scholarly journals Analysis and developmentof financial policy in the oil and gas industry

2019 ◽  
Vol 11 (6) ◽  
Author(s):  
Kristina Salnikova
Keyword(s):  
Oil Recovery ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Financial Policy ◽  
Successful Operation ◽  
Gas Industry ◽  
Subsequent Formation ◽  
Financial Condition ◽  
Management Measures ◽  
Analysis And Synthesis

The problem of choosing a financial policy for the organization's activities is relevant due to the need for decision-making in market conditions. Based on the conducted research, it is concluded that the company's finances always have a monetary form, have a distribution character and are reflected in the form of income and savings of various economic entities, including the state. Any business activity needs to develop an effective financial policy, due to which the successful operation of the enterprise is carried out, the competitiveness of the company in the market is ensured. In the article, the goal is to develop and evaluate the effectiveness of the company's improved financial policy on the example of LUKOIL. In order to achieve this goal, the author solved a number of problems: the analysis of the financial condition was carried out; the current financial policy of the Corporation was evaluated; the efficiency of the new financial policy of the Corporation was developed and evaluated. The result of the work is to identify the purpose of introducing an effective financial policy of LUKOIL – creating new value, ensuring high profitability, providing high income to shareholders by increasing the value of assets of LUKOIL, as well as paying cash dividends. The prospect of further development of the company's financial activities should include: the creation of new fields, intensification of production at existing fields, using the latest technologies and increasing the volume of production drilling, as well as the number of well operations aimed at increasing oil recovery. The research methodology is based on a set of theoretical and empirical research methods: description, comparison, analysis and synthesis of the source material with the final generalization of the results and making a single judgment. The scope of the research results is related to the subsequent formation of proposals and recommendations for the development of organizational, legal, methodological, technical, technological, economic and other management measures in the oil and gas industry.

Guest Editorial: Artificial Intelligence in the E&P Industry: What Have We Learned So Far and Where to Next?

2021 ◽  
Vol 73 (01) ◽  
pp. 12-13
Author(s):  
Manas Pathak ◽  
Tonya Cosby ◽  
Robert K. Perrons
Keyword(s):  
Artificial Intelligence ◽  
Science Fiction ◽  
Oil Recovery ◽  
Oil And Gas ◽  
Autonomous Systems ◽  
Oil And Gas Industry ◽  
Human Judgment ◽  
Gas Industry ◽  
The Media ◽  
And Function

Artificial intelligence (AI) has captivated the imagination of science-fiction movie audiences for many years and has been used in the upstream oil and gas industry for more than a decade (Mohaghegh 2005, 2011). But few industries evolve more quickly than those from Silicon Valley, and it accordingly follows that the technology has grown and changed considerably since this discussion began. The oil and gas industry, therefore, is at a point where it would be prudent to take stock of what has been achieved with AI in the sector, to provide a sober assessment of what has delivered value and what has not among the myriad implementations made so far, and to figure out how best to leverage this technology in the future in light of these learnings. When one looks at the long arc of AI in the oil and gas industry, a few important truths emerge. First among these is the fact that not all AI is the same. There is a spectrum of technological sophistication. Hollywood and the media have always been fascinated by the idea of artificial superintelligence and general intelligence systems capable of mimicking the actions and behaviors of real people. Those kinds of systems would have the ability to learn, perceive, understand, and function in human-like ways (Joshi 2019). As alluring as these types of AI are, however, they bear little resemblance to what actually has been delivered to the upstream industry. Instead, we mostly have seen much less ambitious “narrow AI” applications that very capably handle a specific task, such as quickly digesting thousands of pages of historical reports (Kimbleton and Matson 2018), detecting potential failures in progressive cavity pumps (Jacobs 2018), predicting oil and gas exports (Windarto et al. 2017), offering improvements for reservoir models (Mohaghegh 2011), or estimating oil-recovery factors (Mahmoud et al. 2019). But let’s face it: As impressive and commendable as these applications have been, they fall far short of the ambitious vision of highly autonomous systems that are capable of thinking about things outside of the narrow range of tasks explicitly handed to them. What is more, many of these narrow AI applications have tended to be modified versions of fairly generic solutions that were originally designed for other industries and that were then usefully extended to the oil and gas industry with a modest amount of tailoring. In other words, relatively little AI has been occurring in a way that had the oil and gas sector in mind from the outset. The second important truth is that human judgment still matters. What some technology vendors have referred to as “augmented intelligence” (Kimbleton and Matson 2018), whereby AI supplements human judgment rather than sup-plants it, is not merely an alternative way of approaching AI; rather, it is coming into focus that this is probably the most sensible way forward for this technology.

Issues of Environmental Impairment Liability Insurance in the Russian Oil and Gas Industry

2019 ◽  
Vol 2019 (4) ◽  
pp. 160-175
Author(s):  
Anna Popova
Keyword(s):  
Environmental Pollution ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Oil Products ◽  
Nature Management ◽  
Environmental Damage ◽  
Gas Industry ◽  
Oil Companies ◽  
Management Measures ◽  
Expert Assessments

The author studies environmental insurance in nature management as a lever of management measures to prevent and eliminate environmental pollution by oil products during their transportation and oil fields development. The research aims to develop recommendations for environmental risks insurance in Russian oil and gas industry on the basis of economic and mathematical model that allows to estimate the scale of environmental pollution by oil products. Such methods as system and comparative analysis, expert assessments, forecasting, modeling used in this work helped the author to identify Russian environmental insurance features; to propose a method for solving the problem concerning the lack of statistical data on the frequency and scale of accidents and the environmental damage magnitude by mathematical modeling of the accident, which allows to estimate the radius and depth of the underlying surface pollution. These developments will help insurers to make more adequate insurance premiums and tariffs, as well as to improve the underwriting procedure for unique oil and gas projects. But in order for the obtained achievements to find their application, it is necessary to have legislation obliging oil companies to compensate for environmental damage, and due to the scale of such damage, oil companies will be obliged to insure the relevant risks.

Taxation aspects of climate change management measures

2010 ◽  
Vol 50 (1) ◽  
pp. 253
Author(s):  
David Lewis
Keyword(s):  
Climate Change ◽  
Financial Reporting ◽  
Oil And Gas ◽  
Global Climate ◽  
Action Plan ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Management Measures ◽  
The Government

Climate change is undoubtedly one of the greatest economic, social, and environmental challenges now facing the world. The present Australian Government is committed to acting on climate change and Australia’s progress towards its emissions reduction targets is being closely watched internationally. To contribute effectively to global climate change action, Australia must demonstrate its ability to implement robust and sustainable domestic emissions management legislation. The Carbon Pollution Reduction Scheme (CPRS), modelled after the cap-and-trade system, continues to be debated by our policymakers, as the Government moves to re-introduce its preferred CPRS legislative package for the third time. The advent of climate change legislation is inevitable and its impact will be far-reaching. This paper reviews the fiscal aspects of the proposed CPRS legislation in the context of the oil and gas industry, and whether it is conducive to creating incentives for appropriate climate change response by the industry. In particular, this paper will consider: the direct and indirect tax features specifically covered in the proposed CPRS legislation and their implications; the areas of taxation that remain uncanvassed in the proposed CPRS legislation and aspects requiring clarification from the tax administration; the interaction between Petroleum Resource Rent Tax (PRRT) and the CPRS measures; the flow-on impacts to taxation outcomes resulting from proposed accounting and financial reporting responses to the CPRS legislation; the income tax and PRRT treatment of selected abatement measures; and, elements of a good CPRS tax strategy and compliance action plan.

The Role of Pre-College STEM Education in Student Enrollment in Petroleum Engineering

2021 ◽  
Author(s):  
Nayef Alyafei ◽  
Afsha Shaikh ◽  
Mohamed Gharib ◽  
Albertus Retnanto
Keyword(s):  
High School ◽  
Developing Countries ◽  
High School Students ◽  
Stem Education ◽  
Oil Recovery ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Petroleum Engineering ◽  
School Students ◽  
Gas Industry

Abstract Final-year high school students are faced with a difficult decision when selecting their undergraduate major of choice. Often, the decision is made even more difficult by uncertainty about what different majors entail. Petroleum engineering in particular is a discipline that is generally not explored within high school classrooms and therefore students lack understanding about the roles of engineers in the oil and gas industry. To combat this uncertainty, this paper explores the potential of running pre-college project-based learning programs to increase high school students’ interest in and familiarity with pursuing various undergraduate STEM disciplines and careers. More specifically, this paper provides an insight into two case studies of novel STEM education programs, developed to enhance a group of high school students’ understanding of petroleum engineering. The programs were designed to increase students’ interest in learning about the selected petroleum engineering concepts, namely polymer flooding to enhance oil recovery and multiphase fluid flow in porous media, while simultaneously providing an understanding of the current global challenges faced by the oil and gas industry. The program also aimed to engage students in learning and applying fundamental engineering skills to relatable real-world issues. These project goals will help facilitate the desire, commonly seen in recent years, of developing countries to increase their oil and gas production. This program was applied during the Summer Engineering Academy program offered by Texas A&M University at Qatar, which provides an innovative educational space for high school students. The program was conducted with the main objective of allowing the students to understand the basic concepts of petroleum engineering via short lectures as well as laboratory experimentation. Students in Grades 9-11 spent 10 days learning about petroleum engineering applications that integrated science, engineering, and technology where they designed, built, and tested an experimental setup for understanding various processes in petroleum engineering. Students were expected to solve a common problem faced in the petroleum industry. At the end of the program, the students gained an understanding of the issues and recommended unique solutions to these problems in the form of oil-recovery based projects presented to a panel of experts. This program attempted to build bridges between the STEM education pipeline of rapidly developing countries, such as Qatar, and the new demand for talent in the oil and gas sector. The details of this novel program are presented, including the content, preparation, materials used, case studies, and the resulting learning outcomes.

scholarly journals Financial Performance Analysis Before and After the Decline in Oil Production: Case Study in Indonesian Oil and Gas Industry

2018 ◽  
Vol 7 (3.21) ◽  
pp. 10
Author(s):  
Wiwiek Mardawiyah Daryanto ◽  
Dety Nurfadilah
Keyword(s):  
Financial Performance ◽  
Oil And Gas ◽  
Oil Production ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
Return On Equity ◽  
Financial Condition ◽  
Before And After

Indonesia’s oil and gas industry is the huge contributor to government export revenues and foreign exchange and contributes a substantial amount to state revenue. However, the total of oil production declined around 4,41% per year since 2007, and the sharpest decline was in 2013. This situation gives impact to the performance of oil and gas industry, especially government revenues. Therefore, the purpose of this study is to measure the financial performance of Oil and Gas Industry and to examine the significance differences between the financial performance before and after the decline in oil and gas production. The data were collected from financial report and the period was divided into two periods, before the decline in production (2011 – 2012) and after the decline in production (2014 – 2015). Paired sample t-test and financial ratio analysis (FRA) were used to analyzed the data. The finding shows that the largest oil and gas company in Indonesia is still in good financial condition, although it gained loss. In addition, current ratio and return on equity had significance difference during the period of before and after a decline in oil and gas production. The authors believe that the findings will be helpful for managers who continuously attempt to explore opportunities to provide a higher return. 

Carbon capture and storage in the oil and gas industry: 40 years on

2017 ◽  
Vol 57 (2) ◽  
pp. 413
Author(s):  
Christopher Consoli ◽  
Alex Zapantis ◽  
Peter Grubnic ◽  
Lawrence Irlam
Keyword(s):  
Oil Recovery ◽  
Energy Demand ◽  
Carbon Capture ◽  
Large Scale ◽  
Oil And Gas ◽  
Carbon Capture And Storage ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Wide Range ◽  
And Storage

In 1972, carbon dioxide (CO2) began to be captured from natural gas processing plants in West Texas and transported via pipeline for enhanced oil recovery (EOR) to oil fields also in Texas. This marked the beginning of carbon capture and storage (CCS) using anthropogenic CO2. Today, there are 22 such large-scale CCS facilities in operation or under construction around the world. These 22 facilities span a wide range of capture technologies and source feedstock as well as a variety of geologic formations and terrains. Seventeen of the facilities capture CO2 primarily for EOR. However, there are also several significant-scale CCS projects using dedicated geological storage options. This paper presents a collation and summary of these projects. Moving forward, if international climate targets and aspirations are to be achieved, CCS will increasingly need to be applied to all high emission industries. In addition to climate change objectives, the fundamentals of energy demand and fossil fuel supply strongly suggests that CCS deployment will need to be rapid and global. The oil and gas sector would be expected to be part of this deployment. Indeed, the oil and gas industry has led the deployment of CCS and this paper explores the future of CCS in this industry.

scholarly journals A Review on the Progress of Ion-Engineered Water Flooding

2017 ◽  
Vol 2017 ◽  
pp. 1-9 ◽  
Author(s):  
Alibi Kilybay ◽  
Bisweswar Ghosh ◽  
Nithin Chacko Thomas
Keyword(s):  
Oil Recovery ◽  
Oil And Gas ◽  
Water Injection ◽  
Oil And Gas Industry ◽  
Carbonate Reservoir ◽  
Water Flooding ◽  
Wettability Alteration ◽  
Gas Industry ◽  
Low Salinity ◽  
Smart Water

In the oil and gas industry, Enhanced Oil Recovery (EOR) plays a major role to meet the global requirement for energy. Many types of EOR are being applied depending on the formations, fluid types, and the condition of the field. One of the latest and promising EOR techniques is application of ion-engineered water, also known as low salinity or smart water flooding. This EOR technique has been studied by researchers for different types of rocks. The mechanisms behind ion-engineered water flooding have not been confirmed yet, but there are many proposed mechanisms. Most of the authors believe that the main mechanism behind smart water flooding is the wettability alteration. However, other proposed mechanisms are interfacial tension (IFT) reduction between oil and injected brine, rock dissolution, and electrical double layer expansion. Theoretically, all the mechanisms have an effect on the oil recovery. There are some evidences of success of smart water injection on the field scale. Chemical reactions that happen with injection of smart water are different in sandstone and carbonate reservoirs. It is important to understand how these mechanisms work. In this review paper, the possible mechanisms behind smart water injection into the carbonate reservoir with brief history are discussed.

Applications of Nanotechnology for Upstream Oil and Gas Industry

2013 ◽  
Vol 24 ◽  
pp. 7-15 ◽  
Author(s):  
Swaminathan Ponmani ◽  
R. Nagarajan ◽  
Jitendra Sangwai
Keyword(s):  
Oil Recovery ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil And Gas Industry ◽  
High Specific Surface Area ◽  
Gas Industry ◽  
Nanosized Materials ◽  
Exploration And Production ◽  
Exploration Drilling ◽  
Promising Solution

Oil and Gas industry is going through a phase where there is an increased demand of energy sources (particularly oil and gas) and reduced production due to mature oilfields. There is a need for new technologies which can help improve production from the reservoir and develop new fields. Nanotechnology offers promising solution for the same. Nanotechnology is the study of science of materials at nanoscale which help in enhancing the performance of processes. Nanoparticles are the nanosized materials in the range of 1-100 nm. Nanoparticles have high specific surface area and unique properties, such as high adsorption potential and heat conductivity. These particles when mixed with base fluids, also called as nanofluids, and used for several application related to upstream oil and gas industry, help improve the performance of several processes. The use of nanoparticle in exploration and production is an attractive tool for petroleum engineers that have been improved by many researchers in recent years. This paper discusses about how the nanotechnology plays an important role in an upstream oil and gas industry which includes exploration, drilling, and completion, production and enhanced oil recovery operation.

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