The Genetic Algorithm is the New Method for the Selection of International Petroleum Cooperative Exploration and Development Projects

In order to carry out international petroleum exploration and development projects, policymakers face the arduous task of choosing and optimizing projects in different areas and under different financial rules. The choices involve many considerations on restriction on projects except of the technological and economic feasibility (such as limited capital, the latest time of going into operation, tax revenue hedge enclose policy, minimum compulsory work etc). The paper summed up several pieces of special considerations under international petroleum cooperation, and pointed out the limitation of existing methodology of routine economic evaluation on projects. And at last the paper has proposed the idea of using genetic algorithm to carry out economic evaluation of the project and scheme and constructed the corresponding evaluation mode.