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Book part
Publication date: 15 February 2008

William W. Cooper and Piyu Yue

Abstract

Details

Challenges of the Muslim World
Type: Book
ISBN: 978-0-444-53243-5

Book part
Publication date: 4 July 2015

Taylor K. Lee, Steven A. Dennis and Prodosh Simlai

We examine the link between oil production and bank deposits in North Dakota’s Bakken oil formation. We find that oil production is positively related to bank deposits, even in…

Abstract

We examine the link between oil production and bank deposits in North Dakota’s Bakken oil formation. We find that oil production is positively related to bank deposits, even in the presence of gas production, farm production, the level of interest rates, and the term premium of interest rates. The effect is significant even when we “purge” the effect of the other variables from oil production, which indicates a strong relationship between oil production and bank deposits.

Details

Overlaps of Private Sector with Public Sector around the Globe
Type: Book
ISBN: 978-1-78441-956-1

Keywords

Book part
Publication date: 6 November 2018

Bruno S. Sergi and Andrey Berezin

The chapter considers the significance of the oil and gas industry for the Russian economy. The authors analyze the current state of the oil and gas industry, their specific…

Abstract

The chapter considers the significance of the oil and gas industry for the Russian economy. The authors analyze the current state of the oil and gas industry, their specific weight in the structure of Russian GDP, and tax revenues from this industry to the Russian budget that was estimated. We give scenario analysis that considers the problems that the Russian economy may face because of the sanctions, the price fluctuations at the commodity market, and the crisis phenomena in the world economy. The chapter points out that localization of technology production and development of technologies for offshore oil and gas production in the Arctic zone may become an incentive to further ensure import substitution for Russia. At present, the experience of Arctic defense enterprises in the production of equipment for oil and gas production and processing is becoming increasingly popular. The chapter elaborates the most significant examples of the creation of new industries in the Arctic zone, the prospects of seismic exploration on the Arctic shelf, and that localization of production capacities and service bases will allow obtaining a multiplicative incentive for a qualitatively new industrial and infrastructure development of the northern territories. Also, we provide an assessment of the development of liquefied natural gas (LNG) industry, which makes economically attractive use of natural gas on a regional level as LNG opens the way to fuel high-power needs and to long-distance transport.

Article
Publication date: 26 July 2021

Ilayda Taneri, Nukhet Dogan and M. Hakan Berument

The purpose of this paper is to use the novel data from the primary vision to determine the main financial and economic drivers of this revolutionary shale oil production and how…

Abstract

Purpose

The purpose of this paper is to use the novel data from the primary vision to determine the main financial and economic drivers of this revolutionary shale oil production and how these drivers changed after 2016 when the US removed its oil-exporting ban.

Design/methodology/approach

In this paper, the authors use the vector autoregressive model to assess the dynamic relationships among the Frac Count (FSCN) from the primary vision and the set of financial/macro-economic variables and how this dynamic relationship is altered with the effects of the US export ban before and after the lifting of the export ban.

Findings

The empirical evidence reveals that a positive shock to New York Mercantile Exchange, Standard and Poor’s 500, rig count, West Texas Intermediate or the US ending oil stocks increase the FSCN but higher interest rates and oil production decrease the FSCN. After the US became one of the major oil producers, it removed its crude export ban in December 2015. The empirical evidence suggests that the shale oil industry gets more integrated with the financial system and becomes more efficient in its production process in the post-2016 era after the export ban was removed.

Originality/value

The purpose of this paper is to use the novel data from the primary vision to determine the main financial and economic drivers of this revolutionary shale oil production and how these drivers changed after 2016 when the US removed its oil-exporting ban.

Details

International Journal of Energy Sector Management, vol. 15 no. 6
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 12 April 2011

Pernille Seljom and Eva Rosenberg

The aim of this paper is to provide a general overview of the global oil and natural gas resources, production, technology development, energy use, emissions and costs. The…

3918

Abstract

Purpose

The aim of this paper is to provide a general overview of the global oil and natural gas resources, production, technology development, energy use, emissions and costs. The activity is based on the European project “Risk of Energy Availability: Common Corridors for Europe Supply Security” (REACCESS) and the data collected was used in this project as an input to evaluate the technical, economical and environmental characteristics of the energy corridors to European Union (EU).

Design/methodology/approach

The paper is based on literature reviews and data collection from national authorities, oil companies, international associations and international organisations.

Findings

The work provides a general overview of oil and natural gas resources, production rates, recent technology developments, costs, losses, energy consumption and emissions on a world regional level. Main issues related to the role of conventional oil and natural gas in the energy import framework are summarised in this paper.

Research limitations/implications

The present study provides information on conventional oil and natural gas resources and it is limited to primary production technologies.

Originality/value

An outline of oil and natural gas on a regional level is presented. The paper provides general introduction to the subject and it is a valuable input for modelling and analyses of conventional oil and natural gas in the present and in the future energy system.

Details

International Journal of Energy Sector Management, vol. 5 no. 1
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 10 May 2022

Emad Kazemzadeh, Mohammad Taher Ahmadi Shadmehri, Taghi Ebrahimi Salari, Narges Salehnia and Alireza Pooya

The USA is one of the largest oil producers in the world. For this purpose, the authors model and predict the US conventional and unconventional oil production during the period…

Abstract

Purpose

The USA is one of the largest oil producers in the world. For this purpose, the authors model and predict the US conventional and unconventional oil production during the period 2000–2030.

Design/methodology/approach

In this research, the system dynamics (SD) model has been used. In this model, economic, technical, geopolitical, learning-by-doing and environmental (social costs of carbon) issues are considered.

Findings

The results of the simulation, after successfully passing the validation test, show that the US unconventional oil production rate under the optimistic scenario (high oil prices) in 2030 is about 12.62 million barrels/day (mb/day), under the medium oil price scenario is about 11.4 mb/day and under the pessimistic scenario (low oil price) is about 10.18 mb/day. The results of US conventional oil production forecasting under these three scenarios (high, medium and low oil prices) show oil production of 4.62, 4.26 and 3.91 mb/day, respectively.

Originality/value

The contribution of this study is important in several respects: First, by modeling SD that technical, economic, proven reserves and technology factors are considered, this paper models US conventional and unconventional oil production separately. In this modeling, nonlinear relationships and feedback loops are presented to better understand the relationships between variables. Second, given the importance of environmental issues, the modeling of social costs of CO2 emissions per barrel of oil is also presented and considered as a part of oil production costs. Third, conventional and unconventional US oil production by 2030 is forecast separately, the results of this study could help policymakers to develop unconventional oil and plan for energy self-sufficiency.

Details

International Journal of Energy Sector Management, vol. 17 no. 2
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 31 January 2020

Sam O. Olofin, Tirimisiyu Folorunsho Oloko, Kazeem O. Isah and Ahamuefula Ephraim Ogbonna

The purpose of this study is to investigate the predictability of crude oil price and shale oil production, in a bid to examine the possibility of bi-directional causality.

Abstract

Purpose

The purpose of this study is to investigate the predictability of crude oil price and shale oil production, in a bid to examine the possibility of bi-directional causality.

Design/methodology/approach

The study adopts a recently developed predictability model by Westerlund and Narayan (2015), which accounts for persistence, endogeneity and heteroscedasticity. It also accounts for structural breaks in the predictive models.

Findings

The empirical results show that only a unidirectional causal relationship from crude oil price to shale oil production exists. This happens as crude oil price appears to be a good predictor of shale oil production; however, shale oil production does not serve as a good predictor for crude oil price. Accounting for structural break was found to improve the predictability and forecast accuracy of the predictive model. Our result is robust to choice of crude oil price benchmarks (West Texas Intermediate, Brent, Dubai Fateh and Refiners’ Acquisition Cost) and their denominations (real or nominal).

Research limitations/implications

The result implies that crude oil price must be considered when predicting shale oil production. Meanwhile, the non-significance of shale of production in crude oil price predictive model provides information to potential analyst, researchers and countries predicting crude oil price that failure to account for the effect of shale oil production would not have significant impact on the forecast accuracy of their models.

Originality/value

The study contributes originally to the literature on crude oil price–shale oil production in four major ways. First, it applies a recently developed predictability method by Westerlund and Narayan (2015), which is more suitable for dealing with persistence, conditional heteroscedasticity and endogeneity in the predictors. Second, it investigates existence of reverse causality between crude oil price and shale oil production. Third, it examines the variation in the response and effect of four major crude oil price benchmarks. Fourth, it considers crude oil price in both real and nominal terms.

Details

International Journal of Energy Sector Management, vol. 14 no. 4
Type: Research Article
ISSN: 1750-6220

Keywords

Abstract

Details

Energy Security in Times of Economic Transition: Lessons from China
Type: Book
ISBN: 978-1-83982-465-4

Article
Publication date: 17 October 2018

Mehdi Mosharaf-Dehkordi and Hamid Reza Ghafouri

The purpose of this paper is to present detailed algorithms for simulation of individual and group control of production wells in hydrocarbon reservoirs which are implemented in a…

Abstract

Purpose

The purpose of this paper is to present detailed algorithms for simulation of individual and group control of production wells in hydrocarbon reservoirs which are implemented in a finite volume-based reservoir simulator.

Design/methodology/approach

The algorithm for individual control is described for the multi-lateral multi-connection ones based on the multi-segment model considering cross-flow. Moreover, a general group control algorithm is proposed which can be coupled with any well model that can handle a constraint and returns the flow rates. The performance of oil production process based on the group control criteria is investigated and compared for various cases.

Findings

The proposed algorithm for group control of production wells is a non-optimization iterative scheme converging within a few number of iterations. The numerical results of many computer runs indicate that the nominal power of the production wells, in general, is the best group control criterion for the proposed algorithm. The production well group control with a proper criterion can generally improve the oil recovery process at negligible computational costs when compared with individual control of production wells.

Research/limitations/implications

Although the group control algorithm is implemented for both production and injection wells in the developed simulator, the numerical algorithm is here described only for production wells to provide more details.

Practical/implications

The proposed algorithm can be coupled with any well model providing the fluid flow rates and can be efficiently used for group control of production wells. In addition, the calculated flow rates of the production wells based on the group control algorithm can be used as candidate solutions for the optimizer in the simulation-optimization models. It may reduce the total number of iterations and consequently the computational cost of the simulation-optimization models for the well control problem.

Originality/value

A complete and detailed description of ingredients of an efficient well group control algorithm for the hydrocarbon reservoir is presented. Five group control criteria are extracted from the physical, geometrical and operating conditions of the wells/reservoir. These are the target rate, weighted potential, ultimate rate and introduced nominal power of the production wells. The performance of the group control of production wells with different group control criteria is compared in three different oil production scenarios from a black-oil and highly heterogeneous reservoir.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 28 no. 11
Type: Research Article
ISSN: 0961-5539

Keywords

Article
Publication date: 23 November 2021

Ismail Aliyu Danmaraya, Aminu Hassan Jakada, Suraya Mahmood, Bello Alhaji Ibrahim and Ahmad Umar Ali

The purpose of this paper is to look at the asymmetric effect of oil production on environmental degradation in OPEC member countries from 1970–2019.

Abstract

Purpose

The purpose of this paper is to look at the asymmetric effect of oil production on environmental degradation in OPEC member countries from 1970–2019.

Design/methodology/approach

The authors build a nonlinear panel ARDL–PMG model using the Shin et al. (2014) nonlinear autoregressive distributed lag (ARDL) approach in panel form to assess both the short- and long-run impact of positive and negative oil production movements on CO2 emissions.

Findings

The result demonstrates that the variables are cointegrated. According to the linear long run coefficients, oil production, FDI inflows and economic growth both have a positive and significant relationship with CO2 emissions, implying that they deteriorate environmental quality in OPEC countries, while renewable energy has a negative relationship with CO2, implying that increasing renewable energy improves environmental quality. The asymmetric findings prove that positive and negative shocks of oil production exert a positive effect on carbon emissions in short run and long run.

Research limitations/implications

To begin with, the empirical assessments do not include all OPEC member nations; researchers are advised to resolve this constraint by looking at the economies of other OPEC members. Albeit the lack of data for other energy sources may serve as another constraint of this research, future research is expected to broaden the current framework via other energy sources such as nuclear, electricity, biomass, solar as well as wind.

Originality/value

The research adds to the body of knowledge as many of the prevailing studies in the literature failed to look at the asymmetric effect of oil production on the quality of environment. This is another gap in the literature that the current study is set out to fill. This study adds oil production as an explanatory variable and helps to extend the existing literature for OPEC countries, which could propose a solution to deal with ensuing environmental issues.

Details

International Journal of Energy Sector Management, vol. 16 no. 4
Type: Research Article
ISSN: 1750-6220

Keywords

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