By Hussein K. Abdel-Aal, Mohammed A. Alsahlawi
This publication explains the way to observe fiscal research to the review of engineering demanding situations within the petroleum undefined. dialogue progresses from an advent to the undefined, via rules and methods of engineering economics, to the applying of financial tools. choked with real-world examples and case reviews demonstrating how one can calculate fee of go back, discounted money move, payout interval, and extra, Petroleum Economics and Engineering, 3rd version assists petroleum engineers, chemical engineers, creation employees, administration, and managers in sound monetary d. Read more...
summary: This publication explains how one can follow financial research to the assessment of engineering demanding situations within the petroleum undefined. dialogue progresses from an advent to the undefined, via ideas and strategies of engineering economics, to the appliance of financial tools. choked with real-world examples and case reports demonstrating the way to calculate price of go back, discounted money stream, payout interval, and extra, Petroleum Economics and Engineering, 3rd variation assists petroleum engineers, chemical engineers, creation employees, administration, and bosses in sound financial d
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Extra info for Petroleum economics and engineering
B. b. S. Gulf parity prices plus the transport cost from the Arabian Gulf to destination. S. Gulf price plus the transport cost from some point near Malta in the Mediterranean. With the increase in demand for Middle Eastern crude oil, especially in Western Europe, oil companies moved the “parity point” westward to London, then to New York, in order to maintain low competitive prices among the various producer countries exporting to Europe. In the 1950s, real oil prices tended to decline, except for the years 1956 to 1957 when the Suez Canal was closed.
Some crude oil, around 5 percent, was sold by producers through spot markets to refiners. This situation is now changed. Most of the world’s equity crude has disappeared from the market, largely as a result of nationalization of the assets of most major oil producers. Although the traditional concessionary companies have retained preferred access to crude oil through service contracts, the amount of oil traded on a spot basis has increased to above 50 percent. This trend has been accentuated by the development of formal oil exchange markets such as New York, London, Hong Kong, and Dubai.
Its cost per well drilled was estimated to be $2 million in 2006, while the cost in Western Europe is almost 10 times higher because of offshore drilling. One of the reasons drilling is expensive is that in addition to drilling a test well, more confirmation wells have to be drilled near the discovery well to confirm the amount of oil present. Development comes next, when commercial discovery is demonstrated. The process of development consists first in identifying the field based on its geological structure, then drilling development wells, and then establishing gathering systems and other necessary facilities.