RISING COSTS IN AUSTRALIAN HYDROCARBON EXPLORATION AND DEVELOPMENT

1978 ◽  
Vol 18 (1) ◽  
pp. 204
Author(s):  
D. McMinn
Keyword(s):  
Large Scale ◽  
Oil And Gas ◽  
Hydrocarbon Exploration ◽  
Upward Movement ◽  
Oil And Gas Producers ◽  
Project Construction ◽  
Key Factor ◽  
Retained Earnings ◽  
Equipment Costs ◽  
Exploration And Development

Rapidly rising costs have created operating and investment problems for companies involved in the Australian hydrocarbon resource industry. Expenditure in this area has declined markedly in constant dollar terms, an adverse trend given Australia's outlook for increasing reliance on imported crude oil in the 1980's.Costs in hydrocarbon exploration appear to have risen in excess of general inflation in the Australian economy. This situation may be attributed to the strong upward movement in wages and equipment costs, and in some cases, the low level of domestic exploration in the mid-1970's.Capital costs for hydrocarbon development and pipeline projects in Australia have also escalated, a trend caused by rising wage levels in project construction and increases in equipment costs. Additional factors such as design alterations, environmental considerations and labour disputes, can also add significantly to costs. Large scale hydrocarbon projects, which have long lead times, are susceptible to inflationary trends.Increasing amounts of funds are required for exploration and development as a result of the rising cost trend. However, difficulty is being experienced in raising funds through capital and equity markets, as well as retained earnings. A key factor in securing adequate funds is profitability, which is largely determined by the State and Federal Governments. For the smaller oil and gas producers, the past profitability record has been inadequate, although the improvement in recent years should continue because of higher oil and gas prices.Costs may be expected to continue to increase in hydrocarbon exploration and development, but probably at a lower rate than experienced in the mid- 1970's. The future viability of the hydrocarbon sector is dependent on a favourable investment environment and higher profitability to offset the considerable risks in exploration and escalation in costs.

100 Years of Oil and Gas Development: From the Marshes to Deepwater, Louisiana Has Played a Major Role in Water-Oriented Exploration and Development

2002 ◽  
Author(s):  
Donald W. Davis
Keyword(s):  
Gulf Of Mexico ◽  
Oil And Gas ◽  
100Th Anniversary ◽  
The State ◽  
Hydrocarbon Exploration ◽  
Oil And Gas Development ◽  
Energy Demands ◽  
Entrepreneurial Spirit ◽  
Water Depths ◽  
Exploration And Development

September, 2001 marked the 100th anniversary of the oil and gas business in Louisiana. Consequently, hydrocarbon exploration and development has been a vital part of Louisiana’s economy for over a century. In the latter part of the 1980s, the industry was considered dead or dying. Exploration and development had declined throughout the state. In the 1990s Louisiana’s industry was reborn in the deepwater of the northern Gulf of Mexico—a region that holds enormous potential in water depths that create unique exploration, development and production challenges. As technology changed, or was developed to meet the industry’s needs, new frontiers were explored. There was a pioneering entrepreneurial spirit that pushed the limits. Today, the frontier continues to expand and Louisiana is the beneficiary of this activity. One hundred years after the first discovery well in Louisiana, more than 250,000 oil and/or gas wells have been drilled in the state. In addition, over 4,000 structures are anchored parallel to its coast in water depths approaching two miles (3.2 km). From the uplands, to the swamps and marshes and into the deepwater of the Gulf of Mexico, Louisiana has been a leader in helping meet the Nation’s energy demands.

scholarly journals Low Energy Routing Protocol for Oil and Gas Pipeline Internet of Things

2021 ◽  
Author(s):  
Miao Liu ◽  
Zhuo-Miao Huo ◽  
Jie Zhang ◽  
Rong Yao ◽  
Zhen-Xing Sun
Keyword(s):  
Internet Of Things ◽  
Routing Protocol ◽  
Large Scale ◽  
Network Performance ◽  
Oil And Gas ◽  
Opportunistic Routing ◽  
End To End Delay ◽  
Key Factor ◽  
Forwarding Node ◽  
End To End

Abstract Nodes in the Internet of Things of oil and gas pipelines are linearly distributed according to the direction of pipelines, so it is difficult to realize timely and large-scale battery replacement. Therefore, effective energy management has always been a key factor restricting the performance of the IoT of oil and gas pipelines.In addition, the end-to-end delay determines the response time of pipeline safety accidents and is also a key parameter to improve the real-time performance of the network. Considering energy effciency and delay comprehensively, this paper proposes PIOT-LPRP (Pipeline Internet of Things - Low Power Routing Protocol) protocol. The remaining energy of nodes and the distance between nodes and sink nodes are used as indicators to select candidate forwarding nodes in opportunistic routing to achieve energy balance in the network. The use of energy collection technology to extend the service life of the network. By choosing the node which is far away from the transmission as the forwarding node, the number of hops of data transmission can be effectively reduced, so as to reduce the end-to-end delay of the network. The simulation results show that PIOT-LPRP can effectively take into account the network life and network latency, and improve the network performance, by comparing with the classical opportunistic routing protocol EXOR, the same type of protocol RE-OR, and the HER protocol using energy harvesting technology.

scholarly journals Comparison of Hydrocarbon Fiscal Regimes of Some European Oil and Gas Producers and Perspectives for Improvement in the Republic of Croatia

Energies ◽  
2021 ◽  
Vol 14 (16) ◽  
pp. 5056
Author(s):  
Marko Kolovrat ◽  
Lucija Jukić ◽  
Daria Karasalihović Sedlar
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Hydrocarbon Exploration ◽  
European Countries ◽  
Gas Industry ◽  
Oil And Gas Producers ◽  
Exploration And Production ◽  
Sliding Scale ◽  
The Republic ◽  
Hydrocarbon Exploration And Production

Hydrocarbon exploration and production activities are basic to the functioning of the oil and gas industry, while concession contracts and fees are central concepts in the aforementioned activities. The authors consider several questions regarding these concepts, such as: what is the legislative, institutional, and fiscal framework in certain European countries regarding hydrocarbon exploration and production? What are the major differences between them? Finally, is there room for improvement of the framework in the Republic of Croatia? To answer these questions, the authors contacted some of the relevant institutions and accessed official government gazettes, institution websites, legal aggregators, journal articles, books, and different legal publications regarding the oil and gas industry for several European countries, namely the Kingdom of Norway, the Russian Federation, the Republic of Austria, and the Republic of Croatia. As a result, this paper presents an overview of legislation, institutions, concession contracts, taxes, and fees for each of the aforementioned countries. The authors conclude that the Republic of Croatia could benefit from applying some foreign solutions in its own legislative and fiscal framework, i.e., using a sliding scale for royalty calculation and simplifying some administrative procedures.

scholarly journals Semiquantitative Characterizations And Controlling Factors of Microscopic Pore Characteristics of The Metamorphic Rock Reservoir In The Central Paleo-Uplift Belt, Songliao Basin

2021 ◽  
Author(s):  
Zhouqiang Zeng ◽  
Xuanlong Shan ◽  
Guoli Hao ◽  
Wentong He ◽  
Changqing Zheng ◽  
...  
Keyword(s):  
Natural Gas ◽  
Pore Size ◽  
Metamorphic Rock ◽  
Oil And Gas ◽  
Songliao Basin ◽  
Hydrocarbon Exploration ◽  
Gas Reservoir ◽  
Pore Characteristics ◽  
Pore Size Distributions ◽  
Exploration And Development

Abstract Currently, metamorphic rock is a common target for oil and gas exploration, and reservoirs are the key factors restricting hydrocarbon exploration and development in metamorphic rocks. The deep metamorphic rock gas reservoir in the central paleo-uplift of the northern Songliao Basin has good exploration and development potential. In this study, we use a combination of qualitative descriptions and quantitative analysis to comprehensively analyze the pore characteristics of the reservoir and explore the factors controlling the pore characteristics of the metamorphic rock reservoir in the central paleo-uplift belt of the Songliao Basin. The metamorphic rock reservoir in the central paleo-uplift belt contains three types of lithologies: chlorite schist, mylonite, and mica schist, each with different protoliths and metamorphic histories. The reservoir space can be divided into 4 pore types, and the reservoir space of each lithology is quite different. The results of high-pressure mercury intrusion and nitrogen adsorption indicate that the pore size distributions of the schist and mylonite differ. Compared with the schist, the mylonite has less reservoir space, stronger homogeneity, larger pore size, smaller specific surface area, more natural gas reservoir space and stronger natural gas adsorption capacity. This paper also studies the formation process of the reservoir and divides it into four stages. Finally, this article discusses in detail the factors controlling the microscopic pore characteristics of metamorphic rock reservoirs in the central paleo-uplift belt; the metamorphic rock protolith is the most important controlling factor.

Recent developments in imaging the earth’s crust by deep seismic data beneath the eastern parts of the Pannonian Basin

2018 ◽  
Vol 6 (1) ◽  
pp. SB23-SB35
Author(s):  
Tibor Gúthy ◽  
Ernő Takács ◽  
Attila Csaba Kovács ◽  
Tamás Fancsik ◽  
Róbert Csabafi ◽  
...  
Keyword(s):  
Large Scale ◽  
Oil And Gas ◽  
Pannonian Basin ◽  
Oil And Gas Industry ◽  
Hydrocarbon Exploration ◽  
Seismic Survey ◽  
Data Set ◽  
Reflection Data ◽  
Geologic Model ◽  
Velocity Tomography

The first multicoverage, low-frequency deep reflection surveys in the Pannonian Basin were initiated in the late 1980s and were focused to southeast Hungary, where hydrocarbon and geothermal reserves were known. Deep seismic profiles (Pannonian Geotraverse transects) were shot according to the standards of hydrocarbon exploration data acquisition parameters to get information from the deep crust and the upper mantle. At the turn of the millennium, the international CELEBRATION 2000 deep seismic survey provided a large-scale velocity model of the Pannonian Basin and its surroundings. The substantial coverage of the collected data set enabled carrying out a detailed 3D velocity tomography study in northeast Hungary. In recent years, deep reflection data recorded in southeast Hungary became available from the oil and gas industry and several regional profiles were reprocessed and interpreted, which intersect the Pannonian Geotraverse transects. Along those lines, amplitude-preserving data processing with prestack depth migration was used to integrate new information into the existing geologic model. We aimed to evaluate recent results obtained from previous and new deep reflection data as well as from the 3D velocity tomography implemented beneath the eastern part of the Pannonian Basin. The mapped crustal scale features were incorporated into the previous geologic model. The updated model may help us to gain a better understanding of the peculiar crustal characteristics of this part of the Pannonian Basin and also provide information for hydrocarbon and geothermal potential assessments.

scholarly journals Capital Structure in Emerging Markets: Evidence from China

2020 ◽  
Vol 14 (1) ◽  
pp. 7-19
Author(s):  
Varvara Nazarova ◽  
Anastasia Budchenko
Keyword(s):  
Emerging Markets ◽  
Capital Structure ◽  
Large Scale ◽  
Oil And Gas ◽  
Negative Impact ◽  
Positive Impact ◽  
Bric Countries ◽  
Chinese Companies ◽  
Retained Earnings ◽  
Capital Intensive

Although corporate capital structure has been intriguing to scientists for a number of years, very little research has been conducted on the topic for companies in emerging markets. The purpose of this paper is to investigate the determinants of capital structure using a sample of 195 non-financial firms from emerging markets in 2012-2016.   The inclusion of a specific dataset from Chinese companies lends vital focus to this investigation and provides crucial ballast for the investigative function. The final sample contains data on 57 China companies and 90 other companies of emerging markets. Our article focusses on identifying the determinants of capital structure of Chinese companies in comparison with companies of other BRIC countries (Brazil, Russia, India), and sets out a series of hypotheses concerning capital structure with domestic and international variables. We compare and contrast our data using a series of custom evaluation models based on linear regressions.   The results confirm positive impact of tangibility on total debt ratio due to a high share of capital-intensive industries in the sample. It is revealed that growth rates and firm size have positive impacts on financial leverage in Chinese companies as compared to other BRIC countries, and these effects are stronger in capital-intensive industries. We illustrate how a strong negative impact of ROA has increased in recent years, and connect this phenomenon to a considerable decrease in lending rates following a large-scale stimulus program which encouraged Chinese companies to borrow money instead of relying on retained earnings. The presence of the Chinese state in the ownership structure of companies is revealed to be significant for the majority of Chinese companies, especially for the oil and gas and metallurgical sectors.   Our conclusions highlight the importance of government policies and special market conditions in explaining the financing behaviour of companies in emerging countries like China.  While capital structure choice varies significantly across industries, nevertheless the differences between Chinese and other BRIC companies reflect the differences in the institutional structure of financing mechanisms in countries. This research and evaluation is especially timely considering the increased focus on Chinese commercial exposure on the world stage, a tendency which is bound to increase research interest in the near future across a range of disciplines. As such, our study and our broad range of conclusions will prove invaluable for students, researchers, policymakers, and decision makers in business, commerce, politics and academia at all levels.

scholarly journals Role Played by Oil Emplacement in Controlling Pore Network Evolution of Tight Sandstones

Geofluids ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-13
Author(s):  
Huifang Hu ◽  
Yang Ju ◽  
Chenyang Zhao ◽  
Miaozhi Jing ◽  
Liang Sun ◽  
...  
Keyword(s):  
Physical Properties ◽  
Large Scale ◽  
Ordos Basin ◽  
Pore Network ◽  
Network Evolution ◽  
Hydrocarbon Exploration ◽  
High Porosity ◽  
Soft Component ◽  
Pore Evolution ◽  
Exploration And Development

Whether oil emplacement and diagenetic sequences provoke, deteriorate, or have no effect on pore network evolution, as implied by recent tests and theoretical analysis, are critical factors in forecasting hydrocarbon exploration and development potentials. Therefore, a systematic investigation on the effect of oil emplacement of tight sandstones is conducted to study the importance of this behavior on the pore evolution path. This study evaluated the role played by oil emplacement and diagenesis in the pore network evolution of Upper Triassic tight sandstones in the Ordos Basin. To help provide a comprehensive understanding, we have used a multidisciplinary method including physical properties, casting thin section, scanning electron microscope, X-ray diffraction, fluorometric, and inclusion analysis. The results demonstrate that the sandstones could be divided into four groups based on new criteria: calcareous sandstone, high soft component sandstone, low soft component sandstone with continual oil emplacement, and low soft component sandstone with intermittent oil emplacement. The physical properties of those types of sandstones were gradually reduced. Quartz cement captured hydrocarbon, carbonate captured hydrocarbon, free hydrocarbon, and adsorbed hydrocarbon were the four main kinds of hydrocarbons. The maturity of those sandstones was decreased progressively, indicating that the formation time of those hydrocarbons was favorable to maturity. Four stages of oil emplacement happened, and large-scale emplacement mainly occurred in the late Jurassic and early Craterous. The evidence demonstrated that tight sandstones’ high porosity could be attributed to positive diagenetic contributions with a complex interplay of chemical compaction, early formed clays, and large-scale oil emplacement. This work would provide new sights for a better understanding of the tight oil accumulation modes, and the findings could be applied in the hydrocarbon exploration and development field.

Going the Distance

2020 ◽  
Author(s):  
Ron Harris
Keyword(s):  
Large Scale ◽  
Western Europe ◽  
Family Firms ◽  
Global Trade ◽  
Long Distance ◽  
Business Corporation ◽  
Modern Economy ◽  
Key Factor ◽  
Silk Route ◽  
Passive Investors

Before the seventeenth century, trade across Eurasia was mostly conducted in short segments along the Silk Route and Indian Ocean. Business was organized in family firms, merchant networks, and state-owned enterprises, and dominated by Chinese, Indian, and Arabic traders. However, around 1600 the first two joint-stock corporations, the English and Dutch East India Companies, were established. This book tells the story of overland and maritime trade without Europeans, of European Cape Route trade without corporations, and of how new, large-scale, and impersonal organizations arose in Europe to control long-distance trade for more than three centuries. It shows that by 1700, the scene and methods for global trade had dramatically changed: Dutch and English merchants shepherded goods directly from China and India to northwestern Europe. To understand this transformation, the book compares the organizational forms used in four major regions: China, India, the Middle East, and Western Europe. The English and Dutch were the last to leap into Eurasian trade, and they innovated in order to compete. They raised capital from passive investors through impersonal stock markets and their joint-stock corporations deployed more capital, ships, and agents to deliver goods from their origins to consumers. The book explores the history behind a cornerstone of the modern economy, and how this organizational revolution contributed to the formation of global trade and the creation of the business corporation as a key factor in Europe's economic rise.

Main approaches to estimating the cost of shareholder equity of oil and gas producers

2020 ◽  
Vol 26 (3) ◽  
pp. 685-697
Author(s):  
O.V. Shimko
Keyword(s):  
Oil And Gas ◽  
Oil Prices ◽  
Minimum Cost ◽  
Free Cash Flow ◽  
Annual Reports ◽  
Comparative Approach ◽  
Economic Activities ◽  
Advantages And Disadvantages ◽  
Oil And Gas Producers ◽  
The Cost

Subject. The study analyzes generally accepted approaches to assessing the value of companies on the basis of financial statement data of ExxonMobil, Chevron, ConocoPhillips, Occidental Petroleum, Devon Energy, Anadarko Petroleum, EOG Resources, Apache, Marathon Oil, Imperial Oil, Suncor Energy, Husky Energy, Canadian Natural Resources, Royal Dutch Shell, Gazprom, Rosneft, LUKOIL, and others, for 1999—2018. Objectives. The aim is to determine the specifics of using the methods of cost, DFC, and comparative approaches to assessing the value of share capital of oil and gas companies. Methods. The study employs methods of statistical analysis and generalization of materials of scientific articles and official annual reports on the results of financial and economic activities of the largest public oil and gas corporations. Results. Based on the results of a comprehensive analysis, I identified advantages and disadvantages of standard approaches to assessing the value of oil and gas producers. Conclusions. The paper describes pros and cons of the said approaches. For instance, the cost approach is acceptable for assessing the minimum cost of small companies in the industry. The DFC-based approach complicates the reliability of medium-term forecasts for oil prices due to fluctuations in oil prices inherent in the industry, on which the net profit and free cash flow of companies depend to a large extent. The comparative approach enables to quickly determine the range of possible value of the corporation based on transactions data and current market situation.

Financial and Economic Support of Innovation Processes in the Russian Fuel and Energy Complex

2019 ◽  
Vol 12 (3) ◽  
pp. 77-85
Author(s):  
L. D. Kapranova ◽  
T. V. Pogodina
Keyword(s):  
Oil Recovery ◽  
Large Scale ◽  
Oil And Gas ◽  
New Technologies ◽  
Innovative Development ◽  
Oil Reserves ◽  
Energy Complex ◽  
Innovation Activities ◽  
Substantial Investment ◽  
The Government

The subject of the research is the current state of the fuel and energy complex (FEC) that ensures generation of a significant part of the budget and the innovative development of the economy.The purpose of the research was to establish priority directions for the development of the FEC sectors based on a comprehensive analysis of their innovative and investment activities. The dynamics of investment in the fuel and energy sector are considered. It is noted that large-scale modernization of the fuel and energy complex requires substantial investment and support from the government. The results of the government programs of corporate innovative development are analyzed. The results of the research identified innovative development priorities in the power, oil, gas and coal sectors of the fuel and energy complex. The most promising areas of innovative development in the oil and gas sector are the technologies of enhanced oil recovery; the development of hard-to-recover oil reserves; the production of liquefied natural gas and its transportation. In the power sector, the prospective areas are activities aimed at improving the performance reliability of the national energy systems and the introduction of digital technologies. Based on the research findings, it is concluded that the innovation activities in the fuel and energy complex primarily include the development of new technologies, modernization of the FEC technical base; adoption of state-of-the-art methods of coal mining and oil recovery; creating favorable economic conditions for industrial extraction of hard-to-recover reserves; transition to carbon-free fuel sources and energy carriers that can reduce energy consumption and cost as well as reducing the negative FEC impact on the environment.

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