scholarly journals Product Mix Optimization for an Oil Field Operating Company

2020 ◽  
Vol 14 (10) ◽  
pp. 20
Author(s):  
Najla Abdulaziz Khonji ◽  
Saad M. A. Suliman
Keyword(s):  
Optimization Model ◽  
Oil Field ◽  
Oil Price ◽  
Operating Costs ◽  
Daily Cost ◽  
Product Mix ◽  
Main Components ◽  
Drilling Rigs ◽  
Two Parameters ◽  
Operating Company

In this study, a mathematical model is formulated to select the optimal product mix of wells in terms of numbers and types of wells that helps to maximize profit. The optimization model comprises two main components, the first component is revenue which includes forecasting of production and oil price, and the second component is cost which includes capital and operating costs. In addition, the model considers all related constraints such as budget, production targets, surface facility limitations, drilling rigs availability and others. Time has influence on the model, since its output is not limited only to the types and numbers of wells to be drilled during the planned period, but also when each well to be drilled for the same plan. Actual planning data for three consecutive years is used for model testing. The results show that 42% to 47% cost saving can be achieved by using the model. The analysis shows that with every 10% increase in oil price, the profit increases by about 6%. Also, it shows that the number of rigs and the rig daily cost affect the profit tremendously, where by reducing these two parameters by 50% an increase of 66% in oil profit can be achieved. The study confirms that oil field operating companies can stand a better chance of maximizing their profit by using product mix optimization model to define the optimum schedule for the number of wells, type of wells and time of drilling.

A Hybrid Petroleum Fiscal System for Investment in the Exploration and Production E&P of Hydrocarbon

2021 ◽  
Author(s):  
Oghenerume Ogolo ◽  
Petrus Nzerem ◽  
Ikechukwu Okafor ◽  
Raji Abubakar ◽  
Mohamed Mahmoud ◽  
...  
Keyword(s):  
Oil Field ◽  
Cost Recovery ◽  
Oil Price ◽  
Government Revenue ◽  
Profitability Analysis ◽  
Fiscal System ◽  
Exploration And Production ◽  
Host Government ◽  
The Cost ◽  
Spreadsheet Modelling

Abstract Globally, there are two types of petroleum fiscal system; the concessionary and the contractual petroleum fiscal system. The main differences between the two types of petroleum fiscal system is the ownership of the resources and some distinct fiscal terms. The contractual petroleum fiscal system specifies a cost recovery option and profit oil split unlike the concessionary petroleum fiscal system that allows the contractor to recoup his capital before payment of tax. This tends to increase the risk associated with the host government revenue as investment in the production of hydrocarbon is filled with uncertainties. There is a need to redesign the concessionary petroleum fiscal to enable it reduce the risk associated with the host government revenue by making the host government to earn revenue early from petroleum investment. This research therefore evaluated a hybrid petroleum fiscal system for investment in the exploration and production of hydrocarbon. The concessionary petroleum fiscal system was adjusted to include a cost recovery option. Petroleum economic model for investment in a typical onshore oil field was built using spreadsheet modelling technique with the fiscal terms in the hybrid petroleum fiscal system embedded in it. The cost recovery option and oil price in the model were varied between 0-100% and $20-$100 per barrel. The NCF, IRR and payout period of the investment were determined. It was observed that the lower the cost recovery option, the higher the host government revenue. From the profitability analysis of the investment in the hybrid petroleum fiscal system, it was observed that when the price of oil was $100/bbl, the NCF of the host government was $9146 and $8426.3 for 0% and 80% cost recovery option. The lower the cost recovery option, the higher the payout period and the lower the internal rate of return. Though lower cost recovery increased the host government revenue more but it may make the hybrid petroleum fiscal system unattractive for investment in periods of low oil price. Hence a higher cost recovery option was recommended for the use of this type of petroleum fiscal system.

Optimal fuzzy scheduling and sequencing of multiple-period operating room

2017 ◽  
Vol 32 (1) ◽  
pp. 108-121 ◽  
Author(s):  
Abbas Al-Refaie ◽  
Mays Judeh ◽  
Ming-Hsien Li
Keyword(s):  
Optimization Model ◽  
Real Life ◽  
Operating Rooms ◽  
Decision Makers ◽  
Operating Costs ◽  
Optimization Models ◽  
Patients Satisfaction ◽  
Fuzzy Scheduling ◽  
Sequencing Problems

AbstractLittle research has considered fuzzy scheduling and sequencing problem in operating rooms. Multiple-period fuzzy scheduling and sequencing of patients in operating rooms optimization models are proposed in this research taking into consideration patient‘s preference. The objective of the scheduling optimization model is obtaining minimal undertime and overtime and maximum patients' satisfaction about the assigned date. The objective of sequencing the optimization model is both to minimize overtime and to maximize patients' satisfaction about the assigned time. A real-life case study from a hospital that offers comprehensive surgical procedures for all surgical specialties is considered for illustration. Research results showed that the proposed models efficiently scheduled and sequenced patients while considering their preferences and hospitals operating costs. In conclusion, the proposed optimization models may result in improving patient satisfaction, utilizing hospital's resources efficiently, and providing assistance to decision makers and planners in solving effectively fuzzy scheduling and sequencing problems of operating rooms.

Recommended Practices for the Development of an Effective Steam Surface Condenser Maintenance Regime; Including Suggested Maintenance Solutions and Design Modifications That Can Improve Condenser Performance and Reliability

2012 ◽  
Author(s):  
Darren M. Nightingale
Keyword(s):  
Failure Modes ◽  
Operating Costs ◽  
Testing Methods ◽  
Component Failure ◽  
Routine Testing ◽  
Proper Understanding ◽  
Surface Condenser ◽  
Reference Implementation ◽  
Main Components

A detailed & proper understanding of the main components that comprise a Steam Surface Condenser is absolutely essential when designing an effective maintenance regime. This Paper provides a breakdown for each of the main components, including typical ancillary items, which should be incorporated into visual inspections, and routine testing, when developing an effective maintenance regime for Steam Surface Condensers. Topics cover recommended inspection criteria for the main and ancillary components as well as proposed testing methods. Examples of known component failure modes, suggested repairs, replacements, modifications & upgrades are also included for reference. Implementation of an effective maintenance regime can help to ensure design performance is maintained. Often, it can even lead to improvements in unit availability and overall long term reliability; which in turn can result in tangible reductions in operating costs.

The Study of Feeder Bus Network Optimization Model

2014 ◽  
Vol 505-506 ◽  
pp. 558-561
Author(s):  
Xiao Li Fang ◽  
Dan Xiong ◽  
Zhao Zhou ◽  
Jian Bo Wang ◽  
Cao He ◽  
...  
Keyword(s):  
Iterative Algorithm ◽  
Network Optimization ◽  
Optimization Model ◽  
Operating Costs ◽  
Optimal Network ◽  
Feeder Bus ◽  
Bus Network

In order to study the optimal network of feeder bus lines for rail stations, this paper established an optimization model with the objective of minimizing the consume time and operating costs of unit traveler, and proposed an iterative algorithm to solve the model and then used an example to describe the practicality of the model and the algorithm.

How to Effectively Develop a Marginal Offshore Heavy Oil Field with Strong Aquifer Under Low Oil Price Condition

2018 ◽  
Author(s):  
Hongfu Shi ◽  
Xianbo Luo ◽  
Yifan He ◽  
Cunliang Chen ◽  
Bo Re
Keyword(s):  
Heavy Oil ◽  
Oil Field ◽  
Oil Price

scholarly journals Application Savonius Turbine on Ferries 750 GT

KnE Energy ◽  
2015 ◽  
Vol 1 (1) ◽  
pp. 17
Author(s):  
Arif Prasetyo ◽  
Mohammad Danil Arifin ◽  
Endro Prabowo
Keyword(s):  
Renewable Energy ◽  
Wind Energy ◽  
Promising Result ◽  
Gear Ratio ◽  
Oil Price ◽  
Operating Costs ◽  
Oil Reserves ◽  
Energy Applications ◽  
Price Increases ◽  
X 24

<p>Vessel operating costs the highest for purchase of fuel, with the increasingly limited oil reserves and the trend of oil price increases every year this is will add to the high operating costs. Important to start doing research for deploying renewable energy on the ship, especially to reduce the use of auxiliary engine on the ship. For renewable energy applications on ships using wind energy is available throughout the day. Application on the ship using savonius turbine, with high rotor 50 cm , diameters 40 cm , use of gear ratio to increase the rotation of the rotor and the generator 200 W. <br />Assuming when a sail the wind speed 12 m/s and the results of the electricity generated by the generator is average of 100 Wh. With the early stages of the installation 20 units turbines, then the results electricity generated can reach 2.000 W x 24 h = 4.8 kWh/d. This is certainly a very promising result for future development. With continuously research can certainly achieve the best efficiency.</p><p><strong>Keywords</strong>: Renewable energy, Ship, Savonius turbine, Wind energy </p>

'Lifeline' loans to Angola will not spur reform

2015 ◽  
Keyword(s):  
Oil Field ◽  
Oil Price ◽  
Content Type ◽  
Energy Projects ◽  
Oil Price Shock ◽  
Price Shock ◽  
Oil Shock ◽  
Development Goals ◽  
The Government ◽  
Congo Brazzaville

Subject Outlook for Angola's relations with its creditors. Significance On July 31 the government entered into an agreement with Japan involving a 200-million-dollar concessional loan to support energy projects. It is the latest in a series of 'lifeline' deals concluded with donors and creditors in an attempt to cushion the economic reverberations of the oil price shock, particularly its implications for meeting debt repayments and development goals. Impacts The agreement signed with Congo-Brazzaville on July 31 to jointly exploit the Lianzi oil field could reduce border tensions. If protests increase, the government may escalate its civil society clampdown, eg through peremptory arrests of activists. New diamond projects will boost production, though recent 'blood diamond' allegations will raise reputation risks for investors. Increased diamond sales (up 35% in the first quarter year-on-year) will augment state revenues, but be insufficient to absorb the oil shock.

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