Emhjellen, Magne; Osmundsen, Petter - In: International Journal of Global Energy Issues 35 (2011) 1, pp. 43-63
Oil project assessment using separate cash flow valuation (Jacoby and Laughton, 1992; Laughton and Jacoby, 1993; Emhjellen and Alaouze, 2002), presumes that the present value of the cost cash flow of oil projects can be calculated using a risk free rate. This paper examines whether this practise, at...