How and Why Petroleum Leases Are Held by Production: Analysis of a Compound Option
研究了石油天然气租约中“通过生产持有”（HBP）条款如何刺激大量不经济井的钻探，同时抑制其他经济井，并提供了该条款作为复合期权的估值方法。
Most oil and gas leases allow the operator to extend possession by establishing production in paying quantities. We show how this option to “hold by production” (HBP) stimulates the drilling of many uneconomic wells but also creates incentives to delay other economic wells. We provide a simple method to value the HBP provision as a compound option and estimate that it has increased the value of typical shale gas leases in the major U.S. basins by 25% to 250% in recent years. We also identify subbasins where drilling appears likely to have been suppressed rather than stimulated. <i></i>