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1. Petroleum projects are capital intensive and high risk Large upfront investments with long payout periods define the industry. 2. Cash flow is the central decision variable Project evaluation is based on projected cash inflows and outflows over time. 3. Time value of money is fundamental Money today is worth more than money in the future. 4. Discounting converts future cash flows into present value Future revenues and costs must be discounted to a common base year. 5. Net Present Value (NPV) is the primary decision criterion Projects are acceptable if NPV > 0 at the required discount rate. 6. Internal Rate of Return (IRR) measures project yield IRR is compared to the hurdle rate to determine viability. 7. Payback period ignores time value beyond recovery Useful but limited indicator of capital recovery speed. 8. Nominal vs real cash flows must be treated consistently Inflation handling must match discount rate basis. 9. Fiscal regimes determine government take Taxation stru...