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Book part
Publication date: 5 October 2018

Olubukola Tokede, Adam Ayinla and Sam Wamuziri

The robust appraisal of exploration drilling concepts is essential for establishing the economic viability of a prospective recovery field. This study evaluates the different…

Abstract

The robust appraisal of exploration drilling concepts is essential for establishing the economic viability of a prospective recovery field. This study evaluates the different concept selection methods that were considered for drilling operations at the Trym field in Norway. The construction of drilling rigs is a capital-intensive process, and it involves high levels of economic risk. These risks can be broadly categorised as aleatoric (i.e. those related to chance) and epistemic (i.e. those related to knowledge). Evaluating risks in the investment appraisal process tends to be a complicated process. Project risks are evaluated using Monte Carlo simulation (MCS) and are based on the fuzzy analytic hierarchy process (AHP). MCS provides a useful means of evaluating variabilities (i.e. aleatoric risks) in oil drilling operations. However, many of the economic risks in oil drilling processes are unanticipated, and, in some cases, are not readily expressible in quantitative values. The fuzzy AHP is therefore used to appraise the qualitatively defined indirect revenues comprising risks that affect future flexibilities, schedule certainty and health and safety performance. Both the Monte Carlo technique and the fuzzy AHP technique found that a cumulative revenue variation of up to 30% is possible in any of the considered drilling options. The fuzzy AHP technique estimates that the chances of profitability being less than NOK 1 billion over a five-year period is 0.5%, while the Monte Carlo technique estimates suggest a more conservative proportion of 10%. Overall, the fuzzy AHP technique is easy to use and flexible, and it demonstrates increased robustness and improved predictability.

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Fuzzy Hybrid Computing in Construction Engineering and Management
Type: Book
ISBN: 978-1-78743-868-2

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Book part
Publication date: 5 October 2018

Abstract

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Fuzzy Hybrid Computing in Construction Engineering and Management
Type: Book
ISBN: 978-1-78743-868-2

Content available
Book part
Publication date: 5 October 2018

Abstract

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Fuzzy Hybrid Computing in Construction Engineering and Management
Type: Book
ISBN: 978-1-78743-868-2

Book part
Publication date: 19 October 2016

Michael Watts

Using the case of the Deepwater Horizon blowout in the Gulf of Mexico in 2010, I argue that the catastrophe was less an example of a low probability-high catastrophe event than an…

Abstract

Using the case of the Deepwater Horizon blowout in the Gulf of Mexico in 2010, I argue that the catastrophe was less an example of a low probability-high catastrophe event than an instance of socially produced risks and insecurities associated with deepwater oil and gas production during the neoliberal period after 1980. The disaster exposes the deadly intersection of the aggressive enclosure of a new technologically risky resource frontier (the deepwater continental shelf) with what I call a frontier of neoliberalized risk, a lethal product of cut-throat corporate cost-cutting, the collapse of government oversight and regulatory authority and the deepening financialization and securitization of the oil market. These two local pockets of socially produced risk and wrecklessness have come to exceed the capabilities of what passes as risk management and energy security. In this sense, the Deepwater Horizon disaster was produced by a set of structural conditions, a sort of rogue capitalism, not unlike those which precipitated the financial meltdown of 2008. The forms of accumulation unleashed in the Gulf of Mexico over three decades rendered a high-risk enterprise yet more risky, all the while accumulating insecurities and radical uncertainties which made the likelihood of a Deepwater Horizon type disaster highly overdetermined.

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Risking Capitalism
Type: Book
ISBN: 978-1-78635-235-4

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Book part
Publication date: 26 October 2005

Tyler Priest

For the first time since the “limits to growth” debate of the 1970s, we hear serious talk about the prospect of the world running out of oil. In the United States, concerns about…

Abstract

For the first time since the “limits to growth” debate of the 1970s, we hear serious talk about the prospect of the world running out of oil. In the United States, concerns about reducing dependence on foreign oil have incited debate over the viability of alternative energy sources versus the oil industry's search for new oil “frontiers.” The rancorous dispute over drilling in the Arctic National Wildlife Refuge (ANWAR) has captured the spotlight in this debate. Less controversial, but more significant for the future of U.S. oil production, are the bountiful “deepwater” reserves of the Gulf of Mexico (GOM). Offshore is central to the history of the petroleum industry over the last 50 years, and the GOM is the most explored, drilled, and developed offshore petroleum province in the world. In recent decades, revenue from offshore leasing has been second only to federal income taxes in value to the U.S. treasury. During the last 30 years, the search for oil and gas has continually moved into deeper waters and into new offshore environments. Still, the GOM remains the primary laboratory for technological innovation and regulatory practices. The recent and spectacular revival in production there thanks to deepwater discoveries has strongly reinforced this demonstration effect. As offshore oil assumes a high profile in national development strategies around the world, any effort to analyze the political, social, and economic aspects of offshore exploration and development must use the GOM as a historical precedent or basis of comparison.

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Nature, Raw Materials, and Political Economy
Type: Book
ISBN: 978-1-84950-314-3

Book part
Publication date: 18 October 2011

Lars Mjøset and Ådne Cappelen

Norway is a small nation state on the northernmost coastline of Western Europe, integrated in the Western world economy. For centuries Norway's integration in the world economy…

Abstract

Norway is a small nation state on the northernmost coastline of Western Europe, integrated in the Western world economy. For centuries Norway's integration in the world economy had been based on exports of raw materials such as fish and timber, as well as shipping services. In the early 20th century, furnace-based metals (made possible by cheap hydropower) were added to this export basket. Just as the world economy entered an increasingly unstable phase in 1970s, another natural resource was discovered in Norway: petroleum – that is, oil and natural gas from the North Sea. This chapter analyses the challenges and possibilities inherent in the Norwegian strategy of developing an oil economy in a world economic situation influenced by new and stronger forms of international integration through the four decades between 1970 and 2010.

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The Nordic Varieties of Capitalism
Type: Book
ISBN: 978-0-85724-778-0

Abstract

Iran’s potential to expand its natural gas exports has received a great deal of attention since Hassan Rouhani’s election in 2013. Rouhani’s presidency centered around adopting a foreign policy approach to actively promote a constructive engagement and dialogue with the West, as well as seriously pursuing diplomatic and prudent interactions with Iran’s immediate neighbors and beyond on an equal footing with a view toward advancing mutual accommodation, respect, and shared interests. This chapter’s central argument is that Iran’s ability to export natural gas to Europe depends largely upon maintaining stable and strong trade ties with Turkey. The cooperation between these two countries, despite competition and occasional frictions, could arguably foster a balance of power at middle-power level countries that will be necessary for an enduring stability in the region.

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Reintegrating Iran with the West: Challenges and Opportunities
Type: Book
ISBN: 978-1-78441-742-0

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Abstract

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Connecting Values to Action: Non-Corporeal Actants and Choice
Type: Book
ISBN: 978-1-78973-308-2

Book part
Publication date: 10 December 2016

Leith L. Dunn and Ayanna T. Samuels

This study examines the problem of unequal access to the Caribbean ICT industry on the part of women, and considers causes, consequences and possible solutions. The latter…

Abstract

Purpose

This study examines the problem of unequal access to the Caribbean ICT industry on the part of women, and considers causes, consequences and possible solutions. The latter includes integrating gender perspectives in ICT policies and programmes to increase access for all to education and employment opportunities for national development.

Methodology/approach

Mixed Methods research techniques (questionnaire surveys, elite interviews and focus group discussions) were used to collect data from national stakeholders in Jamaica and St Lucia.

Findings

Despite policy commitments to gender equality and the deployment of ICTs to promote development, significant gaps persist between policy and practice. Results show that disadvantages in ICT access for women result in gender differences in sector involvement. Gender socialisation and the resulting discrimination in education and employment undermine commitments to inclusive development. Consequences include untapped opportunities for innovation, efficiency and business along the ICT value chain relating to development.

Research limitations

Case studies only represent Anglophone Caribbean and may not reflect all subregional contexts.

Practical implications

The paper demonstrates the value of collecting, analysing and using data disaggregated by sex to identify needs of vulnerable groups relating to inclusive development.

Social implications

Equitable access to ICTs for women through training, community Internet-access-points, and support to establish/expand Micro Small and Medium-sized Enterprises will enable women to combine paid and unpaid family caregiving work and to participate in the ICT value chain.

Originality/value

There is a dearth of gender-based analysis of ICT policymaking in the Caribbean. The paper contributes theoretical, methodological and policy analysis geared towards understanding and promoting inclusive access and gender equality in ICTs for sustainable development in the Caribbean.

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Communication and Information Technologies Annual
Type: Book
ISBN: 978-1-78635-481-5

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Book part
Publication date: 17 August 2017

Thomas Hoholm and Luis Araujo

Policies aimed at intensifying innovation, and how they relate to industrial activities, is the major theme of this chapter. We build on Industrial Marketing and Purchasing (IMP…

Abstract

Policies aimed at intensifying innovation, and how they relate to industrial activities, is the major theme of this chapter. We build on Industrial Marketing and Purchasing (IMP) studies of innovation, as well as relational approaches to policy studies, to examine the means and goals of innovation policy. From the IMP literature, we take the notion that interaction in business relationships implies continuous learning and adaptations. From this perspective, investments in innovation are marginal in relation to existing patterns of investment, including those in business relationships. From policy studies, we take the view that policymaking and implementation should be treated as sets of interactions, whose outcomes are the effects of multiple and heterogeneous relationships. Based on these principles, we pursue three arguments: (1) Innovations are not primarily effects of innovation policies; (2) Policy-initiated innovation systems, clusters and networks do not necessarily intensify innovation; and (3) Innovation policies and their instruments produce tangible effects, although often in unexpected or unintended ways. We conclude the chapter with suggestions for research and for innovation policymaking.

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No Business is an Island
Type: Book
ISBN: 978-1-78714-550-4

Keywords

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