中國石化投資管理模式調(diào)研與優(yōu)化

2013年12月中國石化投資管理模式調(diào)研與優(yōu)化主要內(nèi)容案例試算指標(biāo)體系結(jié)論建議

指標(biāo)體系投資項(xiàng)目的優(yōu)選排隊(duì)采取通用指標(biāo)體系和板塊指標(biāo)體系。在集團(tuán)公司層面，應(yīng)用通用指標(biāo)體系，對(duì)投資項(xiàng)目執(zhí)行跨板塊比選排隊(duì)。在事業(yè)部及企業(yè)層面，應(yīng)用板塊指標(biāo)體系，進(jìn)行項(xiàng)目排隊(duì)。通用指標(biāo)體系由發(fā)展計(jì)劃部組織制訂。板塊指標(biāo)體系由各事業(yè)部結(jié)合板塊業(yè)務(wù)特點(diǎn)，在發(fā)展計(jì)劃部的指導(dǎo)下組織制訂。指標(biāo)權(quán)重內(nèi)部收益率(FIRR)40%凈現(xiàn)值(FNPV)20%投資收益率40%排隊(duì)比選指標(biāo)設(shè)置

指標(biāo)體系內(nèi)部收益率：項(xiàng)目的現(xiàn)金流入現(xiàn)值總額與流出現(xiàn)值總額相等時(shí)的折現(xiàn)率。凈現(xiàn)值：項(xiàng)目的凈現(xiàn)金流量以資金成本為貼現(xiàn)率的折現(xiàn)值。投資收益率：項(xiàng)目年均凈利潤與投資總額的比值。1.指標(biāo)設(shè)置（一）

通用指標(biāo)體系

指標(biāo)體系指標(biāo)體系的設(shè)置思路1.動(dòng)態(tài)指標(biāo)與靜態(tài)指標(biāo)相結(jié)合，以動(dòng)態(tài)指標(biāo)為主動(dòng)態(tài)指標(biāo)：內(nèi)部收益率、凈現(xiàn)值，占60%權(quán)重。靜態(tài)指標(biāo)：投資收益率，占40%權(quán)重。動(dòng)態(tài)指標(biāo)是世界通行的項(xiàng)目評(píng)價(jià)指標(biāo)，本指標(biāo)體系也體現(xiàn)了這一原則。2.相對(duì)指標(biāo)與絕對(duì)指標(biāo)相結(jié)合，以相對(duì)指標(biāo)為主相對(duì)指標(biāo)：內(nèi)部收益率、投資收益率，占80%權(quán)重。絕對(duì)指標(biāo)：凈現(xiàn)值，占20%權(quán)重。相對(duì)指標(biāo)反映項(xiàng)目盈利能力，體現(xiàn)投資規(guī)模約束下的效益最大化原則。3.內(nèi)部收益率與投資收益率相結(jié)合，各有側(cè)重,相互補(bǔ)充內(nèi)部收益率：體現(xiàn)收付實(shí)現(xiàn)制，反映資金時(shí)間價(jià)值，是項(xiàng)目評(píng)價(jià)的首選指標(biāo)。投資收益率：體現(xiàn)權(quán)責(zé)發(fā)生制，約束投資規(guī)模，追求項(xiàng)目利潤。兩個(gè)收益率指標(biāo)從各自角度，協(xié)同指明了投資效益導(dǎo)向。與跨國公司項(xiàng)目評(píng)價(jià)指標(biāo)的對(duì)比

指標(biāo)體系大多數(shù)公司使用NPV、投資回收期、IRR作為項(xiàng)目決策指標(biāo)。不選擇“投資回收期”的原因：上下游板塊項(xiàng)目有差異。上游標(biāo)準(zhǔn)為6年，下游為10年。項(xiàng)目的投資回收期十分集中，定量化賦值后容易誤導(dǎo)。因此，投資回收期更適合作為否決性的風(fēng)險(xiǎn)控制指標(biāo)，不宜作為項(xiàng)目排隊(duì)比選指標(biāo)。其中，Pj：第j個(gè)項(xiàng)目綜合得分Wi：第i個(gè)指標(biāo)的權(quán)重

Fij：第j個(gè)項(xiàng)目i個(gè)指標(biāo)

的指標(biāo)分值n：參與排序關(guān)鍵指標(biāo)

個(gè)數(shù)越大越優(yōu)型指標(biāo)得分公式：越小越優(yōu)型指標(biāo)得分公式：

其中：Fij：j項(xiàng)目i指標(biāo)的得分

xi：j項(xiàng)目i指標(biāo)的指標(biāo)值

(xi)max：i指標(biāo)的最大數(shù)值(xi)min：i指標(biāo)的最小數(shù)值

指標(biāo)體系2.項(xiàng)目得分依據(jù)項(xiàng)目得分，進(jìn)行項(xiàng)目排隊(duì)。其中，項(xiàng)目得分根據(jù)指標(biāo)得分加權(quán)匯總。項(xiàng)目得分公式指標(biāo)得分公式

指標(biāo)體系指標(biāo)得分指標(biāo)值最小值最大值越大越優(yōu)型指標(biāo)的計(jì)分規(guī)則例如：內(nèi)部收益率、凈現(xiàn)值、投資收益率

指標(biāo)體系指標(biāo)得分指標(biāo)值最小值最大值越小越優(yōu)型指標(biāo)的計(jì)分規(guī)則例如：投資回收期

指標(biāo)體系3.應(yīng)用范圍（1）用于盈利性項(xiàng)目的排隊(duì)比選新開項(xiàng)目的排隊(duì)比選在建項(xiàng)目的跟蹤評(píng)估為低盈利的戰(zhàn)略項(xiàng)目提供調(diào)整依據(jù)（2）為非盈利項(xiàng)目提供決策參考涉及安全隱患、礦區(qū)改造、碧水藍(lán)天等項(xiàng)目明確非盈利項(xiàng)目的機(jī)會(huì)成本專家論證、領(lǐng)導(dǎo)決策、納入排隊(duì)、算清代價(jià)指標(biāo)權(quán)重通用指標(biāo)內(nèi)部收益率(FIRR)40%凈現(xiàn)值(FNPV)20%投資收益率30%開發(fā)項(xiàng)目新增經(jīng)濟(jì)可采儲(chǔ)量5%開發(fā)成本5%排隊(duì)比選指標(biāo)設(shè)置

指標(biāo)體系1.油田板塊（二）

板塊指標(biāo)體系指標(biāo)權(quán)重通用指標(biāo)內(nèi)部收益率(FIRR)40%凈現(xiàn)值(FNPV)20%投資收益率30%能力建設(shè)項(xiàng)目百萬噸煉油綜合能力投資5%噸油加工費(fèi)5%其它項(xiàng)目待定排隊(duì)比選指標(biāo)設(shè)置

指標(biāo)體系2.煉化板塊指標(biāo)權(quán)重通用指標(biāo)內(nèi)部收益率(FIRR)40%凈現(xiàn)值(FNPV)20%投資收益率30%能力建設(shè)項(xiàng)目市場占有率5%原料保供率5%其它項(xiàng)目待定排隊(duì)比選指標(biāo)設(shè)置

指標(biāo)體系3.化工板塊通過專家打分，按照高，中，低三檔各得5%、3%、1%。指標(biāo)權(quán)重通用指標(biāo)內(nèi)部收益率(FIRR)40%凈現(xiàn)值(FNPV)20%投資收益率30%單個(gè)加油站預(yù)計(jì)投營第13-第24個(gè)月累計(jì)經(jīng)營量5%噸油投資5%單個(gè)加氣站預(yù)計(jì)投營12個(gè)月經(jīng)營量5%每萬方投資5%成品油管道沿途覆蓋區(qū)域合計(jì)經(jīng)營量（萬噸/年）4%每公里造價(jià)投資（萬元/公里）3%噸設(shè)計(jì)輸油量投資（萬元/噸）3%油庫建設(shè)沿途覆蓋區(qū)域合計(jì)經(jīng)營量（萬噸/年）5%每萬方庫容造價(jià)投資（萬元/公里）5%排隊(duì)比選指標(biāo)設(shè)置

指標(biāo)體系4.銷售板塊指標(biāo)權(quán)重內(nèi)部收益率(FIRR)40%凈現(xiàn)值(FNPV)20%投資收益率30%單位油氣完全成本5%投資回收期5%排隊(duì)比選指標(biāo)設(shè)置

指標(biāo)體系5.海外油氣主要內(nèi)容案例試算指標(biāo)體系結(jié)論建議

案例試算為了確保排隊(duì)比選指標(biāo)體系的適用性，收集了121個(gè)投資項(xiàng)目的可研數(shù)據(jù)，進(jìn)行了指標(biāo)體系的應(yīng)用試算。其中，勝利油田29個(gè)，煉油板塊66個(gè)，銷售板塊26個(gè)。（一）

試算結(jié)果

案例試算試算結(jié)果

案例試算序號(hào)項(xiàng)目名稱企業(yè)總投資（億元）年均利潤（億元）內(nèi)部收益率凈現(xiàn)值投資收益率項(xiàng)目得分指標(biāo)值(%)名次得分指標(biāo)值(億元)名次得分指標(biāo)值(%)名次得分140萬噸/年潤滑油加氫異構(gòu)裝置茂名4.825.7635.001740.7227.47671.84119.43295.6868.932200萬噸/年渣油加氫裝置及系統(tǒng)配套荊門14.677.7345.00855.8130.52379.8252.671142.1955.163連續(xù)重整增產(chǎn)芳烴高橋0.500.4742.001251.282.45296.4093.64375.0151.804C2回收裝置及配套設(shè)施天津3.432.4545.00855.8110.921328.5671.61757.3650.985新建硫回收裝置清江石化0.320.4020.315318.570.95502.49124.831100.0047.9363#柴油加氫裝置柴油質(zhì)量升級(jí)改造上海石化0.750.5145.00855.811.91384.9868.32854.7345.217埕東油田埕50-1塊館陶組7砂組滾動(dòng)建產(chǎn)勝利油田0.270.0374.301100.000.14910.3710.66848.5343.498加工高硫高酸原油適應(yīng)性改造齊魯17.157.9128.003030.1728.21473.7746.161736.9741.6192#焦化裝置優(yōu)化改造項(xiàng)目鎮(zhèn)海0.700.4238.001545.252.20345.7660.021048.0838.4810油品質(zhì)量升級(jí)改造工程金陵49.8912.3025.513926.4138.241100.0024.653419.7438.46111萬標(biāo)立變壓吸附氫氣回收裝置海南0.760.3446.06757.411.42443.7245.421836.3838.2612催化汽油吸附脫硫裝置擴(kuò)能改造項(xiàng)目金陵2.751.1843.001152.795.521914.4342.872034.3337.7413酮苯裝置提高蠟資源利用率及配套系統(tǒng)改造燕山0.750.3743.27953.201.23473.2049.211339.4237.6914一催化安全隱患治理及節(jié)能技術(shù)改造齊魯14.045.7128.932731.5721.46956.1240.682232.5836.8915勝一區(qū)沙二1-3聚驅(qū)后復(fù)合驅(qū)擴(kuò)大試驗(yàn)勝利油田0.440.2734.102039.370.77592.0061.73949.4435.9216湟源中心油庫青海公司2.302.0017.007113.572.50286.5486.80469.5334.5517墾20-9塊產(chǎn)能建設(shè)工程勝利油田0.470.0755.50271.640.29770.7716.005312.8133.9318150萬噸/年SZorb催化汽油吸附脫硫裝置（新）茂名2.451.1431.002434.699.431424.6746.401537.1633.6819150萬噸/年催化汽油吸附脫硫裝置茂名2.461.1431.002434.699.431424.6746.301637.0833.6420煉廠干氣PSA氫氣回收項(xiàng)目湛江東興0.490.1941.801350.980.91532.3938.122330.5333.08試算結(jié)果匯總表

案例試算序號(hào)項(xiàng)目名稱企業(yè)總投資（億元）年均利潤（億元）內(nèi)部收益率凈現(xiàn)值投資收益率項(xiàng)目

得分指標(biāo)值(%)名次得分指標(biāo)值(億元)名次得分指標(biāo)值(%)名次得分21煉油干氣氫氣回收裝置鎮(zhèn)海1.580.7335.001740.723.46249.0546.501437.2533.0022孤東油田孤東67-斜4塊東營組產(chǎn)能建設(shè)方案勝利油田0.350.0551.80366.060.22810.5714.945711.9631.3223煉油裝置輕烴資源綜合利用技術(shù)改造齊魯2.690.6343.171053.054.892012.7923.363618.7031.2624原油調(diào)合混輸改造茂名0.510.1741.021449.800.72611.8933.372726.7330.9925埕東油田西區(qū)Ng8-10層邊底水油藏水平井調(diào)整工程勝利油田1.000.1250.30463.800.52681.3612.19749.7529.6926洋浦-馬村成品油管道項(xiàng)目華南公司2.372.0510.281083.440.001190.0086.71569.4629.1627氣體回收中心上海石化5.671.7034.421839.855.861815.3229.973024.0028.6128珠三角成品油管道工程二期華南公司11.719.8010.451063.700.001200.0083.70667.0528.3029墾利油田墾38斷塊井網(wǎng)完善調(diào)整方案勝利油田0.450.0647.90560.180.23800.5912.507110.0028.1930孤東油田孤東小斷塊東營組新區(qū)產(chǎn)能建設(shè)勝利油田0.410.0547.70659.880.21820.5612.567010.0528.0931重油加氫裝置節(jié)能優(yōu)化改造齊魯0.540.1834.141939.430.68631.7733.682526.9726.9132環(huán)保及油品質(zhì)量升級(jí)改造項(xiàng)目青島石化5.491.8627.433229.317.361719.2433.952427.1926.4433延遲焦化裝置優(yōu)化改造石家莊0.660.1935.821641.960.93522.4228.573122.8826.4234200萬噸/年渣油加氫裝置項(xiàng)目金陵13.603.5327.123328.8410.971228.6825.973320.8025.5935長嶺—株洲成品油管道首站擴(kuò)容改造華中公司2.040.8526.573528.011.89404.9541.582133.3025.5136供武漢乙烯原料輕烴出廠設(shè)施完善配套荊門0.520.1732.452336.880.75601.9532.152825.7425.4437煉油富乙烷氣提濃處理裝置鎮(zhèn)海0.770.2234.082139.340.90542.3427.923222.3625.1538勝坨油田坨142西南擴(kuò)新區(qū)產(chǎn)能建設(shè)工程勝利油田0.220.0535.001740.720.13950.3320.994016.8023.0839油品質(zhì)量升級(jí)及原油劣質(zhì)化改造工程石家莊65.997.2213.02957.5727.79572.6710.95798.7621.0740重油加工結(jié)構(gòu)調(diào)整改造項(xiàng)目鎮(zhèn)海11.571.4828.592831.068.331621.7912.826910.2620.88

案例試算序號(hào)項(xiàng)目名稱企業(yè)總投資（億元）年均利潤（億元）內(nèi)部收益率凈現(xiàn)值投資收益率項(xiàng)目

得分指標(biāo)值(%)名次得分指標(biāo)值(億元)名次得分指標(biāo)值(%)名次得分41150萬噸/年連續(xù)重整裝置項(xiàng)目金陵15.803.2523.764123.778.991523.5220.584116.4820.8042甬-紹-金-衢成品油管道二期建設(shè)項(xiàng)目華東公司6.220.0012.001056.0334.98291.480.041180.0220.7243中石化福建區(qū)域辦公大樓福建公司6.500.3923.004522.6214.781138.676.041064.8218.7144茂名潤滑油脂擴(kuò)能改造潤滑油3.280.8023.484323.352.15355.6124.523519.6418.3245260萬噸/年柴油加氫裝置燕山5.400.9526.823428.392.32326.0717.674714.1518.23462#催化汽油吸附脫硫裝置及配套系統(tǒng)燕山2.060.4225.583826.522.03365.3120.284216.2418.1647南寧-百色成品油管道項(xiàng)目（含反輸泵）華南公司5.512.8310.171093.270.19840.4951.391241.1717.8748天津5000噸/年精細(xì)潤滑脂生產(chǎn)裝置建設(shè)項(xiàng)目潤滑油2.410.5324.554024.961.57424.1222.033817.6417.8649氫氟酸烷基化裝置改造燕山0.950.1826.483627.870.64641.6719.384415.5217.6950160萬噸/年柴油加氫改造項(xiàng)目武漢0.630.1325.583826.520.45721.1721.273917.0317.655120萬噸/年聚丙烯裝置北海5.680.9127.773129.820.59671.5315.945412.7617.3452樁西油田樁129-斜10塊非常規(guī)開發(fā)項(xiàng)目樁129-1HF井單井設(shè)計(jì)勝利油田0.510.0333.802238.910.10980.264.881123.9017.1853尚店油田尚一區(qū)中部Ng-Ed組斷塊油藏平面完善方案勝利油田1.190.1529.302632.130.41731.0712.836810.2717.1754消除瓶頸挖潛改造項(xiàng)目海南2.780.9315.927611.951.23463.2133.402626.7516.12556萬噸/年硫磺回收裝置及系統(tǒng)配套高橋2.220.3623.554223.451.65414.3116.345113.0815.4856福建成品油管道二期及配套油庫工程福建公司2.180.968.191120.292.35316.1544.031935.2615.4557大蘆湖油田高21塊沙二段老區(qū)綜合調(diào)整工程勝利油田0.650.0925.803726.850.20830.5214.046511.2415.3458孤東油田孤東81-1塊館陶組新區(qū)產(chǎn)能建設(shè)方案勝利油田0.440.0329.502532.430.071010.187.041025.6315.2659柴油質(zhì)量升級(jí)改造鎮(zhèn)海0.930.1522.234621.460.69621.8216.484913.1914.2260新灘油田墾東32-斜3塊館上段新區(qū)產(chǎn)能建設(shè)方案勝利油田0.400.0228.202930.470.051040.146.091054.8714.16

案例試算序號(hào)項(xiàng)目名稱企業(yè)總投資（億元）年均利潤（億元）內(nèi)部收益率凈現(xiàn)值投資收益率項(xiàng)目

得分指標(biāo)值(%)名次得分指標(biāo)值(億元)名次得分指標(biāo)值(%)名次得分61300萬噸/年柴油加氫裝置茂名6.701.2219.555717.422.55276.6818.234614.5914.1462甬(紹)金衢成品油管道華東公司13.670.0010.321073.5024.10763.020.021190.0014.016390萬噸/年催化汽油吸附脫硫裝置鎮(zhèn)海2.060.3820.505218.850.89552.3118.504514.8113.9364新建200萬噸/年柴油加氫裝置天津4.770.9219.106316.741.89394.9519.394315.5313.9065催化裂化裝置提高摻渣比改造高橋1.370.2321.574920.470.61651.6016.435013.1513.7766濟(jì)南異地改造一期擴(kuò)建項(xiàng)目潤滑油2.070.6413.91898.910.30760.7830.992924.8213.6567新建20萬噸/年聚丙烯裝置石家莊7.051.1719.415817.212.39306.2516.624813.3113.4668含硫原油加工適應(yīng)性改造及油品質(zhì)量升級(jí)改造安慶67.6914.9113.65908.524.872112.7422.033717.6413.0169蘇北管道項(xiàng)目華東公司14.670.0010.091103.1522.43858.670.021200.0013.0070臨盤油田盤一斷塊區(qū)沙三中油藏井網(wǎng)完善開發(fā)調(diào)整工程勝利油田2.150.2423.104422.780.45701.1810.95808.7612.8571200萬噸/年柴油加氫精制裝置改造海南2.080.3419.885517.920.86562.2516.125212.9012.7872燕山潤滑油擴(kuò)能配套改造潤滑油9.881.4218.326515.572.71267.0814.416311.5312.2673算山碼頭增建2臺(tái)原油罐鎮(zhèn)海1.140.1819.356017.120.45711.1815.875612.7012.1674完善瀝青儲(chǔ)罐及配套設(shè)施齊魯0.330.0519.815617.810.14920.3714.796011.8411.9375120萬噸/年催化汽油吸附脫硫S-Zorb裝置海南2.360.3518.976416.550.77582.0214.885911.9111.79763#重整裝置節(jié)能增效改造鎮(zhèn)海0.560.0819.346117.100.16860.4314.905811.9311.7077綜合辦公樓青海公司0.930.1020.005418.101.33453.4910.93818.7511.4478二次加工裝置脫硫系統(tǒng)瓶頸改造鎮(zhèn)海0.910.1418.066615.170.30750.7915.935512.7611.3379邵家油田邵543-1塊沙四段產(chǎn)能建設(shè)方案勝利油田0.980.0821.704820.660.15900.389.21927.3711.2980現(xiàn)河莊油田河148區(qū)塊沙三中油藏細(xì)分層系開發(fā)調(diào)整勝利油田5.390.5320.705119.160.82572.139.91887.9311.26

案例試算序號(hào)項(xiàng)目名稱企業(yè)總投資（億元）年均利潤（億元）內(nèi)部收益率凈現(xiàn)值投資收益率項(xiàng)目

得分指標(biāo)值(%)名次得分指標(biāo)值(億元)名次得分指標(biāo)值(%)名次得分81樂安油田樂安油田草27塊館陶組超稠油藏水平井蒸汽驅(qū)勝利油田1.220.1022.104721.270.14930.367.98996.3811.1382300萬噸/年柴油加氫項(xiàng)目金陵6.380.9417.326914.061.48433.8814.686111.7511.1083甬臺(tái)溫成品油管道華東公司18.040.009.701112.5617.461045.670.011210.0010.1684林樊家油田林中9塊南擴(kuò)館四組油藏新區(qū)產(chǎn)能建設(shè)方案勝利油田0.170.0121.105019.760.021120.056.661045.3210.0485濱南油田濱648西擴(kuò)沙三下低滲透油藏新區(qū)產(chǎn)能建設(shè)勝利油田0.770.0719.405917.190.091000.239.55907.649.9886干氣提濃項(xiàng)目金陵4.840.6017.097013.711.00492.6212.33739.879.9687150萬噸/年連續(xù)重整裝置茂名14.201.9315.508111.311.97375.1613.606610.889.918810萬噸/年正序抽出油酮苯脫蠟項(xiàng)目濟(jì)南2.010.2815.737811.660.38740.9914.076411.269.3789油品質(zhì)量升級(jí)項(xiàng)目九江70.947.2514.20879.353.74239.7810.22868.178.979065萬噸/年催化汽油加氫改造天津1.200.1814.748410.170.15880.4014.616211.698.8291樁西油田樁斜139深層稠油開發(fā)調(diào)整勝利油田3.530.2019.306217.040.28780.745.691074.558.7892制氫原料結(jié)構(gòu)調(diào)整改造項(xiàng)目鎮(zhèn)海18.341.7616.247312.430.51691.339.60897.688.3193潤滑油系統(tǒng)提高產(chǎn)品質(zhì)量技術(shù)改造燕山11.361.3114.50859.801.10482.8711.50779.208.1894調(diào)整結(jié)構(gòu)項(xiàng)目勝利油田6.100.5715.817711.780.61661.589.42917.548.0495東辛油田營52-斜5塊沙一3-4新區(qū)產(chǎn)能建設(shè)方案勝利油田0.390.0216.807213.270.021130.047.601006.087.7596地膜廠寧夏公司1.260.1614.20879.350.061030.1512.41729.937.7497大王北油田大北15-斜20塊新區(qū)產(chǎn)能建設(shè)工程勝利油田0.670.0418.006715.080.041090.105.231094.187.7398臨盤油田田4斷塊區(qū)沙二、沙三段產(chǎn)能建設(shè)方案勝利油田1.700.1416.007512.070.051050.138.78967.037.6699商河油田商548塊沙三上段產(chǎn)能擴(kuò)建方案勝利油田0.880.0417.906814.930.051070.135.041114.037.61100煉油異地改造石化項(xiàng)目北海60.696.8412.58996.912.25335.8711.27789.027.55

案例試算序號(hào)項(xiàng)目名稱企業(yè)總投資（億元）年均利潤（億元）內(nèi)部收益率凈現(xiàn)值投資收益率項(xiàng)目

得分指標(biāo)值(%)名次得分指標(biāo)值(億元)名次得分指標(biāo)值(%)名次得分101荊門-襄陽成品油管道工程華中3.600.4613.26927.930.28790.7312.886710.317.44102勝坨油田坨七南擴(kuò)塊沙二81油藏新區(qū)產(chǎn)能建設(shè)工程勝利油田0.360.0315.707911.610.011160.028.55976.847.38103濱南油田濱644塊低滲透油藏井網(wǎng)加密開發(fā)調(diào)整方案勝利油田2.030.1416.207412.370.061020.167.041015.637.231046萬噸/年乙苯-苯乙烯裝置湛江東興5.150.5613.36918.080.95512.4910.88828.717.22105湘潭-婁底成品油管道工程華中公司2.940.3612.80977.240.17850.4412.16759.736.87106勝坨油田坨28塊東二段水驅(qū)綜合調(diào)整方案勝利油田2.160.1515.608011.460.041110.096.841035.476.79107武漢航煤管道工程華中公司1.010.1212.73987.130.011140.0411.53769.236.55108中科（廣東）煉化一體化項(xiàng)目中科455.0046.9313.01967.560.16870.4110.32858.256.41109柴油質(zhì)量升級(jí)技術(shù)改造西安1.100.0914.01889.060.041080.118.19986.556.27110武漢—廣水管道工程華中公司5.040.4613.15937.770.15890.389.03947.226.07111長沙-郴州成品油管道工程華中公司8.740.9412.221016.370.13940.3410.71838.576.04112王家崗油田官110塊新區(qū)產(chǎn)能建設(shè)勝利油田1.040.0515.208210.860.001180.015.261084.206.03113渤南油田義171-1塊沙四段致密砂巖開發(fā)工程勝利油田3.900.1515.707911.610.051060.134.081133.265.97114江西成品油管道二期工程華中公司17.741.7912.091036.170.10970.2710.06878.055.74115蘭州油庫甘肅公司0.950.0015.008310.562.85257.440.091160.065.74116阜陽-亳州成品油管道工程華中2.870.2612.051046.110.011150.029.08937.275.35117合肥-六安成品油管道工程華中2.030.1812.051046.110.011170.028.82957.055.27118石家莊-太原成品油管道華北公司6.560.3412.251006.410.09990.245.191104.154.27119荊門-宜昌-巴東成品油管道工程華中17.070.3013.05947.620.11960.281.741151.393.66120安慶石化配套成品油管道及首站庫工程華中公司14.690.4112.131026.230.041100.102.811142.243.41121武威成品油配送中心甘肅公司1.590.008.001130.004.782212.490.041170.022.51

案例試算（二）

結(jié)果分析1.兩個(gè)收益率決定了項(xiàng)目得分走勢，呈橫躺“S”形，前幾名得分快速降低，然后再緩慢降低。勝利油田埕東油田埕50-1塊館陶組清江石化新建硫回收裝置勝利油田墾20-9塊產(chǎn)能建設(shè)工程勝利油田孤東油田孤東67-斜4塊金陵湟源中心油庫茂名洋浦-馬村成品油管道項(xiàng)目勝利油田埕東油田西區(qū)Ng8-10層邊底水油藏華南公司珠三角成品油管道工程二期上游項(xiàng)目的內(nèi)部收益率高，下游項(xiàng)目的投資收益率高。其中，8個(gè)極點(diǎn)項(xiàng)目中，4個(gè)上游項(xiàng)目的內(nèi)部收益率高，4個(gè)下游項(xiàng)目的投資收益率高。

案例試算勝利油田埕東油田埕50-1塊館陶組項(xiàng)目內(nèi)部收益率&投資收益率項(xiàng)目概況：油藏類型為為巖性～構(gòu)造邊底水油藏，屬于高孔、高滲儲(chǔ)層。

方案規(guī)劃動(dòng)用含油面積0.6km2，動(dòng)用地質(zhì)儲(chǔ)量40.0×104t?？偩?dāng)?shù)5口，單井控制儲(chǔ)量8×104t。前三年直井、定向井平均日產(chǎn)油4.6t，水平井平均日產(chǎn)油6t，新建產(chǎn)能0.7×104t/a，十五年末累采油6.0×104t，開發(fā)成本576.4元/噸。序號(hào)項(xiàng)目投資估算（萬元）平均單井投資（萬元）占比例（%）一新增建設(shè)投資2722.64544.5100.01鉆井工程投資1801.02360.266.12采油工程投資359.2271.813.23地面工程投資562.40112.520.7二建設(shè)期利息0.00//總投資2722.64544.5