc va nhung han che ton tai, ta co the thay rd vai tro quan cua viec day manh hoat dong dau tu tham khai thac dau nudc ngoai viec dam bao an ninh nang luong, gop mot phan quan trong su nghiep cdng nghiep hoa hien dai hoa dat nudc Tuy nhien Tdng Cdng ty Tham Khai thac Dau can khdng ngirng tang cuong cai thien, khac phuc cac han che de co the cang ldn manh, tao duoc mot vi the tren trudng qudc te Cuoi cung, em xin chan cam on thay giao TS Nguyen Hong Minh da tan tinh hudng dan em hoan luan van nay, em xin chan cam on cac anh chi ddng nghiep tai Tdng Cdng ty Tham Khai thac Dau da giup em qua trinh thuc hien de tai -91DANH MUC • TAI LIEU • THAM KHAO TS Nguyen Hong Minh - Dau tu nuoc ngoai va chuyen giao cong nghe Bo mon Kinh te Dau tu, Truong Dai hoc Kinh te Quoc dan, nam 2008 PGS.TS Nguyen Bach Nguyet - Giao trinh lap du an dau tu - Nha xuat ban thong ke Xuat ban nam 2005 PGS.TS Tu Quang Phuong, PGS.TS Nguyen Bach Nguyet - Giao trinh kinh te dau tu - Nha xuat ban dai hoc Kinh te Quoc dan Xuat ban nam 2007 Bo ke hoach va dau tu, website : www.mpi/gov.vn Quyet dinh so 9698/QD-DKVN 02/12/2009 cua Hoi ddng quan tri Tap doan Dau Viet Nam ve viec ban hanh Quy dinh quan ly Dau tu Du an Dau d nuoc ngoai Tdng Cdng ty Tham dd Khai thac Dau khi, website: www.pvep.com.vn Tdng Cdng ty Tham dd Khai thac Dau khi: Bao cao tdng ket hoat dong san xuat kinh doanh, bao cao tai chinh cac nam 2001-2010 Nghi dinh 84/CP 17/12/1996 va 48/2000/ND-CP 12/9/2000 quy dinh chi tiet viec thi hanh Luat Dau Nghi dinh sd 115/2009/ND-CP 24 thang 12 nam 2009 ve sua ddi bo sung mot sd dieu cua Nghi dinh sd 48/2000/ND-CP quy dinh chi tiet thi hanh Luat Dau va Quy che dau thau du an tim kiem tham va khai thac dau ban hanh kem theo nghi dinh sd 34/2001/ND-CP 10 Luat ddu sd 10/2008/QH12 11 Nghi dinh sd 78/2006/ND-CP quy dinh ve dau tu true tiep nuoc ngoai 12 Nghi dinh sd 121/2007/ND-CP 25/07/2007 quy dinh ve dau tu true tiep nude ngoai hoat ddng dau 13 Nghi dinh sd 17/2009/ND-CP 16/02/2009 ve sua ddi, bo sung mot sd dieu cua nghi dinh sd 121/2007/ND-CP 25/07/2007 quy dinh ve dau tu true tiep nude ngoai hoat dong dau -9214 Quyet dinh cua Thu tuong Chinh phu s6 199/2006/QD-TTg 29/8/2006 ve viec lap cong ty me - Tap doan dau Viet Nam 15 Nghi dinh so 142/2007/ND-CP 05/09/2007 ve ban hanh quy che quan ly tai chinh cua Cong ty me -Tap doan DKVN 16 Luat Doanh nghiep 29 thang 11 nam 2005 -93- PHU LUC 1: • • DONG TIEN DV AN SK 305-MALAYSIA Dd’i dir dn 2038 Unit Total San liremg khai thde hdng ndm San lupng ddu mmbbl Sdn lupng bef Ting cQng mm b.o.e Gia Gid ddu Gid Gid Doanh thu Ddu Khi Ting cdng 2013 2014 2015 2016 2017 2018 2019 2020 2.05 16.44 4.79 1.97 16.44 4.71 1.55 18.44 4.62 1.72 19.78 5.02 1.45 55.33 10.67 1.35 53.33 10.24 1.37 58.33 11.09 1.44 58.33 11.16 1.42 58.33 11.14 1.41 58.33 11.14 1.39 58.33 11.11 70.00 3.46 3.65 70.00 3.56 3.76 72.10 3.67 3.87 74.26 3.78 3.99 76.49 3.89 4.11 78.79 4.01 4.23 81.15 4.13 4.36 83.58 4.26 4.49 86.09 4.38 4.62 88.67 4.52 4.76 91.33 4.65 4.91 4,109.03 8,688.04 12,797.07 143.85 60.01 203.85 137.90 61.81 199.71 111.76 71.41 183.16 127.73 78.93 206.66 111.15 227.34 338.50 106.58 225.70 332.28 111.11 254.27 365.38 120.51 261.90 382.41 121.90 269.75 391.65 125.47 277.85 403.31 127.15 286.18 413.34 410.90 868.80 1,279.71 14.38 6.00 20.39 13.79 6.18 19.97 11.18 7.14 18.32 12.77 7.89 20.67 11.12 22.73 33.85 10.66 22.57 33.23 11.11 25.43 36.54 12.05 26.19 38.24 12.19 26.98 39.17 12.55 27.78 40.33 12.72 28.62 41.33 3,698.13 7,819.24 11,517.36 129.46 54.01 183.47 129.46 54.01 124.11 55.63 179.74 253.57 109.63 100.58 64.27 164.85 354.15 173.90 114.96 71.03 185.99 469.11 244.93 100.04 204.61 304.65 569.15 449.54 95.93 203.13 299.05 665.07 652.67 49.86 9.43 44.01 152.57 67.32 46.07 51.87 19.62 31.16 7.11 61.35 7.97 98.16 8.56 2006 2008 2009 41.99 1,476.76 288.11 70.00 2.81 2.97 70.00 2.90 3.06 70.00 2.99 3.15 70.00 3.07 3.24 70.00 3.17 3.34 70.00 3.26 3.44 70.00 3.36 3.54 Million $ Doanh thu sau thud tai nguyi Million $ Ddu Khi T6ng cdng Doanh thu ddu cong ddn (R) Doanh thu cdng ddn (R) 100.00 108.46 109.71 112.92 114.44 228.84 235.71 242.78 250.06 257.56 328.84 344.17 352.49 362.98 372.00 765.07 873.54 983.25 ###### ###### g IIII a ###### ###### 881.52 ###### Millions Gidngthdmdb Gidng thdm lupng Giing ph£t triin Gi^n & ciu true ch^n de gian (Platform Jack Thiit bi & dird-ng 6ng (Plant Machinery& Pip Capex kh^c Chi phi van hanh Tariff phcii tra Phi tdi lieu Chi phi d& bd 2012 $/bbl $/mmBtu $/1000scf Ddu Khi Ting cOng Chi phi 2011 2004 2005 2007 2010 2003 353.30 472.24 714.67 381.38 1.22 2,085.41 638.77 243.00] 32.16 4.37 113.01 105.07 82.70 17.72 11.10 0.77 28.32 46.36 0.28 16.00 82.97 30.60 28.90 0.09 24.95 14.11 11.10 0.09 48.68 75.16 41.64 7.11 70.55 23.93 9.78 2.13 24.94 8.70 48.24 15.26 11.10 58.59 11.07 44.41 45.16 62.19 53.94 41.58 72.14 23.07 73.51 25.23 79.85 25.23 66.08 25.23 51.95 25.23 89.30 25.23 Unit Ting chi phi hing n8m (C) Chi phi khdng duoc thu hdi Million $ Phi nghien cCru d£u Phi nghien ciru Tdng chi phi khdng dugc thu hdi Ty Id R/C cua ddu Mire ty le chi phi (TCT) Chi phi dau tdi da dugc thu hdi Chi phi thu hdi cdng ddn Chi phi chua thu hdi Chi phi dugc phdp thu hdi hi Million $ TCT chua sir dung Threshold volume (THV) Ddi vdi ddu | Below THV | Ty le du’O’c nhan TCT i nhuan sau thue Dau lo-i nhuan Nha thau PVEP PCOSB PERTAMINA Khi lo>i nhuan Nha thau PVEP PCOSB PERTAMINA 2003 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 489.94 195.97 146.98 146.98 4.34 1.73 1.30 1.30 4.47 1.79 1.34 1.34 5.16 2.06 1.55 1.55 5.70 2.28 1.71 1.71 16.43 6.57 4.93 4.93 16.31 6.52 4.89 4.89 18.37 7.35 5.51 5.51 18.93 7.57 5.68 5.68 19.49 7.80 5.85 5.85 20.08 8.03 6.02 6.02 20.68 8.27 6.20 6.20 40.00% 30.00% 30.00% 323.40 129.36 97.02 97.02 17.57 7.03 5.27 5.27 16.84 6.74 5.05 5.05 11.02 4.41 3.31 3.31 11.85 4.74 3.55 3.55 10.36 4.14 3.11 3.11 9.60 3.84 2.88 2.88 5.43 2.17 1.63 1.63 6.96 2.78 2.09 2.09 6.61 2.64 1.98 1.98 13.20 5.28 3.96 3.96 15.19 6.08 4.56 4.56 40.00% 30.00% 30.00% 830.16 332.07 249.05 249.05 7.33 2.93 2.20 2.20 7.55 3.02 2.26 2.26 8.72 3.49 2.62 2.62 9.64 3.86 2.89 2.89 27.77 11.11 8.33 8.33 27.57 11.03 8.27 8.27 31.06 12.42 9.32 9.32 31.99 12.79 9.60 9.60 32.95 13.18 9.88 9.88 33.93 13.57 10.18 10.18 34.95 13.98 10.49 10.49 Total 40% 30% 30% 2004 2005 2006 2008 2009 Million $ PVEP Profit after tax of PVEP Actual Cost Recovery PVEP's unused TCT Total Cost Total Non Recovery Cost 461.43 1,956.00 292.29 1,956.00 16.49 Full Cycle NCF Discounted NCF Cummulative Discounted NCF 2003 Look Forward NCF Discounted NCF Cummulative Discounted NCF 2011 12.86 1.75 45.20 53.87 63.06 76.50 (12.86) (1.75) (45.20) (53.87) (63.06) (76.50) -76.20 (12.86) (1-75) (45.20) (53.87) (63.06) (76.50) (12.86) (14.61) (59.81) (113.68) (176.74) (253.23) 9.76 50.33 7.90 38.11 8.59 47.48 15.25 81.30 21.12 0.34 40.61 0.34 134.85 0.28 91.40 0.34 41.39 0.56 193.73 I 11 months 14.87 73.65 1.69 46.30 0.53 14.59 71.08 9.10 56.70 0.57 15.58 75.77 8.35 75.64 0.60 15.82 76.64 9.29 68.15 0.61 18.85 78.97 2.76 70.46 0.61 20.06 85.85 112.64 0.63 39.87 43.37 (56.56) 19.13 (89.13) (35.67) 54.60 37.50 23.45 33.00 29.52 (7.37) 39.87 (56.56) 19.13 (81.02) (29.48) 41.02 29.62 23.29 13.24 13.77 16.93 (3.13) (309.80) (269.93) (250.79) (331.82) (361.29) (320.27) (290.65) (267.37) (254.13) (237.19) (223.42) (226.55) 19.13 19.13 19.13 193.73 Economic Indicators Discounted Payback Period Look Forward years PVEP LF Pl 2.12 NPV ($mm) 193.73 IRR (%) 31.82% 56.56 9.96 51.37 (89.13) (81.02) (61.89) (35.67) (29.48) (91.37) 54.60 41.02 (50.34) 43.37 29.62 (20.72) 37.50 23.29 2.56 23.45 13.24 15.80 33.00 16.93 32.74 29.52 13.77 46.51 (7-37) (3.13) 43.38 Ddi dy dn 2038 Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 San lu’O’ng khai thde hdng ndm San liro-ng d&u mmbbl San lupng bef Tong cdng mm b.o.e 1.34 58.33 11.06 2.81 58.33 12.53 2.65 51.87 11.30 2.29 51.87 10.94 2.11 55.52 11.36 1.96 51.87 10.60 1.72 51.87 10.36 2.48 53.33 11.36 2.26 42.37 9.33 1.64 36.89 7.79 1.29 20.45 4.70 0.73 95.61 16.66 0.50 95.35 16.39 0.48 95.35 16.37 0.27 76.07 12.95 0.12 53.47 9.03 0.10 34.61 5.87 0.09 22.25 3.80 Gia Gid ddu Gid Gid 94.07 4.79 5.05 96.90 4.93 5.21 99.80 5.08 5.36 102.80 5.23 5.52 105.88 5.39 5.69 109.06 5.55 5.86 112.33 5.72 6.03 115.70 5.89 6.22 119.17 6.07 6.40 122.75 6.25 6.59 126.43 6.44 6.79 130.22 6.63 7.00 134.13 6.83 7.21 138.15 7.03 7.42 142.30 7.25 7.64 146.56 7.46 7.87 150.96 7.69 8.11 155.49 7.92 8.35 235.83 286.42 522.25 223.54 315.79 539.33 213.76 303.86 517.62 193.22 312.98 506.20 286.53 331.45 617.98 269.86 271.24 541.10 201.65 243.25 444.91 163.55 138.92 302.47 94.68 668.85 763.53 67.06 687.03 754.10 66.31 707.64 773.96 38.31 581.51 619.82 17.64 421.01 438.64 15.10 280.67 295.76 13.99 185.84 199.83 23.58 28.64 52.23 22.35 31.58 53.93 21.38 30.39 51.76 19.32 31.30 50.62 28.65 33.14 61.80 26.99 27.12 54.11 20.17 24.33 44.49 16.36 13.89 30.25 9.47 66.88 76.35 6.71 68.70 75.41 6.63 70.76 77.40 3.83 58.15 61.98 1.76 42.10 43.86 1.51 28.07 29.58 1.40 18.58 19.98 $/bbl $/mmBtu $/1000scf Doanh thu Ddu Khi Ting cdng Million $ Thue tai nguyen Ddu Khi Tdng cdng Million $ !■■■ 125.70 272.45 Doanh thu sau thud tai nguyi Million $ Ddu Khi Tong cdng Doanh thu ddu cong ddn (R) Doanh thu cdng ddn (R) Chi phi 303.61 576.06 12.57 29.48 42.05 27.25 30.36 57.61 26.47 27.81 54.28 MB 113.13 245.21 238.26 212.25 201.19 192.38 173.90 257.88 242.87 181.49 147.20 85.21 60.36 59.68 34.48 15.87 13.59 12.59 265.29 273.25 250.27 257.78 284.21 273.48 281.68 298.30 244.12 218.93 125.03 601.96 618.33 636.88 523.35 378.91 252.60 167.26 378.42 518.46 488.52 470.03 485.39 465.86 455.58 556.18 486.99 400.41 272.22 687.18 678.69 696.56 557.84 394.78 266.19 179.85 IIIIIIIIII ###### ###### IIIIIIIIIIII ###### ###### ###### ###### II lilt IIIIII ###### ###### ###### IIIIIIIIIIII ###### ###### IIIIIIIIIIII ###### ###### II II IIIIIIII II 11 11 11 11 11 ###### ###### ###### ###### ###### ###### ###### ###### IIIIIIIIIIII ###### ###### nIIIIIIIIII II II It IIIIII ii u ima a ###### ###### ###### ###### Million $ Gidng thdm dd Gidng thdm lupng Gidng phdt tri4n Gidn & cdu true chdn d6 gian (Platform Jack Thi6t bi & dudng dng (Plant Machinery& Pip Capex khde Chi phi vdn hanh Tariff phai tra Phi tdi lieu Chi phi dd bd 294.77 420.46 264.73 278.08 542.80 243.00| 51.10 10.25 1.94 26.14 7.91 53.16 16.00 10.08 21.59 4.66 55.04 19.00 59.55 33.69 24.22 90.64 25.23 91.44 25.23 98.22 22.43 100.81 22.43 101.02 24.01 116.48 22.43 107.10 22.43 103.76 23.07 102.92 18.33 91.73 15.96 39.27 8.85 26.65 41.36 39.27 41.24 28.18 41.24 27.96 32.90 29.20 23.13 15.26 14.97 15.99 9.62 Unit 2021 9.33 2022 10.57 2023 9.53 2024 9.23 2025 9.58 2026 8.94 2027 8.74 2029 7.87 2030 6.57 2032 14.05 2033 13.83 2034 13.81 82.05 94.34 83.23 2036 7.62 2037 4.95 71.78 59.95 35.18 2035 10.92 2038 3.20 161.29 209.42 158.72 0.35 1.25 1.59 0.72 1.28 2.01 0.64 1.18 1.81 0.54 0.93 1.47 0.45 1.02 1.47 0.46 0.98 1.45 0.36 1.01 1.37 0.51 1.07 1.59 0.49 0.88 1.37 0.37 0.79 1.16 0.29 0.45 0.74 0.15 2.17 2.32 0.11 2.16 2.27 0.11 2.05 2.16 0.06 1.81 1.87 0.03 1.41 1.44 0.02 0.94 0.96 0.02 0.63 0.65 2.33 30% 33.94 23.72 2.44 30% 73.56 36.19 2.71 30% 71.48 49.17 2.88 30% 63.67 33.29 3.05 30% 60.36 38.76 3.17 30% 57.71 49.04 3.22 30% 52.17 22.95 3.35 30% 77.36 29.73 3.55 30% 72.86 31.35 3.71 30% 54.45 24.09 3.81 30% 44.16 14.33 3.92 30% 25.56 3.58 4.00 30% 18.11 2.88 4.06 30% 17.90 2.44 4.11 30% 10.35 1.49 4.15 30% 4.76 0.80 4.16 30% 4.08 0.60 4.17 30% 3.78 0.68 23.72 10.22 36.19 37.38 49.17 22.30 33.29 38.76 49.04 22.95 24.09 1.49 0.80 0.60 0.68 29.22 41.51 30.35 3.58 21.98 2.44 8.68 14.33 29.83 2.88 21.59 29.73 47.64 31.35 30.39 15.23 15.46 8.85 3.96 3.48 3.10 60% 6.13 2.45 1.84 1.84 4.09 60% 22.43 8.97 6.73 6.73 14.95 50% 11.15 4.46 3.35 3.35 11.15 50% 15.19 6.08 4.56 4.56 15.19 40% 8.64 3.45 2.59 2.59 12.96 40% 3.47 1.39 1.04 1.04 5.21 40% 11.69 4.68 3.51 3.51 17.53 40% 19.05 7.62 5.72 5.72 28.58 40% 16.60 6.64 4.98 4.98 24.91 40% 12.14 4.86 3.64 3.64 18.21 40% 11.93 4.77 3.58 3.58 17.90 40% 8.79 3.52 2.64 2.64 13.19 40% 6.09 2.44 1.83 1.83 9.14 40% 6.19 2.47 1.86 1.86 9.28 40% 3.54 1.42 1.06 1.06 5.31 40% 1.59 0.63 0.48 0.48 2.38 40% 1.39 0.56 0.42 0.42 2.09 40% 1.24 0.50 0.37 0.37 1.86 Ty Id R/C cua 0.87 Mire ty le chi phi (TCT) 70% Chi phi tdi da dugc thu hdi 185.70 Chi phi thu hdi cdng ddn ###### Chi phi chua thu hdi 825.34 Chi phi dugc phdp thu hdi hi Million $ 185.70 Threshold volume (THV) Ddi vdi |Below THV] 0.92 70% 191.27 950.44 759.17 191.27 0.98 70% 175.19 919.42 744.23 175.19 1.02 60% 154.67 869.66 714.99 154.67 1.07 60% 170.52 884.88 714.36 170.52 1.10 60% 164.09 930.63 766.55 164.09 1.11 60% 169.01 881.87 712.87 169.01 1.16 60% 178.98 819.55 640.57 178.98 1.21 60% 146.47 738.33 591.86 146.47 1.25 60% 131.36 682.03 550.67 131.36 1.28 60% 75.02 588.43 513.42 75.02 1.30 60% 361.18 591.89 230.71 361.18 1.44 50% 309.16 322.18 13.01 309.16 1.57 50% 318.44 93.80 1.70 50% 261.68 70.29 1.81 50% 189.45 59.15 1.88 50% 126.30 34.58 1.92 50% 83.63 28.13 93.80 70.29 59.15 34.58 28.13 80% 80% 80% 80% 80% 80% 80% 80% 80% 70% 70% 157.25 62.90 47.17 47.17 67.39 70% 133.97 53.59 40.19 40.19 57.42 70% 91.21 36.49 27.36 27.36 39.09 70% 64.21 25.68 19.26 19.26 27.52 70% 38.85 15.54 11.65 11.65 16.65 148.57 140.83 134.67 40% 30% 30% 121.73 30% 180.51 30% 170.01 127.04 103.04 30% 30% 30% 59.65 30% 42.25 30% 41.78 30% 24.14 30% 11.11 30% 9.51 30% 8.82 30% 208.66 265.31 136.41 129.11 114.26 2031 3.97 188.48 Tdng chi phi hing nSm (C) 138.28 2028 9.58 52.09 28.81 cKiHHS khong du oc thu hdi Million $ Phi nghidn ciru ddu Phi nghien ciru Tdng chi phi khdng duoc thu hdi Ty Id R/C cua ddu Mire ty le chi phi (TCT) Chi phi ddu tdi da dirge thu hdi Chi phi thu hdi cong ddn Chi phi chua thu hdi Chi phi dugc phdp thu hdi hi Million $ TCT chua sir dung Threshold volume (THV) Ddi vai ddu | Below THV | Ty le duoc nhan TCT chua sd cua NT Phdn NT dugc nhdn TCT chua sd PVEP 40.0% PCOSB 30.0% PERTAMINA 30.0% Ph3n PET dugc nhdn tron g TCT chua sd Ty Id dugc nhan TCT chua sd cua NT Phdn NT dugc nhan TCT chua sd PVEP 40.00% PCOSB 30.00% PERTAMINA 30.00% Phdn PET dugc nhan TCT chua sd Lo>i nhuan truoc thud Lgi nhuan dau Ty Id TPT cua NT Million $ 79.19 50% 171.65 50% 166.78 40% Unit Nha thdu PVEP PCOSB PERTAMINA Ph3n TPT cua PET Loi nhudn Ty Id TPT cua NT Nha thdu PVEP PCOSB PERTAMINA Phdn TPT cua PET Phu lai Ddi vdi ddu Gid ddu thuc Gia ddu ca so Chdnh Idch Phu lai phdi trd cho PET 40.00% 30.00% 30.00% 40.00% 30.00% 30.00% 2021 39.59 15.84 11.88 11.88 39.59 2022 85.82 34.33 25.75 25.75 85.82 2023 66.71 26.68 20.01 20.01 100.07 2024 59.43 23.77 17.83 17.83 89.14 2025 42.25 16.90 12.67 12.67 98.58 2026 40.40 16.16 12.12 12.12 94.27 2027 36.52 14.61 10.96 10.96 85.21 2028 54.15 21.66 16.25 16.25 126.36 2029 51.00 20.40 15.30 15.30 119.01 2030 38.11 15.24 11.43 11.43 88.93 2031 30.91 12.36 9.27 9.27 72.13 2032 17.89 7.16 5.37 5.37 41.75 2033 12.68 5.07 3.80 3.80 29.58 2034 12.53 5.01 3.76 3.76 29.24 2035 7.24 2.90 2.17 2.17 16.90 2036 3.33 1.33 1.00 1.00 7.78 2037 2.85 1.14 0.86 0.86 6.66 2038 2.64 1.06 0.79 0.79 6.17 79.59 80% 63.67 25.47 19.10 19.10 15.92 81.97 80% 65.58 26.23 19.67 19.67 16.39 75.08 80% 60.06 24.03 18.02 18.02 15.02 103.11 30% 30.93 12.37 9.28 9.28 72.18 113.68 30% 34.10 13.64 10.23 10.23 79.58 109.39 30% 32.82 13.13 9.85 9.85 76.57 112.67 30% 33.80 13.52 10.14 10.14 78.87 119.32 30% 35.80 14.32 10.74 10.74 83.52 97.65 30% 29.29 11.72 8.79 8.79 68.35 87.57 30% 26.27 10.51 7.88 7.88 61.30 50.01 30% 15.00 6.00 4.50 4.50 35.01 240.79 30% 72.24 28.89 21.67 21.67 168.55 309.16 40% 123.67 49.47 37.10 37.10 185.50 318.44 50% 159.22 63.69 47.77 47.77 159.22 261.68 60% 157.01 62.80 47.10 47.10 104.67 189.45 70% 132.62 53.05 39.79 39.79 56.84 126.30 70% 88.41 35.36 26.52 26.52 37.89 83.63 70% 58.54 23.42 17.56 17.56 25.09 94.07 50.65 19.00 13.30 96.90 52.67 44.47 31.13 99.80 54.78 31.61 22.13 102.80 56.97 29.94 20.96 105.88 59.25 20.17 14.12 109.06 61.62 17.18 12.02 112.33 64.08 18.63 13.04 115.70 66.65 27.93 19.55 119.17 69.31 25.46 17.82 122.75 72.08 18.67 13.07 126.43 74.97 15.69 10.99 130.22 77.97 9.64 6.75 134.13 81.08 6.68 4.68 138.15 84.33 6.56 4.59 142.30 87.70 3.72 2.61 146.56 91.21 1.67 1.17 150.96 94.86 1.42 0.99 155.49 98.65 1.28 0.89 4.79 3.65 4.93 3.79 5.08 3.94 5.23 4.10 6.02 4.22 5.39 4.27 6.41 4.49 5.55 4.44 5.94 4.16 5.72 4.61 5.88 4.12 5.89 4.80 5.98 4.18 6.07 4.99 4.68 3.28 6.25 5.19 4.01 2.81 6.44 5.40 2.18 1.53 6.63 5.61 9.97 6.98 6.83 5.84 16.16 11.31 7.03 6.07 38.99 27.29 7.25 6.31 33.66 23.56 7.46 6.57 24.18 16.93 7.69 6.83 15.32 10.72 7.92 7.10 9.02 6.31 4.57 1.83 1.37 1.37 10.82 4.33 3.25 3.25 7.79 3.11 2.34 2.34 7.46 2.98 2.24 2.24 5.09 2.04 1.53 1.53 4.39 1.75 1.32 1.32 4.82 1.93 1.45 1.45 7.32 2.93 2.20 2.20 6.76 2.70 2.03 2.03 5.03 2.01 1.51 1.51 4.28 1.71 1.29 1.29 2.67 1.07 0.80 0.80 1.88 0.75 0.56 0.56 1.87 0.75 0.56 0.56 1.08 0.43 0.32 0.32 0.49 0.20 0.15 0.15 0.42 0.17 0.13 0.13 0.39 0.16 0.12 0.12 6.37 2.55 1.91 1.91 6.56 2.62 1.97 1.97 6.01 2.40 1.80 1.80 3.09 1.24 0.93 0.93 3.41 1.36 1.02 1.02 3.28 1.31 0.98 0.98 3.38 1.35 1.01 1.01 3.58 1.43 1.07 1.07 2.93 1.17 0.88 0.88 2.63 1.05 0.79 0.79 1.50 0.60 0.45 0.45 7.22 2.89 2.17 2.17 12.37 4.95 3.71 3.71 31.65 12.66 9.49 9.49 29.10 11.64 8.73 8.73 22.38 8.95 6.71 6.71 15.26 6.10 4.58 4.58 9.74 3.90 2.92 2.92 8.12 3.25 2.44 2.44 16.40 6.56 4.92 4.92 13.74 5.50 4.12 4.12 11.58 4.63 3.47 3.47 8.59 3.43 2.58 2.58 8.94 3.58 2.68 2.68 6.95 2.78 2.09 2.09 10.17 4.07 3.05 3.05 9.85 3.94 2.96 2.96 7.47 2.99 2.24 2.24 5.83 2.33 1.75 1.75 3.16 1.27 0.95 0.95 2.29 0.91 0.69 0.69 2.27 0.91 0.68 0.68 1.33 0.53 0.40 0.40 0.62 0.25 0.19 0.19 0.54 0.21 0.16 0.16 0.51 0.20 0.15 0.15 Million $ Ddi vdi Gia thuc Gia ca sd Chdnh Idch Phu lai phdi trd cho PET Thud Million $ Thud xudt khdu Ddi vdi ddu Nha thdu PVEP 40% PCOSB 30% PERTAMINA 30% Ddi vdi Nha thdu PVEP 40% PCOSB 30% PERTAMINA 30% Thud thu nhdp doanh nghidp Ddi vdi ddu Nha thdu PVEP 40% PCOSB 30% PERTAMINA 30% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 21.30 8.52 6.39 6.39 21.94 8.78 6.58 6.58 20.10 8.04 6.03 6.03 8.62 3.45 2.59 2.59 9.57 3.83 2.87 2.87 9.27 3.71 2.78 2.78 9.61 3.84 2.88 2.88 10.24 4.10 3.07 3.07 8.44 3.38 2.53 2.53 7.62 3.05 2.29 2.29 4.38 1.75 1.31 1.31 21.23 8.49 6.37 6.37 37.17 14.87 11.15 11.15 37.33 14.93 11.20 11.20 38.97 15.59 11.69 11.69 34.92 13.97 10.48 10.48 23.37 9.35 7.01 7.01 15.91 6.36 4.77 4.77 40.00% 30.00% 30.00% 13.60 5.44 4.08 4.08 27.47 10.99 8.24 8.24 23.05 9.22 6.92 6.92 19.43 7.77 5.83 5.83 14.46 5.78 4.34 4.34 15.05 6.02 4.52 4.52 11.70 4.68 3.51 3.51 17.11 6.84 5.13 5.13 16.57 6.63 4.97 4.97 12.55 5.02 3.77 3.77 9.81 3.92 2.94 2.94 5.31 2.13 1.59 1.59 3.84 1.53 1.15 1.15 3.80 1.52 1.14 1.14 2.23 0.89 0.67 0.67 1.05 0.42 0.31 0.31 0.90 0.36 0.27 0.27 0.85 0.34 0.26 0.26 40.00% 30.00% 30.00% 36.00 14.40 10.80 10.80 37.08 14.83 11.12 11.12 33.96 13.59 10.19 10.19 15.00 6.00 4.50 4.50 16.64 6.66 4.99 4.99 16.11 6.44 4.83 4.83 16.69 6.68 5.01 5.01 17.79 7.12 5.34 5.34 14.65 5.86 4.39 4.39 13.22 5.29 3.97 3.97 7.60 3.04 2.28 2.28 36.80 14.72 11.04 11.04 62.81 25.13 18.84 18.84 62.95 25.18 18.89 18.89 65.38 26.15 19.61 19.61 58.39 23.35 17.52 17.52 39.06 15.62 11.72 11.72 26.58 10.63 7.97 7.97 Unit D6i v6i khf Nhfi thiu PVEP PCOSB PERTAMINA Lai nhu3n sau thu£ Diu Ip-i nhuJn Nha thiu PVEP PCOSB PERTAMINA Khi Ion nhuSn Nha thju PVEP PCOSB PERTAMINA 40% 30% 30% Million $ PVEP Profit after tax of PVEP Actual Cost Recovery PVEP's unused TCT Total Cost Total Non Recovery Cost 19.84 83.77 2.45 75.39 0.64 Full Cycle NCF Discounted NCF Cummulative Discounted NCF 2003 Look Forward NCF Discounted NCF Cummulative Discounted NCF 2011 25.82 90.98 8.97 64.51 0.80 22.81 89.74 4.46 83.77 0.72 13.77 75.18 6.08 63.49 0.59 12.44 83.72 3.45 83.46 0.59 12.46 85.25 1.39 106.12 0.58 11.36 76.78 4.68 55.31 0.55 13.96 83.48 7.62 54.57 0.64 12.49 71.13 6.64 51.64 0.55 10.31 62.18 4.86 45.70 0.46 6.96 35.74 4.77 20.84 0.29 16.85 145.90 3.52 32.82 0.93 26.66 124.82 2.44 37.74 0.91 30.03 60.46 32.52 30.96 15.56 (7.60) 36.96 49.86 38.06 31.18 26.34 132.52 115.27 11.58 21.19 8.97 8.04 14.16 10.36 4.10 9.87 6.85 5.10 3.92 17.91 (1-82) (214.97) (193.78) (183.42) (174.45) (170.35) (172.17) (164.13) (154.26) (147.42) (142.32) (138.40) (120.50) (106.34) 193.73 Discounted Payback Period Look Forward years PVEP LF PI 2.12 NPV ($mm) 193.73 IRR (%) 31.82% 30.03 11.58 54.96 60.46 21.19 76.15 32.52 10.36 86.51 30.96 8.97 95.48 15.56 4.10 99.58 (7.60) 36.96 8.04 (1.82) 97.76 105.80 49.86 9.87 115.66 38.06 6.85 122.51 31.18 5.10 127.61 26.34 3.92 131.52 132.52 17.91 149.43 115.27 14.16 163.59 26.70 38.50 65.37 33.29 0.86 27.04 28.71 55.00 28.71 0.75 23.77 23.98 37.12 23.98 0.58 15.98 14.07 26.24 14.07 0.38 10.97 11.53 16.03 11.53 0.26 96.42 10.77 (95.57) 81.30 8.25 (87.32) 60.32 5.57 (81.75) 41.84 3.51 (78.24) 26.75 2.04 (76.20) 96.42 10.77 174.36 81.30 8.25 182.61 60.32 5.57 188.18 41.84 3.51 191.69 26.75 2.04 193.73