Oil and Gas Asset Acquisition as a Complement to Exploration

2015 ◽  
pp. 163-171
Author(s):  
Jeffrey K. Barndt ◽  
Benjamin H. Bates
Author(s):  
Jin Zhang ◽  
Xiuling Yin ◽  
Zuxin Li ◽  
Dufen Sun ◽  
Shenaoyi Liu

This article analyzes reform and amendment of petroleum tax policy in Russia to investigate instability of tax regime which is one of the main concerns for decision making in asset acquisition. Historical and recent amendments of upstream fiscal terms in Russia are reviewed and studied in an attempt to understand the trends of reform. Tax burden of four different cases is modeled with the change of tax policy to analyze the effect of tax incentives. The recent “tax maneuver” of transferring export duty to Mineral Extraction Tax (MET) is studied in detail to analyze effects to upstream, refinery, and customers. Net present values of three field cases under previous tax regime and new Added Income Tax (AIT) regime are comparatively studied with cashflow modeling. The article concludes that recent “tax maneuver” has indirect influence on upstream sector but may lead to upward pressure on retail. New AIT regime introduces a universal taxation system and requires less government intervention, which may reduce aboveground risk of unstable fiscal regime and boost international investment in Russia. Also, key suggestions are summarized for international investors who are interested in oil and gas asset in Russia.


Author(s):  
I. I. Lube ◽  
N. V. Trutnev ◽  
S. V. Tumashev ◽  
A. V. Krasikov ◽  
A. G. Ul’yanov ◽  
...  

At production of pipes of type 13Cr grade steel used at development of oil and gas deposits in areas with aggressive environment, intensive wear of instrument takes place, first of all, piercing mill mandrels. Factors, influencing the resistivity of the piercing mandrels considered, including chemical composition of the material, the mandrel is made of and its design. Based on industrial experience it was shown, that chrome content in the mandrel material practically does not affect on the increase of its resistivity, since the formed thin protective oxides having high melting temperature, are quickly failed and practically are not restored in the process of piercing. To increase the resistivity of piercing mandrels at production of casing tubes of type 13Cr grade steel, a work was accomplished to select a new material for their manufacturing. The chemical composition of steel presented, which was traditionally used for piercing mandrels manufacturing, as well as a steel grade proposed to increase their resistivity. First, molybdenum content was increased, which increases the characteristics of steel strength and ductility at high temperatures and results in grain refining. Second, tungsten content was also increased, which forms carbides in the steel resulting in an increase of its hardness and “red resistivity”, as well as in preventing grains growth during heating. Third, cobalt content was also increased, which increases heat resistivity and shock loads resistivity. The three elements increase enabled to increase the mandrels resistivity by two times. Results of mandrel test of steel 20ХН2МВ3КБ presented, the mandrel having corrugation on the working cone surface, which enabled to reach the resistivity growth to 12 passes without significant change of instrument cost. Microstructure of mandrels made of steels 20Х2Н4МФА and 20ХН2МВ3КБ shown. Application of the centering pin of special design was tested, which provided forming of a rounding edge on the front billet ends, eliminated undercut of mandrel external surface in the process of secondary billet grip and increase the service life of the piercing mill mandrels. At production of seamless pipes of martensite class type 13Cr stainless steels having L80 group of strength, an increase of piercing mandrel resistivity was reached by more than four times, which together with other technical solutions enabled to increase the hourly productivity of the hot rolling section of Volzhsky pipe plant ТПА 159-426 line by more than two times.


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