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.

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.

Extraction Not Creation: The History of Offshore Petroleum in the Gulf of Mexico

2007 ◽  
Vol 8 (2) ◽  
pp. 227-267 ◽  
Author(s):  
Tyler Priest
Keyword(s):  
Gulf Of Mexico ◽  
Oil And Gas ◽  
Petroleum Industry ◽  
Oil And Gas Development ◽  
The Social ◽  
History Of ◽  
Offshore Oil And Gas ◽  
Offshore Development ◽  
Offshore Oil ◽  
Offshore Petroleum

Offshore development is one of the most important but least analyzed chapters in the history of the petroleum industry, and the Gulf of Mexico is the most explored, drilled, and developed offshore petroleum province in the world. This essay examines offshore oil and gas development in the Gulf of Mexico, highlighting the importance of access and how the unique geology and geography of the Gulf shaped both access and technology. Interactions between technology, capital, geology, and the political structure of access in the Gulf of Mexico generated a functionally and regionally complex extractive industry that repeatedly resolved the material and economic contradictions of expanding into deeper water. This was not achieved, however, simply through technological miracles or increased mastery over the environment, as industry experts and popular accounts often imply. The industry moved deeper only by more profoundly adapting to the environment, not by transcending its limits. This essay diverges from celebratory narratives about offshore development and from interpretations that emphasize the social construction of the environment. It challenges the storyline of market-driven technology and its miraculous ability to expand and create petroleum abundance in the Gulf.

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.

EFFECTS ON THE MARINE ENVIRONMENT OF PRODUCED FORMATION WATER DISCHARGES FROM OFFSHORE DEVELOPMENT IN BASS STRAIT, AUSTRALIA

1994 ◽  
Vol 34 (1) ◽  
pp. 729 ◽  
Author(s):  
G.W. Terrens ◽  
R.D. Tait
Keyword(s):  
Oil And Gas ◽  
Chemical Constituents ◽  
Marine Organisms ◽  
Formation Water ◽  
Discharge Point ◽  
Water Field ◽  
Low Toxicity ◽  
Offshore Oil And Gas ◽  
Offshore Development ◽  
Offshore Oil

An environmental effects study was undertaken to assess the potential environmental effect of discharged produced formation water from offshore oil and gas platforms in Bass Strait. The focus was on potential effects on the fisheries of Bass Strait. Produced formation water discharged to the ocean from the Halibut platform, one of the largest Australian oil fields and now the most prolific produced formation water field, was modelled for dilution versus distance from the platform. Characterisation of produced formation water from 10 Bass Strait platforms for chemical constituents and toxicity to local marine organisms was performed.It was found that produced formation water discharged into Bass Strait presents a very low risk to marine organisms due to very low toxicity and very high dilution rates. For the Halibut platform, acceptable acute toxicity concentration can be obtained with dilution of less than 2:1. Actual dilution rates are approximately 30:1 within 10m of the discharge point, and concentrations reach an indicative 'no chronic' toxicity effect within 25m of the discharge point. The plume is also spatially limited and mobile and any organism would be exposed to potentially lethal concentrations of produced formation water for less than about 30 seconds for median current condition.

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.

scholarly journals Causes and Treatment Measures of Submarine Pipeline Free-Spanning

2020 ◽  
Vol 8 (5) ◽  
pp. 329
Author(s):  
Bo Zhang ◽  
Rui Gong ◽  
Tao Wang ◽  
Zhuo Wang
Keyword(s):  
Oil And Gas ◽  
Wave Flow ◽  
Submarine Pipeline ◽  
Structural Support ◽  
Seabed Topography ◽  
Treatment Measures ◽  
Oil And Gas Resources ◽  
Offshore Oil And Gas ◽  
Water Plants ◽  
Offshore Oil

Submarine pipelines, as arteries for offshore oil and gas transportation, play a particularly important role in the exploitation of offshore oil and gas resources. Since the world’s first submarine pipelines were laid in the Gulf of Mexico, numerous failures have been caused by pipeline free-spanning. This paper provides a review of the causes and treatment measures for the free span of submarine pipeline. Various factors cause the free span of submarine pipelines, including wave flow scouring, fluctuations in seabed topography, residual stress or thermal stress of pipelines, and human activities. The scour of the wave current is the main factor affecting free span; the research on sediment starting and equilibrium depth during scour is reviewed in-depth. For the span treatment of submarine pipelines, the main measures available at present include the re-digging trench burying, structural support, covering bionic water plants, and choke plate self-burying. For each, the principle, advantages, disadvantages, and research are discussed. This review provides a convenient resource for understanding the causes of submarine free-spanning pipelines and choosing suitable treatment measures.

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