2014 PESA production and development review

2015 ◽  
Vol 55 (1) ◽  
pp. 177
Author(s):  
Steve Henzell ◽  
Steve Cooper
Keyword(s):  
Crude Oil ◽  
East Coast ◽  
Commodity Price ◽  
Transmission System ◽  
Oil Price ◽  
Secondary Development ◽  
Crude Oil Production ◽  
Small Fields ◽  
On Line ◽  
Timor Sea

2014 was the penultimate year for many of the massive multi-year LNG development projects. These projects will lift Australia’s LNG capacity by more than 250% from present levels. The first train of the Queensland Curtis LNG project came on-line in late 2014. Exports are expected to commence from a further three LNG projects (APLNG, Gladstone LNG and Gorgon) in 2015. The ramp-up in gas demand on the east coast of Australia is spurring secondary development. A pipeline link has been proposed from the NT’s gas transmission system to connect to the east coast gas transmission system to allow gas from the Timor Sea to be fed into the east coast market and to the Queensland LNG projects. 2014 was a quiet year for new oil developments. Offshore, the Balnaves FPSO development was brought on-line. Onshore, the operators of the Cooper western flank continued to discover and develop a series of small fields. These small developments and better performance from some existing fields were able to offset natural reservoir decline elsewhere, leading to an overall increase in crude oil production of approximately 4% from the previous year. The second half of 2014 was characterised by a decline in crude oil price from more than $100/BBL to under $60/BBL by year-end. For many LNG contracts, LNG price is linked to oil price; existing LNG developments are well progressed and are unlikely to be curtailed by the low commodity price, but future developments are already being slowed or stopped.

Colombia's oil sector will weather price slump

2015 ◽  
Keyword(s):  
Crude Oil ◽  
Oil Prices ◽  
Extended Period ◽  
Oil Industry ◽  
Oil Price ◽  
Infrastructure Investment ◽  
Success Story ◽  
Content Type ◽  
Crude Oil Production ◽  
Oil Sector

Subject The Colombian oil sector. Significance Colombia's oil industry has been a success story, with crude oil production running at close to 1 million barrels per day (b/d) and playing an important part in the country's economy. However, that very success and its positive economic impact is now creating real challenges for the country, following the precipitate fall in the global oil price. Impacts As the transition to peace reduces pipeline vulnerability, infrastructure investment may increase. Improved refining capacity will reduce Colombia's reliance on diesel and petrol imports, and may enable higher-value exports. An extended period of low oil prices could encourage more diversification and investment in other sectors.

THE AUSTRALIAN OIL INDUSTRY — TWO YEARS OF FLOOD BEFORE THE PERMANENT DROUGHT

1986 ◽  
Vol 26 (1) ◽  
pp. 106
Author(s):  
I. Story
Keyword(s):  
Crude Oil ◽  
Oil Industry ◽  
Oil Price ◽  
Oil Consumption ◽  
Gross Domestic Product Growth ◽  
Self Sufficiency ◽  
Timor Sea ◽  
The Government ◽  
First Time ◽  
Exploration Activity

World oil intensities have undergone a fundamental change since 1976, when gross domestic product growth outstripped oil consumption for the first time. World oil demand has fallen each year since 1979 irrespective of economic conditions.International supply management is the only way of containing oil price falls. In the longer term, non-OPEC production will peak by the end of this decade because there have been no major developments since the mid-1970's. Prices are likely to rise again as supply from non-OPEC countries falls, allowing OPEC to reassert market control.Australia has achieved 100 per cent self-sufficiency in crude oil, but a substantial increase in exploration activity is required if a major fall in self-sufficiency is to be averted after Bass Strait peaks in 1987. Browse Basin (Timor Sea) disappointments indicate that while there will be good production from Jabiru and perhaps Challis, these will not replace the declining Mackerel, Halibut, and Kingfish fields in Bass Strait.The Cooper/Eromanga Basin, while highly prospective, will never produce the quantities needed to replace Bass Strait. Jackson's reserves are estimated at about 45 million barrels. By comparison, Mackerel and Halibut together will produce 58 million barrels in 1985-86 alone.If oil is not found the balance of payments will suffer badly. Each percentage point drop in self sufficiency will cost Australia $85 million or nearly 0.5 per cent of exports. If domestic production falls to 470 000 barrels per day by 1990, imports of crude oil will cost $2 billion in 1985 dollars (assuming flat oil prices). Expressed in another way, 6 per cent of Australia's exports will be required to pay for the incremental drop in self-sufficiency by 1990.In 1984-85 the Government took in $4.26 billion from the crude oil levy, almost exclusively from Bass Strait. In 1985-86 the Government will receive $4.7 billion. This represents 8.7 per cent of Government taxation revenue, and 8 per cent of total Government receipts. By 1990, the levy from Bass Strait will fall by 45 per cent (assuming a constant oil price). By 1995 the revenue will be 90 per cent less than 1985-86, posing a major budgetary funding problem.

scholarly journals The Effect In Changes of Persian Gulf Country Crude Oil Production, Usa Crude Oil Production, OECD Country Oil Consumption To The World Oil Price Changes

2019 ◽  
Vol 3 (11) ◽  
pp. 32-36
Keyword(s):  
Positive Result ◽  
Crude Oil ◽  
Persian Gulf ◽  
Supply And Demand ◽  
Oil Production ◽  
Oecd Country ◽  
Oil Price ◽  
Energy Information Administration ◽  
Crude Oil Production ◽  
Gulf Country

There are background issues has generated this study, which one from the global crude oil price get reduced to around 70% in the second semester of 2014. Several observations were associated with an imbalance between the pattern of supply and demand for crude oil. This study is purposed at examining the effect of the variable crude oil production from the Gulf Country and the USA, furthermore is the variable consumption of crude oil on changes in the price of WTI crude oil (West Texas Intermediate). The secondary data has obtained by U.S. agencies. Energy Information Administration (EIA). The results processed by multiple linear regression methods in the period of observation Q3 2001 - Q4 2018, the results describe that the variables of crude oil production from Saudi countries (Persian Gulf Country) give a significant negative result (β = -4.993; significant level 0.028), and for USA Oil production variable gives a significant positive result (β = 0.177; significant level 0,000) whereas OECD country consumption shows a positive result that is not significant for changes in crude oil prices (β = 1,926; significant level 0.058)

scholarly journals Australian Energy Policy and Conservation

1989 ◽  
Vol 7 (1) ◽  
pp. 37-50
Author(s):  
Robert E. Marks
Keyword(s):  
Energy Conservation ◽  
Crude Oil ◽  
Energy Policy ◽  
Energy Sector ◽  
Oil Price ◽  
Crude Oil Production ◽  
The World ◽  
National Energy Policy ◽  
Industrialised Countries ◽  
Clear Statement

The Publication in April 1988 of the document, Energy 2000: A National Energy Policy, was a landmark, since this was the first clear statement of the Australian Government's energy policy. Previously, Federal Governments had been content to tax domestic crude oil production to the level of the world oil price – so-called import parity pricing – at some benefit to the Revenue, with few other initiatives. After outlining the importance to Australia of the energy sector, this paper examines critically the elements of energy policy as stated in the document, with particular emphasis on policies for energy conservation, in some aspects of which Australia lags behind other industrialised countries. The paper concludes with some suggestions for changes to the stated policies.

scholarly journals Oil threshold value between oil price and production

2019 ◽  
Vol 66 (4) ◽  
pp. 487-505 ◽  
Author(s):  
Tzu-Yi Yang ◽  
Ha Thanh ◽  
Chia-Wei Yen
Keyword(s):  
Crude Oil ◽  
Price Volatility ◽  
Oil Prices ◽  
Oil Production ◽  
Threshold Value ◽  
Oil Price ◽  
Smooth Transition ◽  
Crude Oil Price ◽  
Oil Price Volatility ◽  
Crude Oil Production

This study proposes a panel smooth transition regression (PSTR) model to investigate the nonlinear relationship between crude oil prices and crude oil production in 122 countries, both OPEC and non-OPEC, from March 1994 to October 2015. The statistical test for the existence of a threshold effect indicates that the relationship between oil prices and oil production is nonlinear, with different changes over time among the oil price and transition variables. Additionally, a threshold value exists. Furthermore, crude oil price volatility exhibits asymmetric responses to production volatility by fluctuating above or below the threshold value. Finally, when crude oil price volatility with a lag of two periods exceeds the threshold value, crude oil production changes have a positive impact on crude oil price volatility. In contrast, when crude oil price volatility with a lag of two periods is less than the threshold value, crude oil production changes have a negative impact on price volatility.

scholarly journals Spatial crude oil production divergence and crude oil price behaviour in the United States

Energy ◽  
2021 ◽  
pp. 121034
Author(s):  
Manuel Monge ◽  
Luis Alberiko Gil-Alana
Keyword(s):  
United States ◽  
Crude Oil ◽  
Oil Production ◽  
The United States ◽  
Oil Price ◽  
Crude Oil Price ◽  
Crude Oil Production

Creation of the ‘Internet of things’ in crude oil production

2017 ◽  
Vol 10 ◽  
pp. 120-124
Author(s):  
R.S. Khisamov ◽  
◽  
R.A. Gabdrahmanov ◽  
A.P. Bespalov ◽  
V.V. Zubarev ◽  
...  
Keyword(s):  
Internet Of Things ◽  
Crude Oil ◽  
Oil Production ◽  
The Internet ◽  
Crude Oil Production ◽  
The Internet Of Things

Impact of crude oil price on the socio-political environment of global countries

2019 ◽  
Vol 118 (3) ◽  
pp. 110-122
Author(s):  
Johnson Clement Madathil ◽  
Velmurugan P. S
Keyword(s):  
Crude Oil ◽  
Descriptive Analysis ◽  
Oil Price ◽  
Policy Framework ◽  
Political Environment ◽  
Policy Reforms ◽  
Crude Oil Price ◽  
Short Term ◽  
Political Impact ◽  
New Energy

Crude oil is known to have an impact on people’s life of both producers and consumers of crude oil countries. A producer country’s socio-political impact will be different from a consumer country’s socio-political impact. This paper aims to show that crude oil price has a socio-political impact on global countries through descriptive analysis. The study found that there were similarities in the movement of crude oil price and change in GDP of both India and United States and further Russia and Venezuela have had crude oil impact on their respective GDP’s, which has made them take policy reforms. The paper identifies changes in the policy framework due to influence of crude oil price and eventual changes in existing socio-political environment. Taking oil producing countries such as Russia and Venezuela as examples, this paper suggests that policy reforms are the key to having a stable socio-political environment. Russia shows us that having a flexible monetary policy can keep the budget dependence on crude oil reduced in the short term. On the other hand, for oil consuming countries, having a stable supply and moving to new energy sources is the key to tackle the influence of crude oil price on the socio-political environment of global countries.

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