scholarly journals Efficiency Assessment of Economic International Cooperation in Development of Arctic Offshore Oil and Gas Resources

2015 ◽  
pp. 128-136
Author(s):  
P. V. Beresneva
Keyword(s):  
Public Policy ◽  
International Cooperation ◽  
Net Present Value ◽  
Oil And Gas ◽  
Technology Development ◽  
Cash Flows ◽  
Oil And Gas Resources ◽  
Offshore Oil And Gas ◽  
Definition Of ◽  
Offshore Oil

The research is focused on efficiency assessment of economic cooperation in development of Arctic offshore oil and gas resources. The author developed an economic model based on cost-benefit analysis (CBA). CBA is used in some countries (EU, USA, Australia) as an analytic tool to make public policy decisions. CBA is based on the method of discounting cash flows associated with costs and benefits of public policy. It is assumed that all public goals are equally important inter alia, hence public bodies should opt for those initiatives that maximize public benefits for every dollar spent from the state budget. There are five stages of economic modeling: 1) the definition of public benefits and costs associated with the public initiative; 2) monetary valuation of costs and benefits; 3) the definition of discounting period and discounting rate; 4) the calculation of net present value of cash flows; 5) the comparison of initiatives' net present values. The model is built with a number of hypotheses assumed. It allows making evaluation of investments into the technology to decrease the cost of Arctic offshore oil and gas development. Moreover, the model has two scenarios describing a public policy to support technology development with international economic cooperation and without it. Under given hypotheses both scenarios return positive net present value of policies which proves that governmental initiative to support Arctic technology development is economically justified. Also the model sows that the scenario with international cooperation is more efficient from economic point of view. It is explained by two factors: the higher speed of technology transfer (due W international cooperation) and the opportunity to use financial leverage (attracting the funds from foreign partners). The model allows closing the existing scientific gap between the theory of CBA method and its practical use in public decision making.

scholarly journals A New Pricing Model for Crude Oil Pre-Sale Units via SPFO (Standard Parallel Forward with Options) in Iran

2018 ◽  
Vol 7 (1) ◽  
pp. 32
Author(s):  
Ghasem Nikjou ◽  
Hamed Najafi ◽  
Kamran Salmani
Keyword(s):  
Oil And Gas ◽  
Development Program ◽  
Oil Industry ◽  
Pricing Model ◽  
Forward Security ◽  
Option Pricing Model ◽  
Oil And Gas Resources ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Legal Barriers

Nowadays energy has an important role as a driving sector of economy. Forecasting 150 billion dollars investment in energy sector during the fifth development program in Iran, the banking and financial system require a dynamic and modern economy and financial instruments. Obviously, this approach needs to remove legal barriers and modification of contracts. Financing in the oil industry has faced with serious challenges in recent years. In addition, investing in common offshore oil and gas resources is indispensable. Accordingly we are going to design a new contract which is called Oil SPFO (Standard Parallel Forward security with two Options under betting condition), in order to raise funds needed. In this article we would investigate the SPFO for Iran Ministry of Petroleum (MOP)’s finance and present a model for pricing the oil SPFO based on Black and Scholes option pricing model. Finally, we have some recommendations to develop the oil SPFO and suggest that other researchers work on pricing the oil parallel forward securities according to this model.

Embracing Australia's decommissioning liability

2021 ◽  
Vol 61 (2) ◽  
pp. 495
Author(s):  
Andrew Taylor ◽  
Stephen Stokes
Keyword(s):  
Cost Reduction ◽  
Service Sector ◽  
Oil And Gas ◽  
Technology Development ◽  
Collaboration Technology ◽  
Group Of Seven ◽  
The United Kingdom ◽  
The World ◽  
Offshore Oil And Gas ◽  
Offshore Oil

Improving visibility of when and where oil and gas assets are approaching end of life has provided the foundation for transformation of decommissioning planning and execution around the world. A baseline understanding of decommissioning established by Oil and Gas UK fed into the much lauded Maximising Economic Recovery strategy, and provided a platform for government to pursue a 35% cost reduction target for decommissioning in the United Kingdom. In the Netherlands, one of the first four priorities pursued to maximise value through decommissioning was the establishment of a national decommissioning database, which aimed to create an integrated view of decommissioning scope and timelines. In 2020, funded by NERA and a group of seven operators, Advisian delivered the first operator-supported assessment of Australia's decommissioning liability and outlook. This outlook lays the foundation for initiatives that support knowledge sharing, service sector engagement, collaboration, technology development, efficiency and reduced stakeholder burden. This joint presentation by NERA and Advisian will provide an overview of NERA's decommissioning strategy and the data that underpins this strategy, the Advisian ‘Offshore Oil and Gas Decommissioning Liability' assessment for Australia.

Management of Mid-Atlantic Offshore Development Risks

1977 ◽  
Vol 14 (04) ◽  
pp. 331-350
Author(s):  
W. D. Snider ◽  
G. J. Buffleben ◽  
J. R. Harrald ◽  
K. F. Bishop ◽  
J. C. Card
Keyword(s):  
Oil And Gas ◽  
Environmental Damage ◽  
System Safety ◽  
Oil And Gas Resources ◽  
Development Plans ◽  
Offshore Oil And Gas ◽  
Development Risks ◽  
Offshore Development ◽  
Offshore Oil ◽  
Central Management

Careful attention must be given to identification, evaluation, and control of risks associated with development of mid-Atlantic offshore oil and gas if environmental damage and development delays are to be avoided. A number of approaches to safety, or risk management, are possible, but all seek to answer the central management, are possible, but all seek to answer the central management question, "Am I safe enough?" System safety methods are now available which can assist us in making intelligent decisions on safety measures to be incorporated in offshore development plans. Development of offshore oil and gas resources has brought new risks to exploratory and development drilling, production, and transportation operations. Concern over these risks has prompted a number of studies. After a brief review of these studies, the authors describe investigations in two areas: oil discharges in the Gulf of Mexico and worldwide accidents involving mobile offshore drilling units. A number of measures to reduce risks are being considered or have already been taken by government and industry. Greater application of system safety procedures offers new potential for reducing the risks in offshore development.

SOME CONSTRUCTION PROBLEMS OF THE CASPIAN SHELF AND OSCILLATIONS OF FIXED OFFSHORE OIL AND GAS STRUCTURES

2016 ◽  
Vol 2 (1) ◽  
pp. 41-46
Author(s):  
Востров ◽  
Vladimir Vostrov ◽  
Абсиметов ◽  
Vladimir Absimetov ◽  
Абсиметов ◽  
...  
Keyword(s):  
Oil And Gas ◽  
Dynamic Interaction ◽  
Gas Field ◽  
One Dimensional ◽  
Oil And Gas Field ◽  
Ice Loads ◽  
Offshore Oil And Gas ◽  
Ice Floes ◽  
Definition Of ◽  
Offshore Oil

An analysis of the dynamic interaction between ice floes with the marine and offshore oil and gas field facilities, which are the basis of the conditions of occurrence and development of self-oscillation using a one-dimensional mathematical model of oscillations facilities. Determined by dynamic ice loads on structures and analyzed the conditions for establishing self-oscillations along with the definition of their parameters. Offers recommendations for improving the international standard ISO 19906 and SNIP RK 3.04-40-2006.

Statistical Analyses of Solo and Joint Bids for Federal Offshore Oil and Gas Leases

1978 ◽  
Vol 18 (02) ◽  
pp. 87-95 ◽  
Author(s):  
Elmer L. Dougherty ◽  
John Lohrenz
Keyword(s):  
Oil And Gas ◽  
British Petroleum ◽  
Outer Continental Shelf ◽  
Oil Companies ◽  
The Government ◽  
Offshore Oil And Gas ◽  
Definition Of ◽  
Offshore Oil ◽  
The Impact ◽  
The U.S

Abstract This study of Outer Continental Shelf (OCS) bid data, plus a critical analysis of other such studies, was made to determine the impact of joint bidding on competitiveness of OCS lease sales, It concludes that no class of joint bids has been shown to reduce the level of competition. Banning joint bidding by two or more major oil companies did result in an abrupt increase in the number of pint bids that included one major. Introduction Sealed, competitive bids for U.S. offshore oil and gas leases are classed as either solo or joint bids. Solo bids are submitted by one bidder with 100-percent ownership. Joint bids are submitted by several bidders who divide ownership among themselves. The pragmatic question that triggered this study was, "Is there a kind of solo or joint bid whose occurrence tends to decrease the number of sealed, competitive bids?" Such a bid would lower the level of competition. This study reports the results of a statistical analysis to measure the impact of joint bidding on the level of competition in sales of U.S. oil and gas leases. The study first presumed that the level of competition increases as the number of competing bids increases. This presumption while not unassailable, also was not unreasonable. Three previous studies of solo and joint bidding were reviewed first, revealing that conclusions drawn by two of the studies are statistically unsupported. Our study of the pragmatic question found no consistent correlation supporting a positive answer to the question. The U.S. policy regulation proscribing joint bids involving two or more majors tended to broaden the proportion and number of bids involving majors. REVIEW OF PREVIOUS STUDIES OF FEDERAL OFFSHORE SOLO AND JOINT BIDS Joint bidding for U.S. offshore oil and gas leases has been seated in previous studies of which three will be reviewed in detail. GASKINS AND VANN Gaskins and Vann computed values of the ratio of the sum of the highest bids to the sum of the U.S. presale estimates, Fmax/est, for leases that presale estimates, Fmax/est, for leases that received the same number(s) of bids. Precise definition of Fmax/est is given in the Nomenclature. Gaskins and Vann observed that values of F increased with n, from which they concluded the "government gets a larger percentage of its estimated value when there are more bidders." For the March 28, 1974, sale, Gaskins and Vann calculated Fmax/est for four different categories of highest bids:all bids,bids in which only nonmajors were involved,bids in which one or more majors were involved, andbids in which Mobil Oil Corp. was a participant. (No list was given of which bidders are classed as major.) Values of Fmax/est when majors and/or Mobil were involved in the highest bid were more often lower than for the other categories of highest bids. From this, Gaskins and Vann concluded that the "data support the hypothesis that major oil companies, and Mobil in particular, were able to attain lower winning bids..." We recalculated values of F,../est for the March 28, 1974, sale. These are shown in Table 12 along with comparable values of Fm../mean and Fmean/est. The agreement between values of Fmax/est presented by Gaskins and Vann and in Table 1 is excellent in most cases. Some of the differences, however, may be explained by differing definitions of majors. We considered these eight companies as major: Amoco International Oil Co., British Petroleum Ltd., Chevron U.S.A. Inc., Exxon Corp., Gulf Oil Corp., Mobil Oil Corp., Shell Oil Co., Texaco Inc. Other differences may be caused by disagreements in source data and/or computations.

Prediction Model for Morphological Distribution and Evolution of Submarine Cuttings Piles in Offshore Drilling

SPE Journal ◽  
2021 ◽  
pp. 1-16
Author(s):  
Zhi Zhang ◽  
Baojiang Sun ◽  
Zhiyuan Wang ◽  
Shikun Tong ◽  
Bing Guo ◽  
...  
Keyword(s):  
Flow Field ◽  
Transport Process ◽  
Oil And Gas ◽  
Ocean Current ◽  
Offshore Drilling ◽  
Oil And Gas Resources ◽  
Drilling Operations ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Morphological Distribution

Summary Offshore oil and gas has effectively alleviated the global shortage of oil and gas resources, and drilling operations are becoming increasingly frequent. However, the cuttings discharged during surface drilling are transported and deposited to form cuttings piles, which pose a serious threat to the marine ecological environment. In this study, we consider the randomness and uncertainty of cuttings movement to divide the transport process into parabola and collision motion between the moving particles and slope particles after falling on the slope surface of cuttings piles. Through specific analysis of the stress state of a single particle in the transport process and changes in momentum distribution of the particle swarm, the evolution model of the morphological distribution of cuttings piles and the nearby flow field is established. This model can quantitatively analyze the evolution law of the morphological distribution of cuttings piles under the action of ocean current and the disturbance law of the flow field near the cuttings piles caused by the invasion of cuttings particles. Comparing the measured data at an offshore drilling field and prediction results of the model of Sun et al. (2020), the relative error of the model amounts to less than 15%, which demonstrates its rationality. The simulation results show that the morphological distribution of cuttings piles and the nearby flow field change significantly under the action of ocean current, and the intensity of evolution is related to the current velocity and cuttings size, which is of great significance for the quantitative analysis of the evolution of cuttings piles under the action of ocean currents and accurate prediction of their morphological distribution.

Joint Development of Offshore Oil and Gas Resources in the Arctic Ocean Region and the United Nations Convention on the Law of the Sea

2017 ◽  
Vol 1 (4) ◽  
pp. 1-105
Author(s):  
John Abrahamson
Keyword(s):  
Arctic Ocean ◽  
Oil And Gas ◽  
The Arctic ◽  
Joint Development ◽  
The Arctic Ocean ◽  
Ocean Region ◽  
Oil And Gas Resources ◽  
United Nations Convention ◽  
Offshore Oil And Gas ◽  
Offshore Oil

AbstractThe Arctic Ocean region presents certain challenges to peaceful cooperation between states, particularly in the locations where ocean boundaries and ownership of the related resources are disputed. The establishment of Joint Development Zones (JDZs) for the development of offshore oil and gas resources in the Arctic Ocean can facilitate international cooperation over resource development where there are competing claims. These claims are generally based on continental shelf jurisdiction under the provisions of the United Nations Convention on the Law of the Sea (UNCLOS). There are several alternative dispute resolution measures available underUNCLOS; however, a number of states have preferred to adopt aJDZas an interim measure to allow development. The significance ofJDZs for the Arctic Ocean region is that they can allow peaceful cooperation and development where the specific circumstances of Arctic claims make it difficult for the respective states to agree on the maritime boundary.

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