A joint center of the department of economics, mit energy initiative. Content provided has been authored or coauthored by halliburton employees to be used for educational purposes. The international collaborative program in petroleum economics and management is designed for students or professionals with degrees in science, engineering or social science business school, law, seeking indepth training to develop a commanding skill set in energy techniques, energy economics and management. Uncertainty and risk analysis in petroleum exploration and production saul b. Arnold, editor iv production operations engineering joe dunn clegg, editor v reservoir engineering and petrophysics edward d. An email will be sent with a link containing all accessible pdf files. Petroleum economics net present value internal rate of return. This training course teaches you the fundamental financial aspects of a petroleum company. New york basel tm petroleum refining technology and economics fourth edition james h. Petroleum economics net present value internal rate of. Productive drilling and well counts as a function of location.
With each chapter coauthored by recognized industry professionals, this extensive work fills the void that currently exists in the technical reference publications of this subject. Oil and natural gas upstream costs 3 costs, and relate to casing design required by local well conditions and the cost of materials. It discusses the science of petroleum economics, starting from squareone, the tools of the trade that petroleum economists use, day in and day out, and also its application. Pipeline, rail, and truck domestic pipeline construction benefits both workers and the u. Petroleum refining technology and economics fifth edition. Volatility of petroleum prices in the international market has made the petroleum revenue accruing to government to fluctuate over the years.
This pdf is a selection from an outofprint volume from the national. The journal of petroleum technology is the flagship magazine of the society of petroleum engineers. Classified under sic 29, the petroleum refining industry is. Pdf petroleum revenue and economic growth in nigeria. Scribd is the worlds largest social reading and publishing site. Holstein, editor vi emerging and peripheral technologies. Decisions through the lifecycle of a petroleum project 3 d seismic drill a wildcat drop appraisal drop drop develop in all these phases you have to make decisions investment analysis is used as a management tool when making such decisions accept work progr drop applybid license drop. It is an excellent book because it considers all economic aspects of the petroleum industry. Petroleum refining at a glance petroleum refining is a unique and critical link in the petroleum supply chain, from the wellhead to the pump. Introduction halliburton is pleased to contribute to this important volume addressing vital technologies of the petroleum industry. The course progression matrix below shows how the well construction drilling courses in this section are structured within each topic, from basic to specialized.
Mitchell, editor iii facilities and construction engineering kenneth e. He would also like to thank glenn hubbard and john meyer for their useful comments on earlier. Download full petroleum refining technology and economics fifth edition book in pdf, epub, mobi and all ebook format. More complex refineries can change the proportion of petroleum product mix to take advantage of feedstock costs and petroleum product prices. Pdf materials for deep oil and gas well construction researchgate. This pdf is a selection from an outofprint volume from the national bureau of economic research. Petroleum economics free download as powerpoint presentation. Because the design and construction of new processing units entail several years lead time, refiners are reluctant to commit these dollars for equipment that may no longer meet certain conditions when the units come on stream. When executing a petroleum related project, one should be able to choose the best alternative from economic point of view as well as to properly evaluate various investment opportunities by determining economic indicators and sensitivity analysis. Frac pumps, equipment costs make up 24% of total costs, including the costs of equipment and horsepower required for the specific treatment. Since the 1980s, well construction procedures have advanced so significantly that the subject now requires a comprehensive reference book dealing with all types of petroleum drilling and well completions.
It is second only to the chemicals industry in the total amount of energy it consumes. Drake well museum collection, titusville, pa these wells were shallow by modern standards, often less than 50 meters. Basic petroleum economics by mari kvaal august 2004 3rd ppm philippines case stydy workshop 2 objectives basic knowledge and techniques for performing. The relationship between oil price and costs in the oil and gas. Different strata, or layers of rock, can have different amounts of porosity. Introduction to petroleum economics is about the process of gathering project data, calculating whether a project should proceed and delivering recommendations. Petroleum projects the petroleum industry consists of different activities related to the exploitation of the oil and gas resources under and above the ground exploration, development, production, refining, gas processing, as well. In this sense, the petroleum industry is a classic case of uncertainty in decisionmaking. Petroleum refiners must face billiondollar investments in equipment in order to meet everchanging environmental requirements. Understanding well construction csur atlantica centre for energy. Devel opment drilling usually involves locating a series of wells that step out from.
The course progression matrix below shows how the well constructiondrilling courses in this section are structured within each topic, from basic to specialized. The development of an oil and gas field costs millions of dollars and may require long time 510 years to be fully realized. Energy information administration the distribution of u. If the gor is greater than 6,000 cfb, we classify the well as a natural gas well. This highly interactive and scenariobased training programme will enable you to apply a structured approach to project justification, investment appraisal and decisionmaking in the upstream petroleum business. The international collaborative program in petroleum economics and management is designed for students or professionals with degrees in science, engineering or social science business school, law, seeking indepth training to develop a commanding skill set. Petroleum well construction by michael j economides, larry. Petroleum project economics and risk analysis workshop. Gary colorado school of mines golden, colorado glen marcel dekker, inc. The drake well was located in the middle of quiet farm country in northwestern pennsylvania, and sparked the international search for an industrial use for petroleum. Pdf petroleum economics, risk and opportunity analysis.
These matrices are ideal for building training plans for earlycareer staff or finding the right course to build upon existing knowledge and experience. Decisions through the lifecycle of a petroleum project 3 d seismic drill a wildcat drop appraisal drop drop develop in all these phases you have to make decisions investment analysis. Api 520 covers appropriate relief system size calculations based on process parameters such as flow rate and pressure. Through experiences that include research, internships, innovative, instruction, modern labs and mentoring from faculty and industry leaders our students gain the technical competence and intellectual perspectives needed to grow and succeed professionally. Reiss is associate professor of economics at the stanford business school and a faculty research fellow at the national bureau of economic research. Petroskills well constructiondrilling training courses. The petroleum well construction book was published by john wiley and sons. Economic evaluation of petroleum projects basic aspects. Watters halliburton energy services shari dunnnorman university of missourirolla since the 1980s, well construction procedures have advanced so significantly that the subject now requires a comprehensive reference book dealing with all types of petroleum drilling. Orlandi encyclopedia of life support systems eolss these shows structural characteristics, relations of strength, economic and political dynamics which cannot be immediately attributed to the traditional life cycle of an industry and which indeed can no longer be repeated. Content provided has been authored or coauthored by halliburton employees to be used for educational purposes introduction halliburton is pleased to contribute to this important volume addressing vital technologies of the petroleum industry. If the gor is equal to or less than 6,000 cfb, then we classify the well as an oil well.
Petroleum economics provides an overview of the key financial and economic means of project performance provides a set of risk assessment tools including sensitivity, scenario, decision tree and mote carlo simulation analysis introduces the participant to stakeholder analysis frameworks to identify stakeholder groups and their concerns. Chapter 5 the petroleum refining industry industry overview the petroleum refining industry uses the largest quantity of premium fuels in the industrial sector, amounting to 2,7 quads in 1981. Most stages of well construction include stakeholder dialogue. Sizing, selection, and installation of pressurerelieving devices in refineries is an example of a ragagep often used in petroleum refineries. Petroleum revenue was proxied by the contribution of petroleum sector to the gdp.
Suslick unicamp, institute of geosciences and center. Uncertainty and risk analysis in petroleum exploration and. One way of developing deeper insight into this rapid growth is to. This course will introduce a variety of fundamental petroleum economic principles including revenue, expenditures, fiscal systems, risk analysis, and investment analysis. Project economics pdf lmop provides lfgcostweb as a tool for conducting initial economic feasibility analyses for. Presented are point estimates of the cumulative orthogonal impulse response and 90. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The other links add value to petroleum mainly by moving and storing it e. Petroleum well construction english gebundene ausgabe michael j.
Petroleum refining technology and economics fifth edition pdf. Watters halliburton energy services shari dunnnorman university of missourirolla since the 1980s, well construction procedures have advanced so significantly that the subject now requires a comprehensive reference book dealing with all types of petroleum drilling and well completions. Costs and duration of the development phase depends on the location of the field, the size and complexity of the facilities, and the number of wells needed to achieve the production and economic targets. Well completions 18 perforating acidizing fracturing. If you are interested in petroleum engineering, you are looking at the right university. For instance, in the petroleum industry, managers are increasingly using decision analysis techniques to aid in making these decisions. Oil and gas production handbook an introduction to oil and gas production, transport, refining and petrochemical. Economic and financial determinants of oil and gas. Petroleum refining and the prod uction of ulsg and ulsd october 24, 2011 page 2 2. Successful exploratory well cap cap development dry hole cap cap.
Crude oil migrates easily through a layer of sandstone. Reiss is associate professor of economics at the stanford business school and a faculty. This course is an excellent introduction to the fundamentals of petroleum economics. This handson and practical course takes you through the fundamental financial aspects of a petroleum company. For a typically exploratory well, firms spend anywhere from several hundred thousand to several million dollars. Basic petroleum economics mai 2004 ppm 2nd workshop of the china case study 2 investment decisions investment decisions are among the most important decisions that a companygovernment can take capital intensive irreversible high riskuncertainty. Watters autor, shari dunnnorman autor since the 1980s, well construction procedures have advanced so significantly that the subject now requires a comprehensive reference book dealing with all types of petroleum drilling and well completions. Oil and natural gas wells by production rate 1 introduction technological innovation in drilling and production has caused rapid growth in u. That became possible thanks to advanced programs, additional skillsand experiences as well as the outputs of mathematical and statistical. An introduction to petroleum refining and the production of ultra low sulfur gasoline and diesel fuel prepared for. The author thanks the olin, sloan, and fletcher jones foundations for financial support. Petroleum can be contained by structural traps, which are formed when massive layers of rock are bent or faulted broken from the earths shifting landmasses. Wood and others published petroleum economics, risk and opportunity analysis. However i wish it could be updated by the authors or other scholars interested in petroleum.
1143 101 9 254 1256 788 1081 1466 993 587 187 593 937 1475 918 660 149 1480 452 597 452 350 926 393 832 334 1146 276 526 552 963 503 1419 858