Describes the valuation of a complex capital project, the staged development of an oil field concession in the Netherlands. Stages of offshore petroleum development on the Dutch continental shelf; Asset valuation based on replication in financial markets; Major insights and conclusions.

ERIM Top-Core Articles
FM journal of the Financial Management Association
Erasmus Research Institute of Management

Smit, H. (1997). Investment Analysis of Offshore Concessions in The Netherlands. FM journal of the Financial Management Association, 5–17. Retrieved from