Maximizing Asset Value & Field Recovery with Advanced Completion Solutions – A Digital Twin Field Case Study with Multilateral, Intelligent Completion, and AICD Completion Technologies

The drilling and completion of multilateral wells continues to expand and advance within the oil industry after three decades of accelerating adoption. The performance of these wells can be increased when integrated with advanced well completion techniques. The addition of intelligent completions (IC) and inflow control devices (ICD/AICD) enhances well performance and improves field recovery. This paper discusses a reservoir simulation case study that evaluates the productive impact these technologies provide when combined with multilateral technology (MLT), and the mechanism by which they achieve it. A reservoir model is devised and simulates under dynamic reservoir conditions the field production of dual lateral and single bore horizontal wells. The simulation is conducted for three separate scenarios where AICD and IC are incrementally implemented. The results are compared across the scenarios and their value quantified. The mechanisms by which estimated ultimate recovery (EUR) is increased will be discussed, including the increase of reservoir contact, drawdown distribution optimization, and the control and delay of water production. The study will provide an overview on the theory behind the technologies. It will also review the workflow used to conduct the study, utilizing a combination of steady state nodal analysis software and dynamic reservoir simulation software. Additional information about the reservoir model, initial and boundary conditions are detailed, to provide insight into reservoir simulation methodology.

Analysis, Logic, Considerations, Mitigations, Risk Assessments and Procedure to Drill Horizontal Gas Well With Separation Factor Up to 0.6 between the Ellipses Avoiding Collision in Exploratory Field. Bio-UC Project at Abu Dhabi, United Arab Emirates

In a current oil & gas challenging drilling environment where the fields are becoming very congested, PAD drilling and field grid designs with close proximity wells operation is booming. Drilling challenging wells with high collision risks is common as a result of the requirement to maximize the Asset value of the oil fields. For this reason, the urge for ensuring accurate well placement is becoming critical and as a result high technology methods are required to be in place. Developing new areas where the poor and/or inaccurate drilled wells information (most of them are vertical) affect planning and placement of new wells due to the uncertainty in existing wells trajectories, causing collision issues among the new planning and the "trajectory" of the existing wells, leaving huge quantities of reservoir volume not possible to drain. For this study case, where the reservoir has some complexity due to faults and water, such limitation is critical. The analysis and fusion of new techniques and procedure to manage the risk for the collision were implemented. Directional tools with high level of accuracy measurements were deployed and stringent procedures are put in place. The Analysis, Logic, Considerations, Mitigations, Risk Assessments and a New Procedure implemented to avoid collision issues while drilling horizontal wells with Separation Factor (SF) less than 2 (standard worldwide is equal or above 2 and for this case, it was 0.6). This was developed by the Biogenic / Unconventional team, Drilling Department of Abu Dhabi National Oil Company (ADNOC) Onshore with the support of drilling service company and the approval of the ADNOC Head Quarter, to take advantage of around 0.9 km2 of hydrocarbon area for future drain. The well was drilled successfully and safely, no collision or magnetic interference issue in any trajectory survey were reported during drilling and passing close by the existing well.

THE WEALTH EFFECT IN AGRICULTURE IN LIGHT OF EXPERIENCES OF FARMS FROM THE WIELKOPOLSKA REGION

The aim of the article is to initially identify the characteristics of farms in which the wealth effect appears and recognize the extent of this effect in market farms in the Wielkopolska Region. This was realized based on the results of 120 questionnaire surveys of farms in the Wielkopolska Region. The research shows that there is a group of farms in which the wealth effect takes place (9.2% in the surveyed group). This mainly applies to units specializing in field crops. Farms in which the potential wealth effect appears are characterized by a larger area of arable land but, on the other hand, by a lower income, value of assets and output. In addition to the risks associated with this effect, there are also positive aspects relating to an increased economic activity of farms or an increase in the possibility of credit guarantees. In the context of research results, it would be advisable, in the future, to increase the degressivity of area payments under the CAP due to their lower impact of payments on the capitalization of subsidies and, thus, the intrinsic increase in asset value in farms.

Conventional Versus Sharia Money Market Mutual Funds: Which Performs Better During the Covid-19 Pandemic?

This study aims to determine whether conventional money market mutual funds perform better than sharia money market mutual funds or vice versa during the COVID-19 pandemic in Indonesia. This research method is descriptive with a quantitative comparison approach. This study employed secondary data obtained from IDX, Indonesian Bank, and Pasar Dana website. The research employed the money market mutual funds data, Net Asset Value, BI 7 Days Repo rate during year 2020. Sharpe ratio utilized in this research to determine the money market mutual funds performance. Then, the result compared by using Independent sample T-test on SPSS. The result uncovers that in general the performance of conventional money market mutual funds performance superior the sharia money market mutual funds performance during covid-19 in Indonesia. However, both mutual funds average Sharpe ratio show the negative number during 2020. Moreover, there are no significant difference between conventional and sharia money market mutual funds returns during the period 2020. The high different return on the maximum return due to some conventional mutual fund perform exceptional during 2020.

Continuous-Time Insider Trading with Risk-Neutral Insider under Imperfect Observation

A model of insider trading in continuous time in which a risk-neutral insider possesses long-lived imperfect information on a risk asset is studied. By conditional expectation theory and filtering theory, we turn it into a model with insider knowing complete information about the asset with a revised risky value and deduce its linear Bayesian equilibrium consisting of optimal insider trading strategy and semistrong pricing rule. It shows that, in the equilibrium, as the degree of insider observing the signal of the risky asset value is more and more accurate, market depth, trading intensity, and residual information are all decreasing and the total expectation profit of the insider is increasing and that the information about the asset value incorporated into the equilibrium price, which has nothing to do with the volatility of noise trades, is increasing as time goes by, but not all information of asset value is incorporated into the price in the final disclosed time due to the incompleteness of insider’s observation, though the market depth is still a time-independent constant. Some simulations are illustrated to show these features. However, it is an open question of how to make maximal profit if the insider is risk-averse.

Research on Systemic Risk of the Turkish Banking Industry Based on a Systemic Risk Measurement Framework of the Fractional Brownian Motion

Since the 2008 financial crisis, it is an important issue to assess the systemic risk of banks, but there is a lack of research on the assessment of the systemic risk of Turkey’s financial system. In addition, geometric Brownian motion is used in most of the assessment frameworks of systemic risk under the normal financial market state, while the Turkish financial market has the situation of spike and thick tail. Therefore, this paper proposes a fractional Brownian motion measurement framework of systemic risk to study the systemic risk of the Turkish financial system. Firstly, this paper uses the data of 11 Turkish listed banks from 2014 to 2019 to conduct a normality test and demonstrate that its market has the characteristics of a fractal market; that is, there is a spike and thick tail distribution phenomenon in the stock price trend. Then, this paper proposes a fractional Brownian motion systemic risk measurement framework (fBSM). Based on the proposed theoretical framework and the actual data of Turkish listed banks from 2014 to 2019, a dynamically evolving Turkish banking network system is constructed to measure the systemic risk in the Turkish banking system. The research results find that the systemic risk is the highest in 2017, which then improved and gradually recovered. In addition, when analyzing the sensitivity of the Hurst index, it shows that with the increase in Hurst index, the Hurst index elasticity of Turkish banks’ asset value increases gradually and the asset value also increases continuously. Hence, the Hurst index has a greater impact on asset value. Therefore, the measurement framework of systemic risk based on the fBSM can better monitor the systemic risk than the traditional geometric Brownian motion in the Turkish banking system.

Multi-Asset Value Payoff: Is Recent Underperformance Cyclical?

Recent value factor underperformance has called into question whether the value factor payoff is cyclically low, or if there are more structural challenges. We use a new approach to explore a link between the well-known macroeconomic exposures of traditional asset classes and those of value premia in a multi-asset context, focusing on country equities, bonds, and currencies in developed markets. Taking advantage of the cross-country inflation and growth expectations implicit in every value portfolio, we derive the net inflation and real growth characteristics embedded in each asset class carry portfolio at each point in time. Our analysis provides several insights: (1) Multi-asset value payoff is only weakly related to the global business cycle. (2) However, we find that the payoff to value portfolios is strongly linked to relative growth and inflation expectations across countries. (3) Over the last decade, we find that cheaper assets have had much lower net relative macro exposures compared to earlier time periods. This characteristic coincides with the period of unconventional central bank policies designed to lift global growth after the Global Financial Crisis (GFC).