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Sample records for exchange oil future

  1. Cost and benefits for using NYMEX [New York Mercantile Exchange] crude oil futures

    International Nuclear Information System (INIS)

    Deaves, R.; Krinsky, I.

    1991-01-01

    The crisis in the Persian Gulf in 1990-91 has illustrated how important it is for end users of petroleum products to be able to reduce the risk of unexpected price changes. Transferring the risk of price changes, or hedging, is most desirable when the costs of doing so are low relative to the benefits. The nature of these benefits and costs are discussed, and a related analysis of data from the New York Mercantile Exchange (NYMEX) crude oil futures market is reported. It is shown that likely risk reduction is directly related to the degree to which the crude oil futures market can be characterized as efficient. Using data from the highly volatile period of 1983-90, evidence is presented to support the proposition that the crude oil market is efficient. There is no evidence for the existence of risk premiums, which constitute an additional cost to hedging. This is good news for hedgers, as it implies that risk transfer is free in the sense that hedgers need pay no premium to speculators. Although the market appears to be efficient when past returns and the basis are used as explanatory variables, there is some evidence that futures returns may be predicted using macroeconomic variables. 8 refs., 4 tabs

  2. Oil futures and spot markets

    International Nuclear Information System (INIS)

    Samii, M.V.

    1992-01-01

    In the last decade, the oil futures market has risen to prominence and has become a major factor in influencing oil market psychology and the crude oil market. On a normal day, over 92 thousand contracts, the equivalent of 92 million barrels per day, change hands on the New York Mercantile Exchange, NYMEX. This market has provided a vehicle for hedging against risk. At the same time, it has also created opportunities for speculation. Those who previously were unable to participate in oil market transactions can now become involved through the futures market. The large number of participants in the future market and the availability of information has made this market more efficient and transparent, relative to the crude oil market. While there has been considerable in-depth analysis of other future markets, relatively little theoretical attention has focused on that of oil. This paper looks at the following issues. First, what is the relationship between futures and spot oil prices? And secondly, are futures prices a good predictor of spot crude prices in the future? (author)

  3. An analysis of the effectiveness of a joint commodity and foreign exchange rate futures hedge: The case of a Canadian crude oil trader

    International Nuclear Information System (INIS)

    Klusa, L.J.

    1993-04-01

    This study focused on reducing risk for Canadian crude oil traders exposed to crude oil price and exchange rate uncertainty. Joint static and flow period hedges were developed and compared to unhedged positions and to naive and simple hedges. Optimal hedge ratio size and hedging effectiveness were identified for a variety of hedge lifting periods and durations. The in-sample results indicated that joint hedge models were more effective than other models in terms of minimizing the variance of returns. Out-of-sample results indicated that joint and simple commodity hedges were equally effective. Other findings included: shorter duration, close to expiry hedges were the most effective; the difference between the variability of spot and future price differences and their correlations were related to hedge ratio size; and a flow period hedge was the most effective hedge when spot prices were monthly average prices. 53 refs., 3 figs., 49 tabs

  4. The empirical relationship between energy futures prices and exchange rates

    International Nuclear Information System (INIS)

    Sadorsky, P.

    2000-01-01

    This paper investigates the interaction between energy futures prices and exchange rates. Results are presented to show that futures prices for crude oil, heating oil and unleaded gasoline are co-integrated with a trade-weighted index of exchange rates. This is important because it means that there exists a long-run equilibrium relationship between these four variables. Granger causality results for both the long- and short-run are presented. Evidence is also presented that suggests exchange rates transmit exogenous shocks to energy futures prices. 22 refs

  5. Future of oil and gas

    International Nuclear Information System (INIS)

    Gatermann, R.; Ten Hoedt, R.

    2009-01-01

    Two articles in the section 'Future of oil and gas': one ('Baltic strained by oil traffic') on the growing risks of accidents in maritime traffic in the Baltic region, and one ('Angola wants bigger piece of the pie') on the importance of the oil production in Angola to energy supplies in Europe and the USA. It appears that national oil company Sonango wants to have a greater part of the profits

  6. The future of oil supply.

    Science.gov (United States)

    Miller, Richard G; Sorrell, Steven R

    2014-01-13

    Abundant supplies of oil form the foundation of modern industrial economies, but the capacity to maintain and grow global supply is attracting increasing concern. Some commentators forecast a peak in the near future and a subsequent terminal decline in global oil production, while others highlight the recent growth in 'tight oil' production and the scope for developing unconventional resources. There are disagreements over the size, cost and recoverability of different resources, the technical and economic potential of different technologies, the contribution of different factors to market trends and the economic implications of reduced supply. Few debates are more important, more contentious, more wide-ranging or more confused. This paper summarizes the main concepts, terms, issues and evidence that are necessary to understand the 'peak oil' debate. These include: the origin, nature and classification of oil resources; the trends in oil production and discoveries; the typical production profiles of oil fields, basins and producing regions; the mechanisms underlying those profiles; the extent of depletion of conventional oil; the risk of an approaching peak in global production; and the potential of various mitigation options. The aim is to introduce the subject to non-specialist readers and provide a basis for the subsequent papers in this Theme Issue.

  7. Investigating price clustering in the oil futures market

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema; Popp, Stephan

    2011-01-01

    Price clustering can be a source of market inefficiency. It follows that searching for price clustering in markets have gone beyond share prices into real estate, interest rate, and exchange rate markets. In this paper, we extend this line of research to oil futures markets. In particular, we consider five different forms of oil futures contracts and test for evidence of price clustering. Our results reveal strong presence of price clustering in the oil futures market. This finding implies that price clustering can potentially be a source of oil market inefficiency, which can influence trading strategies. (author)

  8. Investigating price clustering in the oil futures market

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology, Melbourne (Australia); Popp, Stephan [Department of Economics, University of Duisburg-Essen (Germany)

    2011-01-15

    Price clustering can be a source of market inefficiency. It follows that searching for price clustering in markets have gone beyond share prices into real estate, interest rate, and exchange rate markets. In this paper, we extend this line of research to oil futures markets. In particular, we consider five different forms of oil futures contracts and test for evidence of price clustering. Our results reveal strong presence of price clustering in the oil futures market. This finding implies that price clustering can potentially be a source of oil market inefficiency, which can influence trading strategies. (author)

  9. The speculative activity of the investment funds in the NYMEX (New York Mercantile Exchange) oil future prices formation; A atividade especulativa dos fundos de investimento na formacao dos precos futuros de petroleo no NYMEX (New York Mercantile Exchange)

    Energy Technology Data Exchange (ETDEWEB)

    Amin, Mario Miguel [Universidade da Amazonia (UNAMA), Manaus, AM (Brazil); Luczynski, Estanislau [Universidade Federal do Para (UFPA), Belem, PA (Brazil). Inst. de Geociencias

    2008-07-01

    The increase in the NYMEX future's market oil prices can be explained not only by traditional economic fundamentals of demand and supply, but also by the significant speculative participation of the Investment Funds, as measured by the extraordinary increase in the non-commercial spread traders' open interest positions, as published by the Commodities Futures Trading Commission (CFTC). The open interest increased from 66,234 in May 23, 2000, to 974,159 on May 13, 2008. On that day, the NYMEX reached the historic quantity of 3,149,667 contracts, being the spread trading responsible for 31% of that total. In terms of market liquidity, that percentage represented US$ 119,8 millions applied in the oil futures market. Given the availability of information from the NYMEX and CFTC, the objective of the study was to identify the participation, position and level of influence of the Investment Funds in the determination of international oil prices during the 2000 to 2008 period. The results of the analysis of the international oil prices behavior, in the NYMEX, show that a large portion of the price volatility, during the period 2000 to 2008, and more specifically in 2006 through 2008, was due to the significant process of speculation by the Investment Funds. Needing to recover the losses caused by the subprimes crisis, by the drop in the Wall Street's stock value and, specially, by the intense dollar devaluation in recent years, the Investment Funds sought cover in the commodities market, particularly in the oil futures market. (author)

  10. OIL AND GAS FUTURES AND OPTIONS MARKET

    Directory of Open Access Journals (Sweden)

    Ante Nosić

    2017-01-01

    Full Text Available Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price difference. Price differences are result of development of a transport possibilities of oil supply. Development of transport routes of natural gas and increasing number of liquefied natural gas terminals in the world give pressure to natural gas market and its integration into global gas market. Integration of regional gas markets into a common European gas market is main energy policy of EU concerning natural gas. On the other hand, there are still significant price differences on some markets (e.g. United States of America - South East Asia. Development of global energy markets is enabled by development of a futures and options contracts of an energy trade which have replaced bilateral contract deals between producers and consumers. Futures contracts are standardized contracts traded on exchanges. Buyer agrees to buy certain quantity of stock for an agreed upon price and with some future delivery date. Option is a contract which gives a buyer the option of the right to buy (or sell, depending on the option an asset at predetermined price and at a later date. Stocks price risk can be managed with the purchase and selling futures and options contracts. This paper deals with futures and options energy markets and their market strategies.

  11. Oil price fluctuations and U.S. dollar exchange rates

    International Nuclear Information System (INIS)

    Lizardo, Radhames A.; Mollick, Andre V.

    2010-01-01

    Adding oil prices to the monetary model of exchange rates, we find that oil prices significantly explain movements in the value of the U.S. dollar (USD) against major currencies from the 1970s to 2008. Our long-run and forecasting results are remarkably consistent with an oil-exchange rate relationship. Increases in real oil prices lead to a significant depreciation of the USD against net oil exporter currencies, such as Canada, Mexico, and Russia. On the other hand, the currencies of oil importers, such as Japan, depreciate relative to the USD when the real oil price goes up. (author)

  12. Dynamic Relationship between Crude Oil Price, Exchange Rate and ...

    African Journals Online (AJOL)

    Dynamic Relationship between Crude Oil Price, Exchange Rate and Stock Market Performance in Nigeria. ... African Research Review ... As expected from an oil exporting country, a short-run positive relationship is observed between the Nigerian stock market and crude oil prices and the direction is from crude oil prices to ...

  13. Cation Exchange in the Presence of Oil in Porous Media

    NARCIS (Netherlands)

    Farajzadeh, R.; Guo, H.; van Winden, J.L.; Bruining, J.

    2017-01-01

    Cation exchange is an interfacial process during which cations on a clay surface are replaced by other cations. This study investigates the effect of oil type and composition on cation exchange on rock surfaces, relevant for a variety of oil-recovery processes. We perform experiments in which brine

  14. Commodity exchange prices for heating fuel oil EL

    Energy Technology Data Exchange (ETDEWEB)

    1980-09-01

    Last weeks prices for fuel oil EL and gasoil are shown: on the ARA-market on the New York exchange for time-bargains of the legal price authority Berlin fob Tw from stock or from the refinery in Germany and on the German product exchanges for fuel oil EL.

  15. Dynamic Relationship between Crude Oil Price, Exchange Rate and ...

    African Journals Online (AJOL)

    DrNneka

    analysis to study the relationship between crude oil prices, exchange rate and stock market performance in ... movements, exchange rate behaviour and stock market performance in Nigeria. Studying the relationship ... additional income is transmitted back to the economy, then higher crude oil prices would be expected to ...

  16. Macro factors in oil futures returns

    International Nuclear Information System (INIS)

    Le Pen, Yannick; Sevi, Benoit

    2012-01-01

    We investigate the macro factors that can explain the monthly oil futures return for the NYMEX WTI futures contract for the time period 1993:11 to 2010:03. We build a new database of 187 real and nominal macro-economic variables from developed and emerging countries and resort to the large factor approximate model to extract 9 factors from this dataset. We then regress crude oil return on several combinations of these factors. Our best model explains around 38% of the variability of oil futures return. More interestingly, the factor which has the largest influence on crude oil price is related to real variables from emerging countries. This result confirms the latest finding in the literature that the recent evolution in oil price is attributable to change in supply and demand conditions and not to the large increase in trading activity from speculators. (authors)

  17. Oil prices and the rise and fall of the U.S. real exchange rate

    International Nuclear Information System (INIS)

    Amano, R.A.; Norden, S. van.

    1993-12-01

    It is examined whether a link exists between oil price shocks and the U.S. real effective exchange rate. Data used for the study are described and their time series properties and the long-run explanatory power of oil prices for the real exchange rate are examined. Apparent causal relationships between exchange rates and oil prices are examined. An unrestricted error correction model is reduced until an error correction model with reasonable properties is derived. Results show that the two variables appear to be cointegrated and that causality runs from oil prices to the exchange rate and not vice-versa. The single equation error correction model linking these two variables is stable and captures much of the in- and out-of-sample movement in the exchange rate in dynamic simulation. Tests are presented to show that the error correction model has significant post-sample predictive ability for both the size and sign of changes in the real effective exchange rate. The results suggest that oil prices may have been the dominant source of persistant real exchange rate shocks over the post-Bretton Woods period and that energy prices may have important implications for future work on exchange rate behaviour. 61 refs., 3 figs., 7 tabs

  18. Jump spillover between oil prices and exchange rates

    Science.gov (United States)

    Li, Xiao-Ping; Zhou, Chun-Yang; Wu, Chong-Feng

    2017-11-01

    In this paper, we investigate the jump spillover effects between oil prices and exchange rates. To identify the latent historical jumps for exchange rates and oil prices, we use a Bayesian MCMC approach to estimate the stochastic volatility model with correlated jumps in both returns and volatilities for each. We examine the simultaneous jump intensities and the conditional jump spillover probabilities between oil prices and exchange rates, finding strong evidence of jump spillover effects. Further analysis shows that the jump spillovers are mainly due to exogenous events such as financial crises and geopolitical events. Thus, the findings have important implications for financial risk management.

  19. Cation Exchange in the Presence of Oil in Porous Media.

    Science.gov (United States)

    Farajzadeh, R; Guo, H; van Winden, J; Bruining, J

    2017-04-20

    Cation exchange is an interfacial process during which cations on a clay surface are replaced by other cations. This study investigates the effect of oil type and composition on cation exchange on rock surfaces, relevant for a variety of oil-recovery processes. We perform experiments in which brine with a different composition than that of the in situ brine is injected into cores with and without remaining oil saturation. The cation-exchange capacity (CEC) of the rocks was calculated using PHREEQC software (coupled to a multipurpose transport simulator) with the ionic composition of the effluent histories as input parameters. We observe that in the presence of crude oil, ion exchange is a kinetically controlled process and its rate depends on residence time of the oil in the pore, the temperature, and kinetic rate of adsorption of the polar groups on the rock surface. The cation-exchange process occurs in two stages during two phase flow in porous media. Initially, the charged sites of the internal surface of the clays establish a new equilibrium by exchanging cations with the aqueous phase. At later stages, the components of the aqueous and oleic phases compete for the charged sites on the external surface or edges of the clays. When there is sufficient time for crude oil to interact with the rock (i.e., when the core is aged with crude oil), a fraction of the charged sites are neutralized by the charged components stemming from crude oil. Moreover, the positively charged calcite and dolomite surfaces (at the prevailing pH environment of our experiments) are covered with the negatively charged components of the crude oil and therefore less mineral dissolution takes place when oil is present in porous media.

  20. Network topology of an experimental futures exchange

    Science.gov (United States)

    Wang, S. C.; Tseng, J. J.; Tai, C. C.; Lai, K. H.; Wu, W. S.; Chen, S. H.; Li, S. P.

    2008-03-01

    Many systems of different nature exhibit scale free behaviors. Economic systems with power law distribution in the wealth are one of the examples. To better understand the working behind the complexity, we undertook an experiment recording the interactions between market participants. A Web server was setup to administer the exchange of futures contracts whose liquidation prices were coupled to event outcomes. After free registration, participants started trading to compete for the money prizes upon maturity of the futures contracts at the end of the experiment. The evolving `cash' flow network was reconstructed from the transactions between players. We show that the network topology is hierarchical, disassortative and small-world with a power law exponent of 1.02±0.09 in the degree distribution after an exponential decay correction. The small-world property emerged early in the experiment while the number of participants was still small. We also show power law-like distributions of the net incomes and inter-transaction time intervals. Big winners and losers are associated with high degree, high betweenness centrality, low clustering coefficient and low degree-correlation. We identify communities in the network as groups of the like-minded. The distribution of the community sizes is shown to be power-law distributed with an exponent of 1.19±0.16.

  1. The term structure of oil futures prices

    International Nuclear Information System (INIS)

    Gabillon, J.

    1991-01-01

    In recent years, there has been a massive development of derivative financial products in oil markets. The main interest came from large energy end-users who found in them a welcome opportunity to lock in fixed or maximum prices for their supplies over a period of time. Oil companies and oil traders were able to provide tailor-made swaps or options for the specific needs of the end-users. In this paper, we present a two-variable model of the term structures of futures prices and volatilities assuming that the spot and long-term prices of oil are stochastic, and are the main determinants of the convenience yield function. Although the resulting convenience yield is stochastic, the model admits an analytic formulation under some restrictions. (author)

  2. The Volatility of Oil Prices on Stock Exchanges in the Context of Recent Events

    Directory of Open Access Journals (Sweden)

    Popescu Maria-Floriana

    2016-04-01

    Full Text Available Oil along with currencies and gold are the main indicators of the most important processes which take place in the world economy, quotations’ volatility being always followed by economic and social events. Quiet periods of oil prices, when quotations have a constant evolution or only suffer minor fluctuations, are very rare. Most of the time, very sharp price increases or decreases are happening over night or week. This is mostly due to the fact that the oil market is extremely speculative, being influenced by political, military, social, or meteorological events. Since the major oil price shocks of the 70s, the impact of oil price changes on the economic reality of a country or region has been widely studied by academic researchers. Moreover, the stock market plays an important role in the economic welfare and development of a country. Therefore, a vast number of studies have investigated the relationship between oil prices and stock market returns, being discovered significant effects of oil price shocks on the macroeconomic activity for both developed and emerging countries. The purpose of this study is to investigate the volatility of oil prices on stock exchanges taking into consideration the recent events that have affected the oil markets around the globe. Furthermore, based on the findings of this research, some possible scenarios will be developed, taking into account various events that might take place and their potential outcome for oil prices’ future.

  3. A new approach to measure speculation in the oil futures market and some policy implications

    International Nuclear Information System (INIS)

    Chan, Leo H.; Nguyen, Chi M.; Chan, Kam C.

    2015-01-01

    We propose using a new relative measure, the speculative ratio, defined as trading volume divided by open interest, to gauge speculative activity in the oil futures market. We apply the speculative ratio to examine the relation between basis and speculative activity in the oil futures market before and after the financialization of the oil market in 2003. Our finding suggests that the oil futures market is dominated by uninformed speculators in the post-financialization period. Our finding carries several practical policy implications, as follows: (1) both the commodity exchange and the regulator should design regulations and trading policies that improve basis risk; (2) on the commodity exchange side, new policies on margin requirements and position limits for speculators should be implemented; (3) margin requirements should be based on the level of basis risk; (4) regulators should speed up implementation of the position limit rule in the Dodd–Frank Act; and (5) stronger and more meaningful enforcement actions by regulators are required to punish and deter market manipulators. - Highlights: • Use a new speculative ratio to gauge speculative activities in oil futures market. • Examine the relation between basis and speculative activities. • The new speculative ratio also works well in the post-2008 oil bubble period. • Oil futures market is dominated by uninformed speculators in post-financialization in 2003.

  4. The Role of Oil Prices in Exchange Rate Movements: The CIS Oil Exporters

    Directory of Open Access Journals (Sweden)

    Fakhri Hasanov

    2017-04-01

    Full Text Available Undoubtedly, oil prices play a crucial role in the macroeconomic performances of oil-exporting developing countries. In this regard, the exchange rate is one of the key macroeconomic indicators worthy of investigation. Existing literature shows that world oil prices play an important role in the appreciation of the exchange rates of oil-exporting developing countries. However, only a few studies have examined this issue by considering all three oil-exporting countries of the Commonwealth Independent States, namely Azerbaijan, Kazakhstan and Russia, together. In order to fill this gap and given the increasing importance of these economies in the world’s energy markets, this paper examines the role of oil prices in the movement of real effective exchange rates of the above-mentioned CIS countries. We applied the autoregressive distributed lag bounds testing method with a small sample bias correction to the data of these countries over the 2004Q1–2013Q4 period. The estimation results indicate that oil prices are certainly a main driver behind real effective exchange rate appreciation in the selected economies. Moreover, estimations show that productivity, to some extent, can also lead to the appreciation. The policy implication of this research is that an appreciation of the real exchange rate is harmful for the exports of non-oil goods and services in these countries. Since oil prices lead to the appreciation mainly through higher domestic prices, which is a result of tremendous public spending, decision-makers should reconsider the prevailing fiscal policy to make it much more counter-cyclical.

  5. A Marketing Approach to Commodity Futures Exchanges : A Case Study of the Dutch Hog Industry

    NARCIS (Netherlands)

    Meulenberg, M.T.G.; Pennings, J.M.E.

    2002-01-01

    This paper proposes a marketing strategic approach to commodity futures exchanges to optimise the (hedging) services offered. First, the environment of commodity futures exchanges is examined. Second, the threats and opportunities of commodity futures exchanges are analysed. Our analysis

  6. Oil development in China: Current status and future trends

    International Nuclear Information System (INIS)

    Ma Linwei; Fu Feng; Li Zheng; Liu Pei

    2012-01-01

    The future of oil has become an important topic of the discussion of energy policy in China. This paper attempts to present a full picture of the current status and future trends of China’s oil development through system analysis. First, we map a Sankey diagram of China’s oil flow to reveal the physical pattern of China’s oil supply and consumption. Then, we present the historical and ongoing trends of China’s oil flow from key aspects such as oil demand, oil resource availability, technology improvement, and policy adjustment. Based on these understandings, we design three scenarios of China’s oil demand in 2030, and analyze policy implications for oil saving, automotive energy development, and energy security. From the analysis, we draw some conclusions for policy decisions, such as to control the total oil consumption to avoid energy security risks, to enhance oil saving in all sectors with road transportation as the emphasis, and to increase the investment on oil production and refining to secure oil supply and reduce emissions. - Highlights: ► A Sankey Diagram to reveal the physical pattern of China’s oil supply and consumption. ► Present the ongoing trends of China’s oil development. ► Discuss important policy issues such as oil saving, energy security, and emissions reduction.

  7. Growth And Oil Futures Prices In Developing Countries

    OpenAIRE

    Salah Abosedra; Sajal Ghosh

    2011-01-01

    This paper examines cointegration and causality between oil prices and economic growth for the oil importing developing countries of Turkey, India, Pakistan, The Philippines and Korea. The study finds the absence of cointegrating relationship between oil prices and economic activity but the existence of unidirectional short-run causality running from oil prices to economic growths for The Philippines and Pakistan. Unidirectional causality is also found to exist from six and nine month futures...

  8. PRICE DISCRIMINATION IN CONDITION OF OIL PRODUCT EXCHANGE

    Directory of Open Access Journals (Sweden)

    Anna Elagina

    2015-01-01

    Full Text Available The development of exchange trading of oil products in the Russian Federation was intended as an instrument of control of market power by dominant economic entities, support of development of business wholesale and retail trade, liberalization of service markets fuel supply at airports. However, practice of the trading development shows that in terms of institutional trades can occur prerequisites for the development of price discrimination. Therefore, the development of data analysis tools in the conditions for petroleum product trading development is a very important area in the development of Antimonopoly control.

  9. Cross-correlations between crude oil and exchange markets for selected oil rich economies

    Science.gov (United States)

    Li, Jianfeng; Lu, Xinsheng; Zhou, Ying

    2016-07-01

    Using multifractal detrended cross-correlation analysis (MF-DCCA), this paper studies the cross-correlation behavior between crude oil market and five selected exchange rate markets. The dataset covers the period of January 1,1996-December 31,2014, and contains 4,633 observations for each of the series, including daily closing prices of crude oil, Australian Dollars, Canadian Dollars, Mexican Pesos, Russian Rubles, and South African Rand. Our empirical results obtained from cross-correlation statistic and cross-correlation coefficient have confirmed the existence of cross-correlations, and the MF-DCCA results have demonstrated a strong multifractality between cross-correlated crude oil market and exchange rate markets in both short term and long term. Using rolling window analysis, we have also found the persistent cross-correlations between the exchange rates and crude oil returns, and the cross-correlation scaling exponents exhibit volatility during some time periods due to its sensitivity to sudden events.

  10. Aviation fuel and future oil production scenarios

    International Nuclear Information System (INIS)

    Nygren, Emma; Aleklett, Kjell; Hoeoek, Mikael

    2009-01-01

    Most aviation fuels are jet fuels originating from crude oil. Crude oil must be refined to be useful and jet fuel is only one of many products that can be derived from crude oil. Jet fuel is extracted from the middle distillates fraction and competes, for example, with the production of diesel. Crude oil is a limited natural resource subject to depletion and several reports indicate that the world's crude oil production is close to the maximum level and that it will start to decrease after reaching this maximum. A post-Kyoto political agenda to reduce oil consumption will have the same effect on aviation fuel production as a natural decline in the crude oil production. On the other hand, it is predicted by the aviation industry that aviation traffic will keep on increasing. The industry has put ambitious goals on increases in fuel efficiency for the aviation fleet. Traffic is predicted to grow by 5% per year to 2026, fuel demand by about 3% per year. At the same time, aviation fuel production is predicted to decrease by several percent each year after the crude oil production peak is reached resulting in a substantial shortage of jet fuel by 2026. The aviation industry will have a hard time replacing this with fuel from other sources, even if air traffic remains at current levels.

  11. A fear index to predict oil futures returns

    International Nuclear Information System (INIS)

    Chevallier, Julien; Sevi, Benoit

    2013-01-01

    This paper evaluates the predictability of WTI light sweet crude oil futures by using the variance risk premium, i.e. the difference between model-free measures of implied and realized volatilities. Additional regressors known for their ability to explain crude oil futures prices are also considered, capturing macro-economic, financial and oil-specific influences. The results indicate that the explanatory power of the (negative) variance risk premium on oil excess returns is particularly strong (up to 25% for the adjusted R-squared across our regressions). It complements other financial (e.g. default spread) and oil-specific (e.g. US oil stocks) factors highlighted in previous literature. (authors)

  12. Oil prices, speculation, and fundamentals. Interpreting causal relations among spot and futures prices

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.; Ullman, Ben

    2009-01-01

    A consensus that the world oil market is unified begs the question, where do innovations in oil prices enter the market? Here we investigate where changes in the price of crude oil originate and how they spread by examining causal relationships among prices for crude oils from North America, Europe, Africa, and the Middle East on both spot and futures markets. Results indicate that innovations first appear in spot prices for Dubai-Fateh and spread to other spot and futures prices while other innovations first appear in the far month contract for West Texas Intermediate and spread to other exchanges and contracts. Links between spot and futures markets are relatively weak and this may have allowed the long-run relationship between spot and future prices to change after September 2004. Together, these results suggest that market fundamentals initiated a long-term increase in oil prices that was exacerbated by speculators, who recognized an increase in the probability that oil prices would rise over time. (author)

  13. The future of national oil Companies of OPEC

    International Nuclear Information System (INIS)

    Subroto.

    1994-01-01

    OPEC countries are dependent on their National Oil Companies for international trade, economy, technology transfer and social planning. With low oil prices, increasing demand and worsened financial and economic status, time has come to give priority to two major issues necessary for health existence and growth of our national oil companies : cost reduction through the application of new technologies and less support from public funds ; planning for future markets beyond national borders, particularly developing countries. (Author)

  14. Oil Spill Detection: Past and Future Trends

    Science.gov (United States)

    Topouzelis, Konstantinos; Singha, Suman

    2016-08-01

    In the last 15 years, the detection of oil spills by satellite means has been moved from experimental to operational. Actually, what is really changed is the satellite image availability. From the late 1990's, in the age of "no data" we have moved forward 15 years to the age of "Sentinels" with an abundance of data. Either large accident related to offshore oil exploration and production activity or illegal discharges from tankers, oil on the sea surface is or can be now regularly monitored, over European Waters. National and transnational organizations (i.e. European Maritime Safety Agency's 'CleanSeaNet' Service) are routinely using SAR imagery to detect oil due to it's all weather, day and night imaging capability. However, all these years the scientific methodology on the detection remains relatively constant. From manual analysis to fully automatic detection methodologies, no significant contribution has been published in the last years and certainly none has dramatically changed the rules of the detection. On the contrary, although the overall accuracy of the methodology is questioned, the four main classification steps (dark area detection, features extraction, statistic database creation, and classification) are continuously improving. In recent years, researchers came up with the use of polarimetric SAR data for oil spill detection and characterizations, although utilization of Pol-SAR data for this purpose still remains questionable due to lack of verified dataset and low spatial coverage of Pol-SAR data. The present paper is trying to point out the drawbacks of the oil spill detection in the last years and focus on the bottlenecks of the oil spill detection methodologies. Also, solutions on the basis of data availability, management and analysis are proposed. Moreover, an ideal detection system is discussed regarding satellite image and in situ observations using different scales and sensors.

  15. Analysis of Iran's crude oil export future capacity

    International Nuclear Information System (INIS)

    Kamran Azadi, A.; Yarmohammad, Mohammad H.

    2011-01-01

    The paper analyzes Iran's oil export capacity and the factors affecting it. First, the local energy demand is reviewed and crude oil, with 5.7% annual growth rate, is introduced as a major source to respond to the increasing domestic energy demand. Then, the national plans for controlling the local demand and replacing oil with other types of energy carriers are reviewed to create a view over the future of local demand for crude oil in Iran. In the next step, crude oil production and exploration situation in Iran are investigated and the required increase in production to maintain the present level of export is calculated. By estimating the average capital expenditures for adding each barrel of new capacity to Iran's daily oil production, the necessary annual investment to compensate the production drop and domestic consumption growth for maintaining the export is introduced. Then, the future of oil export in Iran is predicted in three optimistic, reference, and pessimistic scenarios on the basis of the country's ability in managing the financial resources in upstream oil industry. Finally, domestic and foreign investment and the history of buyback contracts and their undeniable role in development of Iranian oil and gas projects are discussed. - Highlights: → We analyze Iran's oil export capacity and the factors affecting it. → With a focus on crude oil, local energy demand is reviewed. → Technical-economical aspects of crude oil production and exploration are investigated. → We review the investment-related activities in Iranian oil and gas industry. → Buyback contract is the most applicable financial mechanism in short to mid-term.

  16. Heterogeneous effects of oil shocks on exchange rates: evidence from a quantile regression approach.

    Science.gov (United States)

    Su, Xianfang; Zhu, Huiming; You, Wanhai; Ren, Yinghua

    2016-01-01

    The determinants of exchange rates have attracted considerable attention among researchers over the past several decades. Most studies, however, ignore the possibility that the impact of oil shocks on exchange rates could vary across the exchange rate returns distribution. We employ a quantile regression approach to address this issue. Our results indicate that the effect of oil shocks on exchange rates is heterogeneous across quantiles. A large US depreciation or appreciation tends to heighten the effects of oil shocks on exchange rate returns. Positive oil demand shocks lead to appreciation pressures in oil-exporting countries and this result is robust across lower and upper return distributions. These results offer rich and useful information for investors and decision-makers.

  17. The future of oil and hydrocarbon man

    CERN Document Server

    Campbell, Colin

    1999-01-01

    Man appeared on the planet about four million years ago, and by 1850 numbered about one billion Ten came Hydrocarbon man. World population has since increased six-fold. After the oil price shocks of the 1970s, people asked "when will production peak?". It is not easy to answer this question because of the very poor database. Reserves and the many different hydrocarbon categories are poorly defined, reporting practices are ambiguous, revisions are not backdated...

  18. Understanding the oil price-exchange rate nexus for the Fiji islands

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Faculty of Business and Law, Deakin University, Melbourne (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology, Melbourne (Australia); Prasad, Arti [Department of Economics, Faculty of Business and Economics, Monash University (Australia)

    2008-09-15

    In this paper, we examine the relationship between oil price and the Fiji-US exchange rate using daily data for the period 2000-2006. We use the generalised autoregressive conditional heteroskedasticity (GARCH) and exponential GARCH (EGARCH) models to estimate the impact of oil price on the nominal exchange rate. We find that a rise in oil prices leads to an appreciation of the Fijian dollar vis-a-vis the US dollar. (author)

  19. Understanding the oil price-exchange rate nexus for the Fiji islands

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema; Prasad, Arti

    2008-01-01

    In this paper, we examine the relationship between oil price and the Fiji-US exchange rate using daily data for the period 2000-2006. We use the generalised autoregressive conditional heteroskedasticity (GARCH) and exponential GARCH (EGARCH) models to estimate the impact of oil price on the nominal exchange rate. We find that a rise in oil prices leads to an appreciation of the Fijian dollar vis-a-vis the US dollar. (author)

  20. State sells oil and gas shares in Norway - Statoil to stock exchange list

    International Nuclear Information System (INIS)

    Kimpanpaeae, M.

    2001-01-01

    After several months debate the government of Norway has decided to sell parts of the national oil-company Staoil as well as state-owned gas and oil shares. The government has stated that in the first stage it would be possible to privatize 20% of the Statoil. The market value of Staoil in summer 1999 was estimated to 120 billion NOK and the value has been estimated to increase ever since. The same proposal includes selling 20% of the national oil and gas shares SDOEE. 15 % would be sold to Statoil before listing the company into the stock exchange and the rest to Norsk Hydro and other national and international companies. The remaining share, the value of which is about 500 billion NOK, will become a part of a new state-owned company. The oil and energy ministry of Norway has estimated that the market value of SDOEE is about 600 billion NOK. Advisory committee decided to increase the share to be sold of SDOEE to 21.5%, the share of other companies being 6.5%. SDOEE was grounded in 1985. Since then a part of the oil and gas income of Statoil has gone into the balances of Statoil and another part directly to the state. Statoil has been responsible for the oil and gas sales of SDOEE. SDOEE's gas and oil reserves have been estimated to be about 9.8 billion barrels, 35% of which is oil and the rest natural gas. A new independent state owned company will be founded for transport of natural gas as a part of the change process. Oil companies and other energy companies will deliver the natural gas also in the future. In addition to the national arrangements, the EU's gas market directive will lead to changes in the Norwegian gas sales. As a part of the European Economic Area Norway will put the EU's gas markets directive into force without any transition period. The directive will decrease the price of natural gas and hence the income of Norway from natural gas is estimated to decrease significantly. At the moment the sales company GFU is responsible for organizing the

  1. Exploring the undulating plateau: the future of global oil supply.

    Science.gov (United States)

    Jackson, Peter M; Smith, Leta K

    2014-01-13

    In this paper, we analyse the factors that will influence long-term oil supply and describe the future form of the global oil supply profile as an 'undulating plateau' rather than an irreversible, short-term peak or an ever upward trend of increasing production. The ultimate transition from a world of relatively plentiful and cheap oil to one of tight supply and high cost will be slow and challenging. An understanding of the signposts for the future path of supply and the drivers of that profile will be critical to managing the transition. The ultimate form of the global supply curve may well be dictated by demand evolution rather than a limited resource endowment in the longer term. Several factors will probably control future global oil supply. We believe that the scale of global oil resource will not constitute a physical supply limit for at least the next two or three decades. However, all categories of oil resources are already more expensive to develop than in the past, requiring high oil prices to stimulate supply growth. Lower rates of oil demand growth relative to economic growth, combined with more challenging supply growth, will probably lead to an undulating plateau sometime after 2040, with demand from non-Organization for Economic Cooperation and Development states continuing to dominate. Upstream investment requirements and oil price volatility will increase towards and beyond the undulating production plateau. In this new world, high oil prices will induce demand destruction, fuel substitution and ever increasing energy efficiency. As we discuss below, the fundamental differences between the IHS Cambridge Energy Research Associates' (IHS CERA) view of the future of oil supply and many peak oil supply models are the timing of the onset of a dramatic slowdown in the rate of growth of supply and the existence or otherwise of a production plateau. We do not dispute that supply will plateau and eventually fall; the question is when, how and at what price

  2. Gold and oil futures markets: Are markets efficient?

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar; Zheng, Xinwei [School of Accounting, Economics and Finance, Faculty of Business and Law, Deakin University, 221 Burwood Highway, Burwood, Victoria 3125 (Australia); Narayan, Seema [School of Economics Finance and Marketing, RMIT University, Melbourne (Australia)

    2010-10-15

    In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the conceptual framework that when oil price rises, it creates inflationary pressures, which instigate investments in gold as a hedge against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation and (b) the oil market can be used to predict the gold market prices and vice versa, thus these two markets are jointly inefficient, at least for the sample period considered in this study. (author)

  3. Gold and oil futures markets: Are markets efficient?

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Zheng, Xinwei; Narayan, Seema

    2010-01-01

    In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the conceptual framework that when oil price rises, it creates inflationary pressures, which instigate investments in gold as a hedge against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation and (b) the oil market can be used to predict the gold market prices and vice versa, thus these two markets are jointly inefficient, at least for the sample period considered in this study. (author)

  4. The Transformation of Oil; the Future of Pemex

    Science.gov (United States)

    2011-10-28

    FINAL 3. DATES COVERED (From - To) 4. TITLE AND SUBTITLE The Transformation of Oil; the Future of Pemex 5a. CONTRACT...struggles that Pemex has had in both its downstream and upstream sectors that have led to these declining reserves. Finally, the paper draws conclusions...industry. 15. SUBJECT TERMS Pemex , Mexico, Oil, Petroleum Industry 16. SECURITY CLASSIFICATION OF: 17. LIMITATION OF ABSTRACT 18. NUMBER OF

  5. The Oil Price and Exchange Rate Relationship Revisited: A time-varying VAR parameter approach

    Directory of Open Access Journals (Sweden)

    Vincent Brémond

    2016-07-01

    Full Text Available The aim of this paper is to study the relationship between the effective exchange rate of the dollar and the oil price dynamics from 1976 to 2013. We explore the links between financial factors (exchange rate, monetary policy, international liquidity and the oil price volatility. Using a Bayesian time-varying parameter vector auto-regressive estimation we demonstrate that the “historical coincidence” of oil and financial crises can be explained by the specificities of the relationship between these two commodities. The results of this paper are twofold. The US Dollar effective exchange rate elasticity of crude oil prices is not constant across time and remains negative from 1989: a depreciation of the effective exchange rate of the dollar triggers an increase of crude oil prices. This paper also demonstrates the contagion of financial commodities markets development upon the global economy.

  6. Transportation in the future : blind side of the oil market

    International Nuclear Information System (INIS)

    Schipper, L.

    2002-01-01

    The first oil embargo of 1974 and the oil crisis of 1979/1980 demonstrated that of all sectors, the transportation sector is the most threatened by abrupt changes in fuel prices. For that reason, the International Energy Agency (IEA) and member countries have strived to develop a good set of analytical tools for forecasting future energy demand in transportation. This presentation addressed issues regarding oil demand and explained why it may never be the same. Oil demand has been changed by the imposition of fuel economy standards in North America, voluntary agreements to limit fuel consumption in Europe, and the freight related component. Motor vehicle ownership is growing significantly in developing countries. Neither oil problems nor carbon dioxide emissions will slow that growth for a long time to come. Traffic congestion and pollution are major problems in most of the developing world. Therefore, policies to save oil or reduce carbon dioxide emissions should be integrated with strategies to improve transportation and clean the air in developing countries. New incentives may include clean vehicles, fuel efficiency, clean and low carbon fuels, and transportation planning. The paper also described how information technology, such as use of the Internet, is a low energy product that can boost economic activity and which in the future, may have a broader impact on transportation. It was concluded that while transportation energy is driven by economic growth, it can be impacted by higher prices and by energy policies. 16 figs

  7. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

  8. [Information exchange via internet--possibilities, limits, future].

    Science.gov (United States)

    Schmiedl, S; Geishauser, M; Klöppel, M; Biemer, E

    1998-01-01

    Today, the exchange of information in the Internet is dominated by the WWW and e-mail. Discussion groups like mailing lists and newsgroups also permit communication in groups. Information retrieval becomes a crucial challenge in using the Internet. In the field of medicine, three more aspects are of special importance: privacy, legal requirements, and the necessity of transferring large amounts of data. For these problems, today's Internet doesn't provide a sufficient solution yet. Future developments will not only improve the existing services, but also lead to fundamental changes in the transfer technologies: Safer data transfer is to be ensured by new encrypting software together with the planned transfer protocol IPv6. Introducing the new transfer mode ATM will lead to better and resource saving transmission. Computer, telephone and TV networks will grow together, resulting in convergence of media.

  9. Oil prices: The role of refinery utilization, futures markets and non-linearities

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.; Mann, Michael; Dees, Stephane; Gasteuil, Audrey

    2008-01-01

    We test the hypothesis that real oil prices are determined in part by refinery capacity, non-linearities in supply conditions, and/or expectations and that observed changes in these variables can account for the rise in prices between 2004 and 2006. Results indicate that the refining sector plays an important role in the recent price increase, but not in the way described by many analysts. The relationship is negative such that higher refinery utilization rates reduce crude oil prices. This effect is associated with shifts in the production of heavy and light grades of crude oil and price spreads between them. Non-linear relationships between OPEC capacity and oil prices as well as conditions on the futures markets also account for changes in real oil prices. Together, these factors allow the model to generate a one-step ahead out-of-sample forecast that performs as well as forecasts implied by far-month contracts on the New York Mercantile Exchange and is able to account for much of the $27 rise in crude oil prices between 2004 and 2006. (author)

  10. The future of oil: unconventional fossil fuels.

    Science.gov (United States)

    Chew, Kenneth J

    2014-01-13

    Unconventional fossil hydrocarbons fall into two categories: resource plays and conversion-sourced hydrocarbons. Resource plays involve the production of accumulations of solid, liquid or gaseous hydro-carbons that have been generated over geological time from organic matter in source rocks. The character of these hydrocarbons may have been modified subsequently, especially in the case of solids and extra-heavy liquids. These unconventional hydrocarbons therefore comprise accumulations of hydrocarbons that are trapped in an unconventional manner and/or whose economic exploitation requires complex and technically advanced production methods. This review focuses primarily on unconventional liquid hydro-carbons. The future potential of unconventional gas, especially shale gas, is also discussed, as it is revolutionizing the energy outlook in North America and elsewhere.

  11. Modelling future oil production, population and the economy

    Energy Technology Data Exchange (ETDEWEB)

    Laherrere, Jean

    2003-07-01

    Most published data on energy, population and the economy are unreliable. In many cases, authors have political motives, selectively choosing data from a wide range of uncertainty to give a desired image. In addition to the uncertainty of the measurements themselves, as in the case of population or the confidentiality of the oil reserves, they often indulge in manipulation. A so-called hedonistic factor distorts the calculation of GDP in the United States; and the definition of the Proved Reserves by the Securities and Exchange Commission gives rise to 'reserve growth'. OPEC misreports its oil reserves because its quotas depend upon the reported reserves, and the reserves were overestimated in the Soviet Union because economic and technical constraints were ignored. Our present culture of eternal growth makes the word 'decline' politically incorrect, but constant growth is unsustainable in a finite world. Growth is the Santa Claus of the modern age who is supposed to provide welfare and retirement for our children and us. All natural events, when measured over their full life, can be modelled under one or more cycles, as in the Fourier analysis. This cyclical nature corresponds with the finite nature of the Universe; everything that is born will die, whether we speak of the solar system, the Earth, or human species. What goes up must come down. The Russian population is already declining and Europe's will soon do so too. This basic understanding was recognised by the celebrated King Hubbert when he made his famous prediction in 1956 that US oil production would peak in 1970. But, in fact, he oversimplified by showing a single peak. In reality, US oil production had a secondary peak (93% of the first one) in 1985, reflecting the entry of Alaskan production, which itself peaked in 1988. A symmetrical oil cycle reflects a large number of independent producers, acting randomly, but in many cases economic and political factors disturb the

  12. Real exchange rate behaviour and non-oil export growth in Nigeria ...

    African Journals Online (AJOL)

    This study analyses the effects of real exchange rate behaviour in terms of misalignment and volatility, on the growth of non-oil exports in Nigeria. It employs two alternative measures of real exchange rate misalignment, one based on deviations from Purchasing Power Parity (PPP) and the other on a model estimate of ...

  13. Volatility spillover between crude oil and exchange rate: A copula-CARR approach

    Science.gov (United States)

    Pu, Y. J.; Guo, M. Y.

    2017-11-01

    Oil provides a powerful impetus for modern society's production and life. The influences of oil price fluctuations on socio-economic development are obvious, and it draws more attention from scholars. However, the distribution of oil is highly centralized, which leads to the vast majority of oil trading through foreign trade. As a result, exchange rate plays an important role in the oil business. Study on the relationship between exchange rate and crude oil gradually becomes a hot research topic in recent years. In this paper, we use copula and CARR model to study correlation structure and relationship between crude oil price and exchange rate. We establish CARR models as marginal models and use five copulas which are Gaussian Copula, Student-t Copula, Gumbel Copula, Clayton Copula and Frank Copula to study the correlation structure between NYMEX crude oil price range and U. S. Dollar Index range. Furthermore, we use Copula-CARR model with structural breaks to detect the change points in the correlation structure between NYMEX crude oil price range and U. S. Dollar Index range. Empirical results show that the change points are closely related to the actual economic events.

  14. Unit root properties of crude oil spot and futures prices

    International Nuclear Information System (INIS)

    Maslyuk, Svetlana; Smyth, Russell

    2008-01-01

    In this article, we examine whether WTI and Brent crude oil spot and futures prices (at 1, 3 and 6 months to maturity) contain a unit root with one and two structural breaks, employing weekly data over the period 1991-2004. To realise this objective we employ Lagrange multiplier (LM) unit root tests with one and two endogenous structural breaks proposed by Lee and Strazicich [2003. Minimum Lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85, 1082-1089; 2004. Minimum LM unit root test with one structural break. Working Paper no. 04-17, Department of Economics, Appalachian State University]. We find that each of the oil price series can be characterised as a random walk process and that the endogenous structural breaks are significant and meaningful in terms of events that have impacted on world oil markets. (author)

  15. Asian oil refining. Demand growth and deregulation - an uncertain future

    International Nuclear Information System (INIS)

    Sameer Nawaz.

    1996-01-01

    The objective of the report is to identify the most important features of the oil refining industry in Asia. Major developments in consumption patterns changes in regional importance of countries are discussed, highlighting potential future developments. The first chapter introduces the various refining processes and presents a simple model for the analysis of complex refineries. Chapter 2 examines the development of the Asian refining industry against a background of economic growth and analyses trends in consumption of all products in Asian countries. In Chapter 3, the key issues concerning the refining industry are examined, among them the forces driving consumption, including the importance of economic development, and electricity and transport demand. The importance of product imports and international trade is discussed, and the extent of government involvement and the effects of changing retail and market prices are analysed. Chapter 4 looks at the strategies that oil and gas companies are following in the Asian refining industry. Particular significance is attached to the vertical integration of the oil majors, Japanese and Middle Eastern oil companies. A brief overview of the importance of the petrochemical industry is presented. The countries of Asia that are involved in the refining industry are profiled in Chapter 5. The future trend in oil consumption is examined in Chapter 6. There follows a brief discussion of the plans to expand crude refining capacity in the various countries and a forecast of the state of overcapacity which will result. In the final chapter, brief profiles of some of the most important companies in the Asian refining industry are presented, discussing their major activities and future plans. (Author)

  16. The Effects of Oil Price Changes And Exchange Rate Volatility On Unemployment: Evidence From Malaysia

    Directory of Open Access Journals (Sweden)

    Mohd Shahidan Shaari

    2016-01-01

    Full Text Available The study aims to examine the effects of oil price and exchange rate on unemployment in Malaysia. The empirical analysis commence by analyzing the time series property of data. The Johansen VAR-based co-integration technique was applied to examine the long run relationship between exchange rate, oil price and unemployment and found the long run relationship does exist. The vector error correction model was performed to check the short run dynamics and found that the short run dynamics are influenced by the estimated long run equilibrium. Granger causality was done and found that oil price does not affect unemployment but exchange rate has an influence on unemployment. Therefore, putting the exchange rate under control should be implemented to control unemployment.

  17. Chaos in oil prices? Evidence from futures markets

    International Nuclear Information System (INIS)

    Adrangi, B.; Chatrath, A.; Dhanda, K.K.; Raffiee, K.

    2001-01-01

    We test for the presence of low-dimensional chaotic structure in crude oil, heating oil, and unleaded gasoline futures prices from the early 1980s. Evidence on chaos will have important implications for regulators and short-term trading strategies. While we find strong evidence of non-linear dependencies, the evidence is not consistent with chaos. Our test results indicate that ARCH-type processes, with controls for seasonal variation in prices, generally explain the non-linearities in the data. We also demonstrate that employing seasonally adjusted price series contributes to obtaining robust results via the existing tests for chaotic structure. Maximum likelihood methodologies, that are robust to the non-linear dynamics, lend support for Samuelson's hypothesis on contract-maturity effects in futures price-changes. However, the tests for chaos are not found to be sensitive to the maturity effects in the futures contracts. The results are robust to controls for the oil shocks of 1986 and 1991

  18. Theoretical investigation of isotope exchange reaction in tritium-contaminated mineral oil in vacuum pump.

    Science.gov (United States)

    Dong, Liang; Xie, Yun; Du, Liang; Li, Weiyi; Tan, Zhaoyi

    2015-04-28

    The mechanism of the isotope exchange reaction between molecular tritium and several typical organic molecules in vacuum pump mineral oil has been investigated by density functional theory (DFT), and the reaction rates are determined by conventional transition state theory (TST). The tritium-hydrogen isotope exchange reaction can proceed with two different mechanisms, the direct T-H exchange mechanism and the hyrogenation-dehydrogenation exchange mechanism. In the direct exchange mechanism, the titrated product is obtained through one-step via a four-membered ring hydrogen migration transition state. In the hyrogenation-dehydrogenation exchange mechanism, the T-H exchange could be accomplished by the hydrogenation of the unsaturated bond with tritium followed by the dehydrogenation of HT. Isotope exchange between hydrogen and tritium is selective, and oil containing molecules with OH and COOH groups can more easily exchange hydrogen for tritium. For aldehydes and ketones, the ability of T-H isotope exchange can be determined by the hydrogenation of T2 or the dehydrogenation of HT. The molecules containing one type of hydrogen provide a single product, while the molecules containing different types of hydrogens provide competitive products. The rate constants are presented to quantitatively estimate the selectivity of the products. Copyright © 2015 Elsevier B.V. All rights reserved.

  19. Oil trading manual

    International Nuclear Information System (INIS)

    Long, D.

    1995-01-01

    This manual provides basic information on all aspects of oil trading. Topics reviewed in Part 1 include physical characteristics and refining and oil pricing arrangements. Part 2 on instruments and markets contains chapters on crude oil markets, product markets, forward and futures contracts, forward paper markets, oil future exchanges, options, swaps and long term oil markets. Part 3 deals with administration and has chapters on operations and logistics, credit control, accounting, taxation of oil trading, contracts and legal and regulatory issues. (UK)

  20. The U.S. dollar exchange rate and the demand for oil

    International Nuclear Information System (INIS)

    Schryder, Selien de; Peersman, Gert

    2013-01-01

    Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the global crude oil price expressed in US dollar. Furthermore, the effect of the US dollar on oil demand tends to be declining over time and, for a subsample of OECD countries, stronger for an appreciation compared to a depreciation of the US dollar.

  1. On the link between oil price and exchange rate: A time-varying VAR parameter approach

    International Nuclear Information System (INIS)

    Bremond, Vincent; Razafindrabe, Tovonony; Hache, Emmanuel

    2015-07-01

    The aim of this paper is to study the relationship between the effective exchange rate of the dollar and the oil price dynamics from 1976 to 2013. In this context, we propose to explore the economic literature dedicated to financial channels factors (exchange rate, monetary policy, and international liquidity) that could affect the oil price dynamics. In addition to oil prices and the effective exchange rate of the dollar, we use the dry cargo index as a proxy for the real economic activity and prices for precious and industrial raw materials. Using a Bayesian time-varying parameter vector auto-regressive estimation, our main results show that the US Dollar effective exchange rate elasticity of the crude oil prices is not constant across the time and remains negative from 1989. It then highlights that a depreciation of the effective exchange rate of the dollar leads to an increase of the crude oil prices. Our paper also demonstrates the growing influence of financial and commodities markets development upon the global economy. (authors)

  2. Processes for washing a spent ion exchange bed and for treating biomass-derived pyrolysis oil, and apparatuses for treating biomass-derived pyrolysis oil

    Science.gov (United States)

    Baird, Lance Awender; Brandvold, Timothy A.

    2015-11-24

    Processes and apparatuses for washing a spent ion exchange bed and for treating biomass-derived pyrolysis oil are provided herein. An exemplary process for washing a spent ion exchange bed employed in purification of biomass-derived pyrolysis oil includes the step of providing a ion-depleted pyrolysis oil stream having an original oxygen content. The ion-depleted pyrolysis oil stream is partially hydrotreated to reduce the oxygen content thereof, thereby producing a partially hydrotreated pyrolysis oil stream having a residual oxygen content that is less than the original oxygen content. At least a portion of the partially hydrotreated pyrolysis oil stream is passed through the spent ion exchange bed. Water is passed through the spent ion exchange bed after passing at least the portion of the partially hydrotreated pyrolysis oil stream therethrough.

  3. Oil and nuclear power: Past, present, and future

    International Nuclear Information System (INIS)

    Toth, Ferenc L.; Rogner, Hans-Holger

    2006-01-01

    The relationship between oil and nuclear energy in the global energy scene over the past 50 years is analysed. The former nuclear-oil product competition in power generation and various end-use markets is found to have transformed into a complementary relationship. Current concerns associated with both energy sources and related technologies, including price volatility, supply security, geopolitical sensitivity, depletion alarms, and environmental pollution issues for oil, economic performance, operational safety, proliferation, terrorism, radioactive waste disposal, and the resulting public acceptance for nuclear are examined as determinants of their future roles in the world energy balance. An assessment of the long-term prospects for oil and nuclear energy is presented at the scale of a century to support further economic and energy policy analyses. It is the first in-depth study of global energy projections based on a comparative examination of long-term socio-economic scenarios and their coordinated quantifications by a set of integrated energy-economy models

  4. The Effects of Oil Price Changes And Exchange Rate Volatility On Unemployment: Evidence From Malaysia

    OpenAIRE

    Mohd Shahidan Shaari; Nor Ermawati Hussain; Hafizah Abdul Rahim

    2013-01-01

    The study aims to examine the effects of oil price and exchange rate on unemployment in Malaysia. The empirical analysis commence by analyzing the time series property of data. The Johansen VAR-based co-integration technique was applied to examine the long run relationship between exchange rate, oil price and unemployment and found the long run relationship does exist. The vector error correction model was performed to check the short run dynamics and found that the short run dynamics are inf...

  5. Onto Exchange Rate's Short Run Impact on Oil Prices Dynamics: An OPEC Members' perspective

    OpenAIRE

    Sadek Melhem; Michel Terraza

    2011-01-01

    In this paper, we study the oil price formation for the purpose of understanding price reactions of OPEC member countries to changes in the exchange rate of the US dollar and prices of other members in the short run. The results suggested that there is a partial impact of exchange rates volatility on oil prices dynamics in short runs. Moreover, the study demonstrated that Saudi Arabia behaves as a leader in the OPEC structure market while it behaves differently when linked to other reference ...

  6. Beyond the exchange--the future of B2B.

    Science.gov (United States)

    Wise, R; Morrison, D

    2000-01-01

    Using the Internet to facilitate business-to-business commerce promises many benefits, such as dramatic cost reductions and greater access to buyers and sellers. Yet little is known about how B2B e-commerce will evolve. The authors argue that changes in the financial services industry over the past two decades provide important clues. Exchanges, they say, are not the primary source of value in information-intensive markets; value tends to accumulate among a diverse group of specialists that focus on such tasks as packaging, standard setting, arbitrage, and information management. Because scale and liquidity are vitally important to efficient trading, today's exchanges will consolidate into a relatively small set of mega-exchanges. Originators will handle the origination and aggregation of complex transactions before sending them on to mega-exchanges for execution. E-speculators, seeking to capitalize on an abundance of market information, will tend to concentrate where relatively standardized products can be transferred easily among a large group of buyers. In many markets, a handful of independent solution providers with well-known brand names and solid reputations will thrive alongside mega-exchanges. Sell-side asset exchanges will create the networks and provide the tools to allow suppliers to trade orders among themselves, sometimes after initial transactions with customers are made on the mega-exchanges. For many companies, traditional skills in such areas as product development, manufacturing, and marketing may become relatively less important, while the ability to understand and capitalize on market dynamics may become considerably more important.

  7. Future of oil and gas development in the western Amazon

    International Nuclear Information System (INIS)

    Finer, Matt; Babbitt, Bruce; Novoa, Sidney; Ferrarese, Francesco; Pappalardo, Salvatore Eugenio; Marchi, Massimo De; Saucedo, Maria; Kumar, Anjali

    2015-01-01

    The western Amazon is one of the world’s last high-biodiversity wilderness areas, characterized by extraordinary species richness and large tracts of roadless humid tropical forest. It is also home to an active hydrocarbon (oil and gas) sector, characterized by operations in extremely remote areas that require new access routes. Here, we present the first integrated analysis of the hydrocarbon sector and its associated road-building in the western Amazon. Specifically, we document the (a) current panorama, including location and development status of all oil and gas discoveries, of the sector, and (b) current and future scenario of access (i.e. access road versus roadless access) to discoveries. We present an updated 2014 western Amazon hydrocarbon map illustrating that oil and gas blocks now cover 733 414 km 2 , an area much larger than the US state of Texas, and have been expanding since the last assessment in 2008. In terms of access, we documented 11 examples of the access road model and six examples of roadless access across the region. Finally, we documented 35 confirmed and/or suspected untapped hydrocarbon discoveries across the western Amazon. In the Discussion, we argue that if these reserves must be developed, use of the offshore inland model—a method that strategically avoids the construction of access roads—is crucial to minimizing ecological impacts in one of the most globally important conservation regions. (letter)

  8. Use of crude oil fouling threshold data in heat exchanger design

    Energy Technology Data Exchange (ETDEWEB)

    Polley, G.T. [Ulverston, Cumbria (United Kingdom); Wilson, D.I.; Yeap, B.L. [University of Cambridge, (United Kingdom). Department of Chemical Engineering; Pugh, S.J. [ESDU International plc, London (United Kingdom)

    2002-07-01

    The existence of a 'threshold' below which chemical reaction fouling of heat transfer surfaces by crude oil does not occur has been identified by Ebert and Panchal [Fouling Mitigation of Industrial Heat-Exchange Equipment, Begell House, 1997, 451-460] and clearly demonstrated by Knudsen et al. [Understanding Heat Exchanger Fouling and its Mitigation, Begell House, 265-272]. This phenomenon has important implications for the design and operation of heat exchangers in refinery pre-heat trains used for the processing of crudes. In this paper we show how a consideration of the fouling threshold condition can be incorporated into the design procedures for shell-and-tube heat exchangers. We then proceed to show how fouling can be mitigated through attention to heat exchanger design, particularly the choice of configuration. The cost of improperly designed units, based on the conventional use of 'fouling factors', is demonstrated. (author)

  9. Future sustainability forecasting by exchange markets: basic theory and an application.

    Science.gov (United States)

    Malyshkina, Nataliya; Niemeier, Deb

    2010-12-01

    Setting sustainability targets and evaluating systems progress are of great importance nowadays due to threats to the human society, to economic development and to ecosystems, posed by unsustainable human activities. This research establishes a probabilistic theoretical approach based on market expectations reflected in prices of publicly traded securities to estimate the time horizon until the appearance of new technologies related to replacement of nonrenewable resources, for example, crude oil and oil products. To assess time T when technological innovations are likely to appear, we apply advanced pricing equations, based on a stochastic discount factor to those traded securities whose future cash flows critically depend on appearance of such innovations. In a simple approximation of the proposed approach applied to replacement of crude oil and oil products, we obtain T ≈ (P(0)(oil)/C(0))·ln (Δ·P(0)(oil)/P(0)(alt)), where P(0)(oil) and P(0)(alt) are the current aggregate market capitalizations of oil and alternative-energy companies, C(0) is the annual aggregate dividends that oil companies pay to their shareholders at the present, and Δ is the fraction of the oil (oil products) replaced at time T. This formula gives T ≈ 131 years for replacement of gasoline and diesel. The proposed market-expectations approach may allow policymakers to effectively develop policies and plan for long-term changes.

  10. FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

    OpenAIRE

    Ljiljana Stošić Mihajlović; Ivana Zdravković

    2016-01-01

    The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trend...

  11. International exchange of radiological information in the event of a nuclear accident - future perspectives

    International Nuclear Information System (INIS)

    De-Cort, M.; De-Vries, G.; Breitenbach, L.; Leeb, H.; Weiss, W.

    1996-01-01

    Immediately after the Chernobyl accident most European countries established or enhanced their national radioactivity monitoring and information systems. The large transboundary effect of the radioactive release also triggered the need for bilateral and international agreements on the exchange of radiological information in case of a nuclear accident. Based on the experiences gained from existing bi- and multilateral data exchange the Commission of the European Communities has made provision for and is developing technical systems to exchange information of common interest. Firstly the existing national systems and systems based on bilateral agreements are summarized. The objectives and technical realizations of the EC international information exchange systems ECURIE and EURDEP, are described. The experiences gained over the past few years and the concepts for the future, in which central and eastern European countries will be included, are discussed. The benefits that would result from improving the international exchange of radiological information in the event of a future nuclear accident are further being described

  12. FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

    Directory of Open Access Journals (Sweden)

    Ljiljana Stošić Mihajlović

    2016-07-01

    Full Text Available The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trends for all types of assets that could be subject to transactions in financial markets.

  13. Future prospects for palm oil refining and modifications

    Directory of Open Access Journals (Sweden)

    Gibon Véronique

    2009-07-01

    Full Text Available Palm oil is rich in minor components that impart unique nutritional properties and need to be preserved. In this context, refining technologies have been improved, with the dual temperature deodorizer, the double condensing unit and the ice condensing system. The DOBI is a good tool to assess quality of the crude palm oil and its ability to be properly refined. Specially refined oils open a market for new high quality products (golden palm oil, red palm oil, white soaps, etc.. Palm oil is a good candidate for the multi-step dry fractionation process, aiming to the production of commodity oils and specialty fats (cocoa butter replacers. New technological developments allow quality and yield improvements. Palm oil and fractions are also valuable feedstock for enzymatic interesterification in which applications are for commodity oil (low-trans margarines and shortenings and for special products (cocoa butter equivalents, infant formulation, ….

  14. The Parallel Market for Foreign Exchange in an Oil Exporting Economy; The Case of Iran, 1978-1990

    OpenAIRE

    Adnan Mazarei

    1995-01-01

    This paper provides a model for the determination of the parallel market exchange rate premium in a country where oil export earnings accrue directly to the government, and foreign exchange is centrally allocated for the importation of specific goods. Next, it studies the parallel market for foreign exchange In the Islamic Republic of Iran during the period 1978-90. The paper then examines the various time series properties of parallel market exchange rate in Iran, and the evidence of the rol...

  15. The empirical role of the exchange rate on the crude-oil price formation

    International Nuclear Information System (INIS)

    Yousefi, A.; Wirjanto, T.S.; University of Waterloo, Ont.

    2004-01-01

    This paper adopts a novel empirical approach to the crude-oil price formation for the purpose of understanding the price reactions of OPEC member countries to changes in the exchange rate of the US dollar against other major currencies and prices of other members. The results are broadly consistent with the view of the absence of a unified OPEC determined price in the international crude market literature. In addition, the results also highlight a cross regional dimension of the crude oil market. (author)

  16. Technological aspects of vegetable oils epoxidation in the presence of ion exchange resins: a review

    Directory of Open Access Journals (Sweden)

    Milchert Eugeniusz

    2016-09-01

    Full Text Available A review paper of the technology basics of vegetable oils epoxidation by means of peracetic or performic acid in the presence of acidic ion exchange resins has been presented. The influence of the following parameters: temperature, molar ratio of acetic acid and hydrogen peroxide to ethylenic unsaturation, catalyst loading, stirring intensity and the reaction time on a conversion of ethylenic unsaturation, the relative percentage conversion to oxirane and the iodine number was discussed. Optimal technological parameters, mechanism of epoxidation by carboxylic peracids and the possibilities of catalyst recycling have been also discussed. This review paper shows the application of epoxidized oils.

  17. The Future of the Automobile in an Oil-Short World. Worldwatch Paper 32.

    Science.gov (United States)

    Brown, Lester R.; And Others

    Possible future roles and designs of cars are examined in light of depletion of the earth's oil reserves. A major problem with regard to the rapidly changing world oil outlook is that cars will be competing with more essential claiments for scarce oil supplies including food production, industrial power, home heating, and running trucks and…

  18. Exchange rate volatility and oil prices shocks and its impact on economic sustainability

    Directory of Open Access Journals (Sweden)

    Khuram Shaf

    2015-01-01

    Full Text Available Impact of exchange rate volatility has received a great attention from the last century, its importance is certain in all sectors of the economy and it affects welfare as well as social life of the economy. Exchange rate between two currencies tells the value of one currency in terms of others one. Depreciation/Appreciation of exchange rate affects economic growth in terms of trade and shifts income to/from exporting countries from/to importing countries. The factors affecting exchange rate are inflation, interest rate, foreign direct investment, government consumption expenditure and balance of trade. This research study examines the impact of oil prices and exchange rate volatility on economic growth in Germany based on 40-year annual data. Cointegration technique is applied to check the impact of macroeconomic variables on exchange rate in the long run and short run. It is estimated that imports, exports, inflation, interest rate, government consumption expenditure and foreign direct investment had significant impacts on real effective exchange rate in the long run and short run. Sin addition, Engle Granger results indicate that relationship was significant for the long run and its error correction adjustment mechanism (ECM in short a run is significant and correctly signed for Germany.

  19. The Security Impact of Oil Nationalization: Alternate Futures Scenarios

    Directory of Open Access Journals (Sweden)

    Peter Johnston

    2010-01-01

    Full Text Available This article highlights the security impact of oil nationalization, develops and analyzes four energy security scenarios, and suggests options to reduce the potential negative impact of oil nationalization. In addition to the use of oil as a weapon, nationalization of oil can also lead to competition for scarce resources among states, facilitate the funding of terrorists or insurgents, contribute to destabilizing regional arms races, influence intra-state conflict, and sustain antagonistic political agendas.

  20. Crude operators: the future of the oil industry

    International Nuclear Information System (INIS)

    Rowell, Andrew.

    1997-01-01

    Technological advances and the maturity of existing oil fields have spurred oil companies to explore for oil and extract it from previously inaccessible or ''frontier'' areas, both offshore and onshore. In many cases, such prospecting and production will have severe environmental impacts and serious social, ethical and cultural consequences. The challenge is not just to halt such exploration and extraction, but to halt oil consumption itself. (author)

  1. Dependence and risk assessment for oil prices and exchange rate portfolios: A wavelet based approach

    Science.gov (United States)

    Aloui, Chaker; Jammazi, Rania

    2015-10-01

    In this article, we propose a wavelet-based approach to accommodate the stylized facts and complex structure of financial data, caused by frequent and abrupt changes of markets and noises. Specifically, we show how the combination of both continuous and discrete wavelet transforms with traditional financial models helps improve portfolio's market risk assessment. In the empirical stage, three wavelet-based models (wavelet-EGARCH with dynamic conditional correlations, wavelet-copula, and wavelet-extreme value) are considered and applied to crude oil price and US dollar exchange rate data. Our findings show that the wavelet-based approach provides an effective and powerful tool for detecting extreme moments and improving the accuracy of VaR and Expected Shortfall estimates of oil-exchange rate portfolios after noise is removed from the original data.

  2. Devise of an exhaust gas heat exchanger for a thermal oil heater in a palm oil refinery plant

    Science.gov (United States)

    Chucherd, Panom; Kittisupakorn, Paisan

    2017-08-01

    This paper presents the devise of an exhaust gas heat exchanger for waste heat recovery of the exhausted flue gas of palm oil refinery plant. This waste heat can be recovered by installing an economizer to heat the feed water which can save the fuel consumption of the coal fired steam boiler and the outlet temperature of flue gas will be controlled in order to avoid the acid dew point temperature and protect the filter bag. The decrease of energy used leads to the reduction of CO2 emission. Two designed economizer studied in this paper are gas in tube and water in tube. The gas in tube exchanger refers to the shell and tube heat exchanger which the flue gas flows in tube; this designed exchanger is used in the existing unit. The new designed water in tube refers to the shell and tube heat exchanger which the water flows in the tube; this designed exchanger is proposed for new implementation. New economizer has the overall coefficient of heat transfer of 19.03 W/m2.K and the surface heat transfer area of 122 m2 in the optimized case. Experimental results show that it is feasible to install economizer in the exhaust flue gas system between the air preheater and the bag filter, which has slightly disadvantage effect in the system. The system can raise the feed water temperature from 40 to 104°C and flow rate 3.31 m3/h, the outlet temperature of flue gas is maintained about 130 °C.

  3. The future of oil and bioethanol in Brazil

    International Nuclear Information System (INIS)

    Moreira, Jose R.; Pacca, Sergio A.; Parente, Virginia

    2014-01-01

    This work compares the return on investments (ROI) of oil versus biofuels in Brazil. Although several renewable energy sources might displace oil, the country's forte is sugarcane biofuels. In our analysis we carry out simplified benefit–cost analyses of producing oil fields, pre-salt oil fields (without and with enhanced oil recovery), a business as the usual ethanol scenario, and a high ethanol scenario. Excluding the ROI from existing oil fields, which is the highest, when the discount rate is 4% or more, the ROI of the high ethanol scenario is greater than that of the ROI of pre-salt oil. Considering a US$40/t CO 2 tax, the high ethanol scenario's ROI is greater than the pre-salt oil's ROI if a discount rate of 2% or more is adopted. Moreover, the high ethanol scenario throughput up to 2070 compares to 97% of the pre-salt oil reserve without EOR, and demands 78% of its investment. Pre-salt oil production declines beyond 2042 when the country might become a net oil importer. In contrast, ethanol production reaches 2.1 million boe per day, and another 0.9 million boe of fossil demand is displaced through bioelectricity, yielding a total of 3 million boe (62% of the country's oil demand). - Highlights: • Cost-benefit analyses of pre-salt and biofuels in Brazil. • Hubbert model applied to pre-salt oil reserves. • Sustainable energy scenarios. • Carbon mitigation accounting based on biofuel scenarios. • Enhanced oil recovery effect on pre-salt oil reserves

  4. Synthesis of biodiesel from pongamia oil using heterogeneous ion-exchange resin catalyst.

    Science.gov (United States)

    Jaya, N; Selvan, B Karpanai; Vennison, S John

    2015-11-01

    Biodiesel is a clean-burning renewable substitute fuel for petroleum. Biodiesel could be effectively produced by transesterification reaction of triglycerides of vegetable oils with short-chain alcohols in the presence of homogeneous or heterogeneous catalysts. Conventionally, biodiesel manufacturing processes employ strong acids or bases as catalysts. But, separation of the catalyst and the by-product glycerol from the product ester is too expensive to justify the product use as an automobile fuel. Hence heterogeneous catalysts are preferred. In this study, transesterification of pongamia oil with ethanol was performed using a solid ion-exchange resin catalyst. It is a macro porous strongly basic anion exchange resin. The process parameters affecting the ethyl ester yield were investigated. The reaction conditions were optimized for the maximum yield of fatty acid ethyl ester (FAEE) of pongamia oil. The properties of FAEE were compared with accepted standards of biodiesel. Engine performance was also studied with pongamia oil diesel blend and engine emission characteristics were observed. Copyright © 2015 Elsevier Inc. All rights reserved.

  5. Exchange rate of the US dollar and the J curve. The case of oil exporting countries

    International Nuclear Information System (INIS)

    Yousefi, Ayoub; Wirjanto, Tony S.

    2003-01-01

    This study examines the effects of changes in the exchange rate of the US dollar on the trade balances of three oil-exporting countries, namely Iran, Venezuela and Saudi Arabia. An exchange rate pass-through model is applied to allow changes in the exchange rate of the dollar to affect prices of traded goods. Then, the impact of changes in prices on the quantities of imports and exports of these economies is estimated. The results suggest a partial exchange rate pass-through to these countries' import and export prices in terms of the US dollar. While the three countries raise the price of their primary export (namely crude oil) in response to a depreciation of the dollar, Saudi Arabia's long-run pricing strategy in securing a larger market share stands in contrast to that of the two other OPEC members. The sum of the estimated long-run price elasticities of demand for imports and exports is found to exceed unity for Iran and Venezuela, but less than unity for Saudi Arabia

  6. Exchange rate of the US dollar and the J curve: the case of oil exporting countries

    International Nuclear Information System (INIS)

    Yousefi, A.; Wirjanto, T.S.

    2003-01-01

    This study examines the effects of changes in the exchange rate of the US dollar on the trade balances of three oil-exporting countries, namely Iran, Venezuela and Saudi Arabia. An exchange rate pass-through model is applied to allow changes in the exchange rate of the dollar to affect prices of traded goods. Then, the impact of changes in prices on the quantities of imports and exports of these economies is estimated. The results suggest a partial exchange rate pass-through to these countries' import and export prices in terms of the US dollar. While the three countries raise the price of their primary export (namely crude oil) in response to a depreciation of the dollar, Saudi Arabia's long-run pricing strategy in securing a larger market share stands in contrast to that of the two other OPEC members. The sum of the estimated long-run price elasticities of demand for imports and exports is found to exceed unity for Iran and Venezuela, but less than unity for Saudi Arabia. (author)

  7. The fractal feature and price trend in the gold future market at the Shanghai Futures Exchange (SFE)

    Science.gov (United States)

    Wu, Binghui; Duan, Tingting

    2017-05-01

    The price of gold future is affected by many factors, which include the fluctuation of gold price and the change of trading environment. Fractal analysis can help investors gain better understandings of the price fluctuation and make reasonable investment decisions in the gold future market. After analyzing gold future price from January 2th, 2014 to April 12th, 2016 at the Shanghai Futures Exchange (SFE) in China, the conclusion is drawn that the gold future market has sustainability in each trading day, with all Hurst indexes greater than 0.5. The changing features of Hurst index indicate the sustainability of gold future market is strengthened first and weakened then. As a complicatedly nonlinear system, the gold future market can be well reflected by Elman neural network, which is capable of memorizing previous prices and particularly suited for forecasting time series in comparison with other types of neural networks. After analyzing the price trend in the gold future market, the results show that the relative error between the actual value of gold future and the predictive value of Elman neural network is smaller. This model that has a better performance in data fitting and predication, can help investors analyze and foresee the price tendency in the gold future market.

  8. Oil and the world economy: some possible futures.

    Science.gov (United States)

    Kumhof, Michael; Muir, Dirk

    2014-01-13

    This paper, using a six-region dynamic stochastic general equilibrium model of the world economy, assesses the output and current account implications of permanent oil supply shocks hitting the world economy. For modest-sized shocks and conventional production technologies, the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, output growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult.

  9. Mining and oil. Oil shale's contribution to future oil supply; Bergbau und Oel. Der Beitrag des Oelschiefers zur Oelversorgung

    Energy Technology Data Exchange (ETDEWEB)

    Linden, Eike von der [Linden Advisory, Dreieich (Germany)

    2012-05-15

    Crude oil contributes in Germany and globally approximately one third to the consumption of primary energies and actually is and in the foreseeable future will be the most important energy source. Recently shale oil as an unconventional oil has gained attention in public discussions. Depending on temperatures oil shale contains either already matured fluid shale oil or immature waxy kerogen. For determination of kerogen containing oil shale and shale oil common definitions for fluid hydrocarbons will be presented. Fluid hydrocarbons (molecular chains > C{sub 5}H{sub 12}) originate from animal substance which had been settled millions of years in sediments on sea- or lakebeds under anaerobic conditions. High pressure and high temperatures effect conversion to hydrocarbons. With sufficient permeability the liquid hydrocarbons migrate from the sediment as the source rock and get assembled in porous rocks under the cover of an impermeable rock strata, in so called entrapment structures. In case there is no impermeable rock strate the hydrocarbons will diffuse into the atmosphere. The hydrocarbons in entrapment structures are called conventional oil and are extracted by drilling wells. The extractable oil as part of the oil in place depends on the viscosity of the oil, the permeability of the host rock and applied exploitation methods which can affect pressure, viscosity and permeability. The exploitation achieves 30 to 50% of the oil in place. When the source rock consisting of strata hundreds of meters thick is not sufficiently permeable the matured hydrocarbons remain at its place of origination. These hydrocarbons are called shale oil and belong to the unconventional oil resources. For exploitation of shale oil by wells the source rock must be treated by intensive energy input, amongst others, by fracking which creates artificial permeability and by pressure which affects migration of the hydrocarbons to the well. The exploitation methods for shale oil do not

  10. Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

    Directory of Open Access Journals (Sweden)

    Buerhan Saiti

    2014-05-01

    Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

  11. The future of the oil and gas industry

    International Nuclear Information System (INIS)

    1998-01-01

    Changes are under way that are moving the oil and gas industry in Norway toward the creation of global energy companies in a global energy market. According to the author, three key forces are creating the changes of oil and gas companies comprising a global market for energy, growing demand - ample supply, and the end-user. 5 figs

  12. Oil and Gas in the Netherlands - Is there a future?

    NARCIS (Netherlands)

    Herber, R.; de Jager, J.

    The impact of oil and, in particular, gas fields discovered in the Dutch subsurface has been very significant. However, 50 years after the discovery of the giant Groningen gas field the Netherlands has become very mature for exploration of oil and gas, and the gas volume left to be discovered in

  13. The macroeconomic effects of oil shocks under fixed and flexible exchange rates - a comparison

    International Nuclear Information System (INIS)

    Harvie, C.

    1993-01-01

    The objective of this paper is to explore further, from a primarily theoretical perspective, the macroeconomic implications arising for an oil-producing economy operating with either a fixed or flexible exchange rate system - to explore, in particular, which of these two extreme systems best offers insulatory properties, in the sense of reducing the volatility of adjustment of key macroeconomic variables arising primarily from oil-related shocks. The issue is explored by analyzing a theoretical framework, which emphasizes the long-run nature of the adjustment process. Such an emphasis is particularly pertinent in models which assume that economic agents possess rational expectations, where long-run equilibrium will have a major bearing upon the short-run adjustment process itself. However, due to the complexity of the model developed here, it is not possible to derive analytical unambiguous results, hence emphasis is placed upon deriving results through numerical simulation. The results derived enable an identification to be made of the importance, for policy purposes, of implementing an appropriate exchange rate system for oil producing and exporting economics with the characteristics emphasised in this paper. (3 figures). (Author)

  14. Great apes can defer exchange: a replication with different results suggesting future oriented behaviour

    Directory of Open Access Journals (Sweden)

    Mathias eOsvath

    2013-10-01

    Full Text Available The topic of cognitive foresight in non-human animals has received considerable attention in the last decade. The main questions concern whether the animals can prepare for upcoming situations which are, to various degrees, contextually or sensorially detached from the situation in which the preparations are made. Studies on great apes have focused on tool-related tasks, e.g. the ability to select a tool which is functional only in the future. Dufour and Sterck (2008, however, investigated whether chimpanzees were also able to prepare for a future exchange with a human: an object exchanged for a food item. The study included extensive training on the exchangeable item, which is traditionally not compatible with methods for studying planning abilities, as associative learning cannot be precluded. Nevertheless, despite this training, the chimpanzees could not solve the deferred exchange task. Given that great apes can plan for tool use, these results are puzzling. In addition, claims that great ape foresight is highly limited has been based on this study (Suddendorf and Corballis, 2010. Here we partly replicated Dufour and Sterck’s study to discern whether temporally deferred and spatially displaced exchange tasks are beyond the capabilities of great apes. In addition to chimpanzees we tested orangutans. One condition followed the one used by Dufour and Sterck, in which the exchange items, functional only in the future, are placed at a location that freely allows for selections by the subjects. In order to test the possibility that the choice set-up could explain the negative results in Dufour and Sterck’s study, our second condition followed a method used in the planning study by Osvath and Osvath (2008, where the subjects make a forced one-item-choice from a tray. We found that it is within the capabilities of chimpanzees and orangutans to perform deferred exchange in both conditions.

  15. Is there co-movement of agricultural commodities futures prices and crude oil?

    International Nuclear Information System (INIS)

    Natanelov, Valeri; Alam, Mohammad J.; McKenzie, Andrew M.; Van Huylenbroeck, Guido

    2011-01-01

    Even though significant attempts have appeared in literature, the current perception of co-movement of commodity prices appear inadequate and static. In particular we focus on price movements between crude oil futures and a series of agricultural commodities and gold futures. A comparative framework is applied to identify changes in relationships through time and various cointegration methodologies and causality tests are employed. Our results indicate that co-movement is a dynamic concept and that some economic and policy development may change the relationship between commodities. Furthermore we show that biofuel policy buffers the co-movement of crude oil and corn futures until the crude oil prices surpass a certain threshold. - Highlights: → We show that co-movement of commodity futures is a temporal concept. → A variation in parallel movement between 2 large periods occurs. → Biofuel policy buffers parallel movement of corn and crude oil futures

  16. Is there co-movement of agricultural commodities futures prices and crude oil?

    Energy Technology Data Exchange (ETDEWEB)

    Natanelov, Valeri, E-mail: valeri.natanelov@ugent.be [Department of Agricultural Economics, Ghent University, Coupure links 653, 9000 Ghent (Belgium); Alam, Mohammad J. [Department of Agricultural Economics, Ghent University, Coupure links 653, 9000 Ghent (Belgium); Department of Agribusiness and Marketing, Bangladesh Agricultural University (Bangladesh); McKenzie, Andrew M. [Department of Agricultural Economics and Agribusiness, University of Arkansas, AR (United States); Van Huylenbroeck, Guido [Department of Agricultural Economics, Ghent University, Coupure links 653, 9000 Ghent (Belgium)

    2011-09-15

    Even though significant attempts have appeared in literature, the current perception of co-movement of commodity prices appear inadequate and static. In particular we focus on price movements between crude oil futures and a series of agricultural commodities and gold futures. A comparative framework is applied to identify changes in relationships through time and various cointegration methodologies and causality tests are employed. Our results indicate that co-movement is a dynamic concept and that some economic and policy development may change the relationship between commodities. Furthermore we show that biofuel policy buffers the co-movement of crude oil and corn futures until the crude oil prices surpass a certain threshold. - Highlights: > We show that co-movement of commodity futures is a temporal concept. > A variation in parallel movement between 2 large periods occurs. > Biofuel policy buffers parallel movement of corn and crude oil futures

  17. The heavy oil refiners needs in the future

    International Nuclear Information System (INIS)

    Sauer, J.W.

    1991-01-01

    In the 1970s oil crisis, the high price differential that developed between heavy and light crude led to an expansion in heavy crude processing geared to producing light oil products. The subsequent collapse in prices meant that heavy crudes with low netbacks were shut in, heavy crude refining capacity exceeded the restrained production of heavy crudes, and refineries were operating at losses. However, the low prices for oil rekindled demand and spare production capacity has been absorbed. The crude oil price is forecast to rise to ca $27/bbl by the late 1990s, which is favorable for heavy crude oil production. Nevertheless, investments in heavy crude production are exposed to a high degree of risk. A strategy for dealing with this risk is to integrate into downstream, which makes more sense for heavy crude producers than for conventional producers. On the other hand, such integration is capital-intensive, and light oils will likely be favored in crude oil production developments for the next several years. Low prices for natural gas will make it hard to find markets for residual fuel made from heavy crudes. 8 figs

  18. Past, Present, and Future Production of Bio-oil

    Energy Technology Data Exchange (ETDEWEB)

    Steele, Philip; Yu, Fei; Gajjela, Sanjeev

    2009-04-01

    Bio-oil is a liquid product produced by fast pyrol-ysis of biomass. The fast pyrolysis is performed by heating the biomass rapidly (2 sec) at temperatures ranging from 350 to 650 oC. The vapors produced by this rapid heating are then condensed to produce a dark brown water-based emulsion composed of frag-ments of the original hemicellulose, cellulose and lignin molecules contained in the biomass. Yields range from 60 to 75% based on the feedstock type and the pyrolysis reactor employed. The bio-oil pro-duced by this process has a number of negative prop-erties that are produced mainly by the high oxygen content (40 to 50%) contributed by that contained in water (25 to 30% of total mass) and oxygenated compounds. Each bio-oil contains hundreds of chemi-cal compounds. The chemical composition of bio-oil renders it a very recalcitrant chemical compound. To date, the difficulties in utilizing bio-oil have limited its commercial development to the production of liq-uid smoke as food flavoring. Practitioners have at-tempted to utilize raw bio-oil as a fuel; they have also applied many techniques to upgrade bio-oil to a fuel. Attempts to utilize raw bio-oil as a combustion engine fuel have resulted in engine or turbine dam-age; however, Stirling engines have been shown to successfully combust raw bio-oil without damage. Utilization of raw bio-oil as a boiler fuel has met with more success and an ASTM standard has recently been released describing bio-oil characteristics in relation to assigned fuel grades. However, commercialization has been slow to follow and no reports of distribution of these bio-oil boiler fuels have been reported. Co-feeding raw bio-oil with coal has been successfully performed but no current power generation facilities are following this practice. Upgrading of bio-oils to hydrocarbons via hydroprocessing is being performed by several organizations. Currently, limited catalyst life is the obstacle to commercialization of this tech-nology. Researchers

  19. Oil and the future: Taking bearings in the greenhouse in a post Brent Spar world

    Energy Technology Data Exchange (ETDEWEB)

    Leggett, J.

    1995-12-31

    The paper discusses future oil combustion. A greenhouse-related environmental driving-force seems set to emerge in the capital markets in the years ahead. This will severely compound other already serious environment-related financial problems blighting the oil-industry`s access to capital radar screen. The wise oil company is now, increasingly clearly, the company thinking about how to begin repositioning itself for the twenty-first century as a total energy company. 6 refs.

  20. Heat transfer studies in a spiral plate heat exchanger for water: palm oil two phase system

    Directory of Open Access Journals (Sweden)

    S. Ramachandran

    2008-09-01

    Full Text Available Experimental studies were conducted in a spiral plate heat exchanger with hot water as the service fluid and the two-phase system of water – palm oil in different mass fractions and flow rates as the cold process fluid. The two phase heat transfer coefficients were correlated with Reynolds numbers (Re in the form h = a Re m, adopting an approach available in literature for two phase fluid flow. The heat transfer coefficients were also related to the mass fraction of palm oil for identical Reynolds numbers. The two-phase multiplier (ratio of the heat transfer coefficient of the two phase fluid and that of the single phase fluid was correlated with the Lockhart Martinelli parameter in a polynomial form. This enables prediction of the two-phase coefficients using single-phase data. The predicted coefficients showed a spread of ± 10 % in the laminar range.

  1. Multifractal detrended cross-correlation analysis on gold, crude oil and foreign exchange rate time series

    Science.gov (United States)

    Pal, Mayukha; Madhusudana Rao, P.; Manimaran, P.

    2014-12-01

    We apply the recently developed multifractal detrended cross-correlation analysis method to investigate the cross-correlation behavior and fractal nature between two non-stationary time series. We analyze the daily return price of gold, West Texas Intermediate and Brent crude oil, foreign exchange rate data, over a period of 18 years. The cross correlation has been measured from the Hurst scaling exponents and the singularity spectrum quantitatively. From the results, the existence of multifractal cross-correlation between all of these time series is found. We also found that the cross correlation between gold and oil prices possess uncorrelated behavior and the remaining bivariate time series possess persistent behavior. It was observed for five bivariate series that the cross-correlation exponents are less than the calculated average generalized Hurst exponents (GHE) for q0 and for one bivariate series the cross-correlation exponent is greater than GHE for all q values.

  2. Analyzing and Forecasting Volatility Spillovers and Asymmetries in Major Crude Oil Spot, Forward and Futures Markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2010-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  3. Volatility spillovers in US crude oil, ethanol, and corn futures markets

    NARCIS (Netherlands)

    Trujillo Barrera, A.A.; Mallory, M.; Garcia, P.

    2012-01-01

    This article analyzes recent volatility spillovers in the United States from crude oil using futures prices. Crude oil spillovers to both corn and ethanol markets are somewhat similar in timing and magnitude, but moderately stronger to the ethanol market. The shares of corn and ethanol price

  4. Jojoba oil: A state of the art review and future prospects

    International Nuclear Information System (INIS)

    Sánchez, Marcos; Avhad, Mangesh R.; Marchetti, Jorge M.; Martínez, Mercedes; Aracil, José

    2016-01-01

    Highlights: • Jojoba oil is a unique oil formed by long esters instead of triglycerides. • Jojoba cake is gaining interest because of the extraction of valuable chemicals. • Jojoba oil heterogeneous-catalyzed methanolysis makes the process more profitable. - Abstract: Jojoba oil, which is derived from the extraction of Jojoba seed, has a peculiar molecular structure in comparison with the rest of conventional oils. Jojoba oil is formed by long monounsaturated esters whereas the rest of the oils are usually composed by triglycerides. This unconventional structure confers to Jojoba oil unique properties and characteristics that are very valuable for fine chemical industry and for the production of pharmaceuticals. In addition, Jojoba oil can be an excellent source of fatty acid alkyl esters or biodiesel after the transesterification process and the purification steps. This review presents general information about the production of Jojoba oil and its derivatives, its composition, oil extraction process and the applications of this oil when it is used directly or after chemical transformation as well as the possible purposes of Jojoba meal after extraction. In addition, this paper contemplates the advantages and disadvantages of the use of homogeneous and heterogeneous catalysts for the Jojoba oil transesterification as well as different methods to obtain long monounsaturated alcohols, which have pharmaceutical applications, after being separated from biodiesel. The properties of the products derived from the transesterification of Jojoba oil are broadly discussed. Moreover, this review suggests future research opportunities such as a possible biorefinery using Jojoba oil as main raw material, supercritical methods and simultaneous extraction/reaction process which are fully discussed.

  5. Knowledge Exchange between Poland and Vietnam in Mining and Geology - the Status Quo and Future Development

    Science.gov (United States)

    Nguyen, Nga; Pham, Nguyet

    2018-03-01

    From the beginning of the 21st century, knowledge exchange between Poland and Vietnam in mining and geology has been focusing in technology, education and training. Since years, Polish academic and commercial partners have been developing a close collaboration with Vietnam National Coal - Mineral Industries Holding Corporation Limited. Major outcomes of the collaboration are installations and operation of mining equipments and machines in Vietnamese mining companies, and excellent training programs for graduate and post graduate students and mining staff for both countries, etc. From aspects of knowledge management in globalization, the article highlights the outstanding outcomes of knowledge exchanges between the two countries, outlines cultural and economic challenges for the exchange and proposes some improvement in the future.

  6. Heat exchange studies on coconut oil cells as thermal energy storage for room thermal conditioning

    Science.gov (United States)

    Sutjahja, I. M.; Putri, Widya A.; Fahmi, Z.; Wonorahardjo, S.; Kurnia, D.

    2017-07-01

    As reported by many thermal environment experts, room air conditioning might be controlled by thermal mass system. In this paper we discuss the performance of coconut oil cells as room thermal energy storage. The heat exchange mechanism of coconut oil (CO) which is one of potential organic Phase Change Material (PCM) is studied based on the results of temperature measurements in the perimeter and core parts of cells. We found that the heat exchange performance, i.e. heat absorption and heat release processes of CO cells are dominated by heat conduction in the sensible solid from the higher temperature perimeter part to the lower temperature core part and heat convection during the solid-liquid phase transition and sensible liquid phase. The capability of heat absorption as measured by the reduction of air temperature is not influenced by CO cell size. Besides that, the application of CO as the thermal mass has to be accompanied by air circulation to get the cool sensation of the room’s occupants.

  7. Macroeconomic factors and oil futures prices. A data-rich model

    International Nuclear Information System (INIS)

    Zagaglia, Paolo

    2010-01-01

    I study the dynamics of oil futures prices in the NYMEX using a large panel dataset that includes global macroeconomic indicators, financial market indices, quantities and prices of energy products. I extract common factors from the panel data series and estimate a Factor-Augmented Vector Autoregression for the maturity structure of oil futures prices. I find that latent factors generate information that, once combined with that of the yields, improves the forecasting performance for oil prices. Furthermore, I show that a factor correlated to purely financial developments contributes to the model performance, in addition to factors related to energy quantities and prices. (author)

  8. Dynamic Jump Intensities and Risk Premiums in Crude Oil Futures and Options Markets

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Li, Bingxin

    2016-01-01

    Options on crude oil futures are the most actively traded commodity options. We develop a class of computationally efficient discrete-time jump models that allow for closed-form option valuation, and we use crude oil futures and options data to investigate the economic importance of jumps...... and dynamic jump intensities in these markets. Allowing for jumps is crucial for modeling crude oil futures and futures options, and we find evidence in favor of time-varying jump intensities. During crisis periods, jumps occur more frequently. The properties of the jump processes implied by the option data...... differ from those implied by the futures data, which may be due to improved parameter identification....

  9. Effect of Temperature Shock and Inventory Surprises on Natural Gas and Heating Oil Futures Returns

    Science.gov (United States)

    Hu, John Wei-Shan; Lin, Chien-Yu

    2014-01-01

    The aim of this paper is to examine the impact of temperature shock on both near-month and far-month natural gas and heating oil futures returns by extending the weather and storage models of the previous study. Several notable findings from the empirical studies are presented. First, the expected temperature shock significantly and positively affects both the near-month and far-month natural gas and heating oil futures returns. Next, significant temperature shock has effect on both the conditional mean and volatility of natural gas and heating oil prices. The results indicate that expected inventory surprises significantly and negatively affects the far-month natural gas futures returns. Moreover, volatility of natural gas futures returns is higher on Thursdays and that of near-month heating oil futures returns is higher on Wednesdays than other days. Finally, it is found that storage announcement for natural gas significantly affects near-month and far-month natural gas futures returns. Furthermore, both natural gas and heating oil futures returns are affected more by the weighted average temperature reported by multiple weather reporting stations than that reported by a single weather reporting station. PMID:25133233

  10. Effect of temperature shock and inventory surprises on natural gas and heating oil futures returns.

    Science.gov (United States)

    Hu, John Wei-Shan; Hu, Yi-Chung; Lin, Chien-Yu

    2014-01-01

    The aim of this paper is to examine the impact of temperature shock on both near-month and far-month natural gas and heating oil futures returns by extending the weather and storage models of the previous study. Several notable findings from the empirical studies are presented. First, the expected temperature shock significantly and positively affects both the near-month and far-month natural gas and heating oil futures returns. Next, significant temperature shock has effect on both the conditional mean and volatility of natural gas and heating oil prices. The results indicate that expected inventory surprises significantly and negatively affects the far-month natural gas futures returns. Moreover, volatility of natural gas futures returns is higher on Thursdays and that of near-month heating oil futures returns is higher on Wednesdays than other days. Finally, it is found that storage announcement for natural gas significantly affects near-month and far-month natural gas futures returns. Furthermore, both natural gas and heating oil futures returns are affected more by the weighted average temperature reported by multiple weather reporting stations than that reported by a single weather reporting station.

  11. Ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions

    DEFF Research Database (Denmark)

    Selsted, Merete Bang

    on ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions, shows that extended summer drought in combination with elevated temperature will ensure permanent dryer soil conditions, which decreases carbon turnover, while elevated atmospheric CO2 concentrations will increase...... carbon turnover. In the full future climate scenario, carbon turnover is over all expected to increase and the heathland to become a source of atmospheric CO2. The methodology of static chamber CO2 flux measurements and applying the technology in a FACE (free air CO2 enrichment) facility is a challenge...... on the atmospheric CO2 concentration. Photosynthesis and respiration run in parallel during measurements of net ecosystem exchange, and these measurements should therefore be performed with care to both the atmospheric CO2 concentration and the CO2 soil-atmosphere gradient....

  12. Spot Markets Indices as Benchmarks of Formation of Future Price Trends in the Power Exchanges of Eastern Europe

    Directory of Open Access Journals (Sweden)

    Polikevych Nataliya I.

    2016-01-01

    Full Text Available The article is concerned with a theoretical generalization of the use of indices for electric power at the European spot exchanges and elaborating proposals on establishment of a similar spot index for the Ukrainian power exchange. 16 indices that are published daily by the power exchanges BSP Regional Energy Exchange, Power Exchange Central Europe, Polish Power Exchange and Opcom have been analyzed. It has been indicated that these indices are used for electricity price forecasting and monitoring the situation in the power market. The article examines the way spot indices are calculated by power exchanges, based on the value of the arithmetic average of market prices «day ahead». Imperfection of such way of calculation for price index values has been substantiated. The key characteristics of the future price index for Ukrainian spot market as benchmarks within the introduction of futures contracts for electricity have been identified.

  13. A study on relationship between abnormal accruals and future profitability: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2013-11-01

    Full Text Available This paper presents an empirical investigation to study the relationship between future profitability and abnormal accruals on selected firms from Tehran Stock Exchange (TSE. The study selects 223 firms from TSE market over the period 2007-2011. Using the regression analysis, the study shows there was no meaningful relationship between abnormal earnings and future profitability when the level of significance is five percent. There are also seven sub-hypotheses associated with the proposed study of this paper. The results indicate that while there were no meaningful relationship between firm size, ratio of book value to equity, capital expenditure, earnings quality, earning forecasted error and book value leverage on one side and future earnings, the study confirms a significance relationship between market leverage and future earnings.

  14. Big questions cloud Iraq's future role in world oil market

    International Nuclear Information System (INIS)

    Tippee, B.

    1992-01-01

    This paper reports that Iraq raises questions for the world oil market beyond those frequently asked about when and under what circumstances it will resume exports. Two wars since 1981 have obscured encouraging results from a 20 year exploration program that were only beginning to come to light when Iraq invaded Kuwait in August 1990. Those results indicate the country might someday be able to produce much more than the 3.2 million b/d it was flowing before a United Nations embargo blocked exports. If exploratory potential is anywhere near what officials asserted in the late 1980s, and if Iraq eventually turns hospitable to international capital, the country could become a world class opportunity for oil companies as well as an exporter with productive capacity approaching that of Saudi Arabia. But political conditions can change quickly. Under a new, secular regime, Iraq might welcome non-Iraqi oil companies and capital as essential to economic recovery. It's a prospect that warrants a new industry look at what the country has revealed about its geology and exploration history

  15. Epitaxial exchange-bias systems: From fundamentals to future spin-orbitronics

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Wei; Krishnan, Kannan M.

    2016-07-01

    Exchange bias has been investigated for more than half a century and several insightful reviews, published around the year 2000, have already summarized many key experimental and theoretical aspects related to this phenomenon. Since then, due to developments in thin-film fabrication and sophisticated characterization methods, exchange bias continues to show substantial advances; in particular, recent studies on epitaxial systems, which is the focus of this review, allow many long-standing mysteries of exchange bias to be unambiguously resolved. The advantage of epitaxial samples lies in the well-defined interface structures, larger coherence lengths, and competing magnetic anisotropies, which are often negligible in polycrystalline samples. Beginning with a discussion of the microscopic spin properties at the ferromagnetic/antiferromagnetic interface, we correlate the details of spin lattices with phenomenological anisotropies, and finally connect the two by introducing realistic measurement approaches and models. We conclude by providing a brief perspective on the future of exchange bias and related studies in the context of the rapidly evolving interest in antiferromagnetic spintronics.

  16. Humps in the volatility structure of the crude oil futures market: New evidence

    International Nuclear Information System (INIS)

    Chiarella, Carl; Kang, Boda; Nikitopoulos, Christina Sklibosios; Tô, Thuy-Duong

    2013-01-01

    This paper analyses the volatility structure of commodity derivatives markets. The model encompasses hump-shaped, unspanned stochastic volatility, which entails a finite-dimensional affine model for the commodity futures curve and quasi-analytical prices for options on commodity futures. Using an extensive database of crude oil futures and futures options spanning 21 years, we find the presence of hump-shaped, partially spanned stochastic volatility in the crude oil market. The hump shaped feature is more pronounced when the market is more volatile, and delivers better pricing as well as hedging performance under various dynamic factor hedging schemes. - Highlights: • This paper analyses the volatility structure of commodity derivatives markets. • 21-years of data on crude oil futures and futures options is used. • The crude oil futures market has hump-shaped, unspanned stochastic volatility. • The hump shaped feature is more pronounced when the market is more volatile. • Hump shape delivers better pricing and hedging compared to exponential decay

  17. Crude oil pricing in Asia and future problems; Asia no gen`yu pricing to kongo no kadai

    Energy Technology Data Exchange (ETDEWEB)

    Kato, T. [The Institute of Energy Economics, Tokyo (Japan)

    1997-01-30

    This paper describes pricing factors of crude oil for Asia and future problems. Price of the Middle East crude oil for Asia is determined by linking the spot price of Dubayy crude oil using as a marker. Factors affecting the pricing of marker crude oil include the information dispatching functions for prices of spot market and paper market of marker crude oil, the presence of competitive crude oil, and the correlation between market of oil products and price of crude oil. The paper market of Dubayy crude oil with a small scale of trading provides poor impact and transparency. In Asia, there is no strong competitive crude oil except the Middle East crude oil. There is only a weak price linking between crude oil and products. These are the background that the price of Middle East crude oil stays at the high level and the price adjusting functions are hard to work. The marker crude oil should be changed to another except Dubayy crude oil, and information should be dispatched from purchasers based on the stable standard crude oil. The real paper market should be created, and the force of speaking to oil producing countries should be enhanced by concentrating forces of major oil consuming countries in Asia. It is necessary to find out competitive crude oils. 5 figs., 6 tabs.

  18. Ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions

    DEFF Research Database (Denmark)

    Selsted, Merete Bang

    on ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions, shows that extended summer drought in combination with elevated temperature will ensure permanent dryer soil conditions, which decreases carbon turnover, while elevated atmospheric CO2 concentrations will increase....... Fluxes of CO2 from soil to atmosphere depend on a physical equilibrium between those two medias, why it is important to keep the CO2 gradient between soil and atmosphere unchanged during measurement. Uptake to plants via photosynthesis depends on a physiological process, which depends strongly...... on the atmospheric CO2 concentration. Photosynthesis and respiration run in parallel during measurements of net ecosystem exchange, and these measurements should therefore be performed with care to both the atmospheric CO2 concentration and the CO2 soil-atmosphere gradient....

  19. Future Issues and Approaches to Health Monitoring and Failure Prevention for Oil-Free Gas Turbines

    Science.gov (United States)

    DellaCorte, Christopher

    2004-01-01

    Recent technology advances in foil air bearings, high temperature solid lubricants and computer based modeling has enabled the development of small Oil-Free gas turbines. These turbomachines are currently commercialized as small (<100 kW) microturbine generators and larger machines are being developed. Based upon these successes and the high potential payoffs offered by Oil-Free systems, NASA, industry, and other government entities are anticipating Oil-Free gas turbine propulsion systems to proliferate future markets. Since an Oil-Free engine has no oil system, traditional approaches to health monitoring and diagnostics, such as chip detection, oil analysis, and possibly vibration signature analyses (e.g., ball pass frequency) will be unavailable. As such, new approaches will need to be considered. These could include shaft orbit analyses, foil bearing temperature measurements, embedded wear sensors and start-up/coast down speed analysis. In addition, novel, as yet undeveloped techniques may emerge based upon concurrent developments in MEMS technology. This paper introduces Oil-Free technology, reviews the current state of the art and potential for future turbomachinery applications and discusses possible approaches to health monitoring, diagnostics and failure prevention.

  20. Life cycle energy and greenhouse gas emissions from transportation of Canadian oil sands to future markets

    International Nuclear Information System (INIS)

    Tarnoczi, Tyler

    2013-01-01

    Oil sands transportation diversification is important for preventing discounted crude pricing. Current life cycle assessment (LCA) models that assess greenhouse gas (GHG) emissions from crude oil transportation are linearly-scale and fail to account for project specific details. This research sets out to develop a detailed LCA model to compare the energy inputs and GHG emissions of pipeline and rail transportation for oil sands products. The model is applied to several proposed oils sands transportation routes that may serve as future markets. Comparison between transportation projects suggest that energy inputs and GHG emissions show a high degree of variation. For both rail and pipeline transportation, the distance over which the product is transported has a large impact on total emissions. The regional electricity grid and pump efficiency have the largest impact on pipeline emissions, while train engine efficiency and bitumen blending ratios have the largest impact on rail transportation emissions. LCA-based GHG regulations should refine models to account for the range of product pathways and focus efforts on cost-effective emission reductions. As the climate-change impacts of new oil sands transportation projects are considered, GHG emission boundaries should be defined according to operation control. -- Highlights: •A life cycle model is developed to compare transportation of oil sands products. •The model is applied to several potential future oil sands markets. •Energy inputs and GHG emissions are compared. •Model inputs are explored using sensitivity analysis. •Policy recommendations are provided

  1. Sorption of (226)Ra from oil effluents onto synthetic cation exchangers.

    Science.gov (United States)

    Al Attar, Lina; Safia, Bassam

    2013-07-30

    Increasing environmental awareness is being urged for the safe disposal of (226)Ra-contaminated production water generated in the oil industry. Birnessite, antimony silicate and their cationic derivatives were studied for the take-up of (226)Ra using the batch-type method under experimentally determined parameters, viz. contact time, solution-solid ratio and (226)Ra concentration. Data was expressed in terms of distribution coefficients. Sorption experiments were performed in different concentrations of nitric acid in order to speculate the mechanism of (226)Ra uptake. Variation in the magnitude of sorption efficiency of the materials in the presence of the major components of waste streams, i.e. Na(+), K(+) and Ca(2+), revealed that K(+) was the greatest competitor and Na(+) the least. The application of the materials to sorb (226)Ra from actual oil co-production water samples, collected from Der Ezzor and Al Fourat petroleum companies (DEZPC and AFPC), was interpreted in terms of the exchange properties of the materials and water characterisation. Of the parameters studied, the selectivity of materials was shown to be greatly dependent on the pH of wastewater to be treated. Copyright © 2013 Elsevier Ltd. All rights reserved.

  2. Full Thickness Macular Hole Closure after Exchanging Silicone-Oil Tamponade with C3F8 without Posturing

    Directory of Open Access Journals (Sweden)

    Tina Xirou

    2011-05-01

    Full Text Available Purpose: To report a case of macular hole closure after the exchange of a silicone-oil tamponade with gas C3F8 14%. Method: A 64-year-old female patient with a stage IV macular hole underwent a three-port pars-plana vitrectomy and internal limiting membrane peeling. Due to the patient’s chronic illness (respiratory problems, a silicone-oil tamponade was preferred. However, the macula hole was still flat opened four months postoperatively. Therefore, the patient underwent an exchange of silicone oil with gas C3F8 14%. No face-down position was advised postoperatively due to her health problems. Results: Macular hole closure was confirmed with optical coherence tomography six weeks after exchanging the silicone oil with gas. Conclusions: Macular hole surgery using a silicone-oil tamponade has been proposed as treatment of choice for patients unable to posture. In our case, the use of a long-acting gas (C3F8 14%, even without posturing, proved to be more effective.

  3. Midstream streamlining: crude-oil document exchange would be faster with fewer errors

    Energy Technology Data Exchange (ETDEWEB)

    Roche, P.

    2001-11-01

    WellPoint Systems, a Calgary-based oil and gas software firm has designed an Internet-based crude-oil document exchange system, dubbed CDOX, that would see battery operators filling out production forecast forms on the systems they are using now, but instead of faxing the form to pipeline and terminal operators the operator could automatically transmit data over the Internet to the intended companies' computers. Unlike e-mail, the information would be put in place at the receiving end without human intervention. At the heart of the system is a digital hub that securely routes documents from one system to another. Each participating company only has to keep its own profile information up to date, instead of managing hundreds of customer e-mail addresses. The system would run on software provided by webMethods Inc., a Fairfax, Virginia-based B2B software provider. Documents will be in extensible markup language (XML) which is more flexible than HTML, allowing groups of users to create their own tags or extensions, for integrated information flows and automated business-to-business transactions. Advantages are lower cost due to automated loading; CDOX would eliminate the need for manual retyping of faxed data and the errors made during this process; pipeline operators could start analyzing the data immediately rather than waiting to have the data keyed into their systems. A one-year pilot project is now being organized by WellPoint Systems. The pilot project will include crude oil shippers and pipeline operators. WellPoint hopes that the monthly Form A battery operators' forecast will be moving on the system within three months. During the rest of the year pilot project seven other documents are planned to be added, including notice of shipment and shippers balance.

  4. Factors affecting future crude oil production in South East Asia

    International Nuclear Information System (INIS)

    Baugh, M.A.

    1996-01-01

    In the face of booming regional demand, crude oil production in the South East Asian region will decline from a 1996 peak of 5.7 million barrels a day to 3.5 million barrels a day in 2005 unless major new exploration investments are undertaken. The current fiscal terms for such investment will not attract continued significant funds to the region given the low crude price outlook, tough competitive global environment for the upstream industry, and the emergence of more attractive fiscal terms in politically and commercially stable countries with proven prospectivity. There is evidence from the emerging trend toward fiscal terms softening and differentiation around risk in some countries, that the commercial reality is becoming accepted. It remains to be seen if the various national political, bureaucratic and industry constituencies guiding these decisions within the region can respond decisively to mitigate the growing crude import dependency. (author). 2 tabs

  5. Hedging Break-Even Biodiesel Production Costs Using Soybean Oil Futures

    OpenAIRE

    Graf, Johannes; McKenzie, Andrew M.; Popp, Michael P.

    2008-01-01

    The effectiveness of hedging volatile input prices for biodiesel producers is examined over one- to eight-week time horizons. Results reveal that hedging break-even soybean costs with soybean oil futures offers significant reductions in input price risk. The degree of risk reduction is dependent upon type of hedge, naïve or risk-minimizing, and upon time horizon. In contrast, cross-hedging break-even poultry fat costs with soybean oil futures failed to reduce input price risk.

  6. Competitive removal of heavy metal ions from squid oil under isothermal condition by CR11 chelate ion exchanger.

    Science.gov (United States)

    Tavakoli, Omid; Goodarzi, Vahabodin; Saeb, Mohammad Reza; Mahmoodi, Niyaz Mohammad; Borja, Rafael

    2017-07-15

    Heavy metal ions (HMIs) are serious threats to the environment. Sub-critical water treatment was used to mimic contamination of squid oil in aqueous, metal-soap and oil phases. Isothermal adsorption of HMIs (Cu 2+ , Pb 2+ , Cd 2+ and Zn 2+ ) was studied from aqueous phase to oil phase (493, 523, 548, and 573K) for solutions with different initial concentration of HMIs was studied. Decomposition of glycerides into fatty acids was favored at high subcritical temperatures, with metal-soap phase showing the highest chelation ability toward Cu 2+ (96%, isotherm 573K). The removal-ability of HMIs from contaminated oil was performed by CR11 chelate ion exchanger, showing facilitated removal from metal-soap and oil phases at low temperatures compared to general-purpose PEI-chitosan bead and PEI-chitosan fiber sorbents. The chelation behavior of Pb 2+ and Cd 2+ was the same in the OIL, with maximum values of 5.7×10 -3 (mol/l) and 5.0×10 -3 (mol/l) at 573K, respectively. By contrast, concentration of Zn 2+ ion showed a slight increase with increasing temperature due to electrostatic forces between Zn 2+ and active sites of glycerides in oil phase. For oil solution, the selectivity of adsorption for CR11, especially for Zn 2+ , was at least five-fold larger compared to PEI-chitosan bead and PEI-chitosan fiber adsorbents. Copyright © 2017 Elsevier B.V. All rights reserved.

  7. State sells oil and gas shares in Norway - Statoil to stock exchange list; Norjan valtio myy oeljy- ja kaasuosuuksiaan - Statoil poerssiin

    Energy Technology Data Exchange (ETDEWEB)

    Kimpanpaeae, M.

    2001-07-01

    After several months debate the government of Norway has decided to sell parts of the national oil-company Staoil as well as state-owned gas and oil shares. The government has stated that in the first stage it would be possible to privatize 20% of the Statoil. The market value of Staoil in summer 1999 was estimated to 120 billion NOK and the value has been estimated to increase ever since. The same proposal includes selling 20% of the national oil and gas shares SDOEE. 15 % would be sold to Statoil before listing the company into the stock exchange and the rest to Norsk Hydro and other national and international companies. The remaining share, the value of which is about 500 billion NOK, will become a part of a new state-owned company. The oil and energy ministry of Norway has estimated that the market value of SDOEE is about 600 billion NOK. Advisory committee decided to increase the share to be sold of SDOEE to 21.5%, the share of other companies being 6.5%. SDOEE was grounded in 1985. Since then a part of the oil and gas income of Statoil has gone into the balances of Statoil and another part directly to the state. Statoil has been responsible for the oil and gas sales of SDOEE. SDOEE's gas and oil reserves have been estimated to be about 9.8 billion barrels, 35% of which is oil and the rest natural gas. A new independent state owned company will be founded for transport of natural gas as a part of the change process. Oil companies and other energy companies will deliver the natural gas also in the future. In addition to the national arrangements, the EU's gas market directive will lead to changes in the Norwegian gas sales. As a part of the European Economic Area Norway will put the EU's gas markets directive into force without any transition period. The directive will decrease the price of natural gas and hence the income of Norway from natural gas is estimated to decrease significantly. At the moment the sales company GFU is responsible for

  8. Price volatility, trading volume, and market depth in Asian commodity futures exchanges

    Directory of Open Access Journals (Sweden)

    Tanachote Boonvorachote

    2016-01-01

    Full Text Available This paper empirically investigates the impact of trading activity including trading volume and open interest on price volatility in Asian futures exchanges. Trading volume and open interest represent market information for investors. This study uses three different definitions of volatility: (1 daily volatility measured by close-to-close returns, (2 non-trading volatility measured by close-to-open returns, and (3 trading volatility measured by open-to-close returns. The impact of trading volume and open interest on price volatility is investigated. Following Bessembinder and Seguin (1993, volume and open interest are divided into expected and unexpected components. The GARCH (1,1 model is employed using expected and unexpected components of trading activity (volume and open interest as explanatory variables. The results show a positive contemporaneous relationship between expected and unexpected trading volume and volatility, while open interest mitigates volatility. Policy makers can use these findings to suggest to investors that trading activity (volume and open interest is a proxy of market information flowing to exchanges, especially unexpected trading activity. New information flowing to exchanges can mostly be noticed in unexpected trading volumes and open interests.

  9. The Share Price and Investment: Current Footprints for Future Oil and Gas Industry Performance

    Directory of Open Access Journals (Sweden)

    Ionel Jianu

    2018-02-01

    Full Text Available The share price has become a very important indicator for shareholders, banks, and financial institutions evaluating the performance of companies. The oil and gas industry seems to be in a difficult era of development, due to the market prices for its products. Moreover, climate change and renewable energies are barriers for fossil energy. This state of affairs, and the fact that oil and gas shares are considered one of the most solid and reliable shares on the London Stock Exchange (LSE, have drawn our attention. International institutions encourage the investment in the oil and gas economic sector. This study investigates how investments of oil and gas companies in long-term assets influence the share price. Using the Ohlson share price model for a sample of 51 listed companies on the LSE proves that investments in long-term assets influence the share price in the case of companies which record losses. Investments in long-term assets are responsible for the attractiveness of the oil and gas company shares.

  10. Comment on the UPS (and past and future downs) of the oil price

    International Nuclear Information System (INIS)

    Walde, T.

    2000-01-01

    Crude oil has been rising to levels over 35 US$ per barrel from the very low prices of early 1999 - close to 10 $. In real, inflation-adjusted terms, this leaves it still at a third of the prices prevailing during the peak of 1981. This trend has been accelerated currently by short-term influences market factors. Who could have forecasted such price evolution by January 1999, when crude prices were collapsing, following the series of financial crises in Asia, Russia and Brazil? The current oil price surge has been breaking once again every 'crystal ball' and mathematical model designed to predict short-or-long-term oil price evolution - foremost the models used by the international oil companies and their advisers, chastened by the embarrassment of earlier optimism. Old ghosts that used to scare the world during the energy crisis of the 1970's and 1980's are waking up again. Traditional forces that have since 1985 and throughout the whole 1990's given economic rationality to crude price behaviour, seem to be losing ground and are unable to restore a more sustainable level of oil prices. Political forces, silent since the price collapse of 1985/86, have again raised their head and bringing to the fore historic contradictions and problems never solved. This paper covers this new reality. We are too cautions to dare to forecast, but rather identify factors that have to be considered in speculating about the future evolution of oil prices. The changing weight of those factors will continue to influence the future of the oil price - without much interest (apart from the producers) when low but again greatly debated when, as now, up again. (authors)

  11. Treatment by absorbers of oil contaminated process waters. Ion exchange resins and filtration

    International Nuclear Information System (INIS)

    La Gamma, Ana M.; Becquart, Elena T.; Chocron, Mauricio; Ambrosioni, P.M.; Schoenbrod, B.

    2003-01-01

    Pressurized Heavy Water Reactors have a system devoted to the purification and upgrading of the collected heavy water leaks. The purification train is fed with different degradation ratios (D 2 O/H 2 O) activities and impurities. The water is distilled in a packed bed column filled with a mesh type packing. With the purpose of minimizing the column stack corrosion, the water is pretreated in a train consisting on an activated charcoal bed-strong cationic-anionic resin and a final polishing mixed bed resin. Traces of oils are retained by the charcoal bed but some compounds extracted by the aqueous phase are suspected to be responsible for the resins fouling or precursors of potentially aggressive agents inside the distillation column. In the present work, the identification, evaluation of alternatives for the retention like dead end and cross flow micro filtration, adsorption and ion exchange were tested and the results compared to the original products present in the water upgrading purification train. (author)

  12. Microbial transformation of the Deepwater Horizon oil spill – past, present, and future perspectives

    Directory of Open Access Journals (Sweden)

    Nikole E. Kimes

    2014-11-01

    Full Text Available The Deepwater Horizon blowout, which occurred on April 20, 2010, resulted in an unprecedented oil spill. Despite a complex effort to cap the well, oil and gas spewed from the site until July 15, 2010. Although a large proportion of the hydrocarbons was depleted via natural processes and human intervention, a substantial portion of the oil remained unaccounted for and impacted multiple ecosystems throughout the Gulf of Mexico. The depth, duration and magnitude of this spill were unique, raising many questions and concerns regarding the fate of the hydrocarbons released. One major question was whether or not microbial communities would be capable of metabolizing the hydrocarbons, and if so, by what mechanisms and to what extent? In this review, we summarize the microbial response to the oil spill as described by studies performed during the past four years, providing an overview of the different responses associated with the water column, surface waters, deep-sea sediments, and coastal sands/sediments. Collectively, these studies provide evidence that the microbial response to the Deepwater Horizon oil spill was rapid and robust, displaying common attenuation mechanisms optimized for low molecular weight aliphatic and aromatic hydrocarbons. In contrast, the lack of evidence for the attenuation of more recalcitrant hydrocarbon components suggests that future work should focus on both the environmental impact and metabolic fate of recalcitrant compounds, such as oxygenated oil components.

  13. Ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions

    DEFF Research Database (Denmark)

    Selsted, Merete Bang

    on ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions, shows that extended summer drought in combination with elevated temperature will ensure permanent dryer soil conditions, which decreases carbon turnover, while elevated atmospheric CO2 concentrations will increase......Global change is a reality. Atmospheric CO2 levels are rising as well as mean global temperature and precipitation patterns are changing. These three environmental factors have separately and in combination effect on ecosystem processes. Terrestrial ecosystems hold large amounts of carbon, why...... understanding plant and soil responses to such changes are necessary, as ecosystems potentially can ameliorate or accelerate global change. To predict the feedback of ecosystems to the atmospheric CO2 concentrations experiments imitating global change effects are therefore an important tool. This work...

  14. Ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions

    DEFF Research Database (Denmark)

    Selsted, Merete Bang

    Global change is a reality. Atmospheric CO2 levels are rising as well as mean global temperature and precipitation patterns are changing. These three environmental factors have separately and in combination effect on ecosystem processes. Terrestrial ecosystems hold large amounts of carbon, why...... understanding plant and soil responses to such changes are necessary, as ecosystems potentially can ameliorate or accelerate global change. To predict the feedback of ecosystems to the atmospheric CO2 concentrations experiments imitating global change effects are therefore an important tool. This work...... on ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions, shows that extended summer drought in combination with elevated temperature will ensure permanent dryer soil conditions, which decreases carbon turnover, while elevated atmospheric CO2 concentrations will increase...

  15. Ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions

    Energy Technology Data Exchange (ETDEWEB)

    Bang Selsted, M.

    2010-07-15

    Global change is a reality. Atmospheric CO{sub 2} levels are rising as well as mean global temperature and precipitation patterns are changing. These three environmental factors have separately and in combination effect on ecosystem processes. Terrestrial ecosystems hold large amounts of carbon, why understanding plant and soil responses to such changes are necessary, as ecosystems potentially can ameliorate or accelerate global change. To predict the feedback of ecosystems to the atmospheric CO{sub 2} concentrations experiments imitating global change effects are therefore an important tool. This work on ecosystem-atmosphere exchange of carbon in a heathland under future climatic conditions, shows that extended summer drought in combination with elevated temperature will ensure permanent dryer soil conditions, which decreases carbon turnover, while elevated atmospheric CO{sub 2} concentrations will increase carbon turnover. In the full future climate scenario, carbon turnover is over all expected to increase and the heathland to become a source of atmospheric CO{sub 2}. The methodology of static chamber CO{sub 2} flux measurements and applying the technology in a FACE (free air CO{sub 2} enrichment) facility is a challenge. Fluxes of CO{sub 2} from soil to atmosphere depend on a physical equilibrium between those two medias, why it is important to keep the CO{sub 2} gradient between soil and atmosphere unchanged during measurement. Uptake to plants via photosynthesis depends on a physiological process, which depends strongly on the atmospheric CO{sub 2} concentration. Photosynthesis and respiration run in parallel during measurements of net ecosystem exchange, and these measurements should therefore be performed with care to both the atmospheric CO{sub 2} concentration and the CO{sub 2} soil-atmosphere gradient. (author)

  16. Soil-atmosphere trace gas exchange from tropical oil palm plantations on peat

    Science.gov (United States)

    Arn Teh, Yit; Manning, Frances; Zin Zawawi, Norliyana; Hill, Timothy; Chocholek, Melanie; Khoon Kho, Lip

    2015-04-01

    Oil palm is the largest agricultural crop in the tropics, accounting for 13 % of all tropical land cover. Due to its large areal extent, oil palm cultivation may have important implications not only for terrestrial stores of C and N, but may also impact regional and global exchanges of material and energy, including fluxes of trace gases and water vapor. In particular, recent expansion of oil palm into tropical peatlands has raised concerns over enhanced soil C emissions from degradation of peat, and elevated N-gas fluxes linked to N fertilizer application. Here we report our preliminary findings on soil carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O) fluxes from a long-term, multi-scale project investigating the C, N and greenhouse gas (GHG) dynamics of oil palm ecosystems established on peat soils in Sarawak, Malaysian Borneo. Flux chamber measurements indicate that soil CO2, CH4 and N2O fluxes averaged 20.0 ± 16.0 Mg CO2-C ha-1 yr-1, 37.4 ± 29.9 kg CH4-C ha-1 yr-1 and 4.7 ± 4.2 g N2O-N ha-1 yr-1, respectively. Soil CO2 fluxes were on par with other drained tropical peatlands; whereas CH4 fluxes exceeded observations from similar study sites elsewhere. Nitrous oxide fluxes were in a similar range to fluxes from other drained tropical peatlands, but lower than emissions from mineral-soil plantations by up to three orders of magnitude. Fluxes of soil CO2 and N2O were spatially stratified, and contingent upon the distribution of plants, deposited harvest residues, and soil moisture. Soil CO2 fluxes were most heavily influenced by the distribution of palms and their roots. On average, autotrophic (root) respiration accounted for approximately 78 % of total soil CO2 flux, and total soil respiration declined steeply away from palms; e.g. soil CO2 fluxes in the immediate 1 m radius around palms were up to 6 times greater than fluxes in inter-palm spaces due to higher densities of roots. Placement of harvest residues played an important - but secondary

  17. Analysis of the Dynamic Evolutionary Behavior of American Heating Oil Spot and Futures Price Fluctuation Networks

    Directory of Open Access Journals (Sweden)

    Huan Chen

    2017-04-01

    Full Text Available Heating oil is an extremely important heating fuel to consumers in northeastern United States. This paper studies the fluctuations law and dynamic behavior of heating oil spot and futures prices by setting up their complex network models based on the data of America in recent 30 years. Firstly, modes are defined by the method of coarse graining, the spot price fluctuation network of heating oil (HSPFN and its futures price fluctuation network (HFPFN in different periods are established to analyze the transformation characteristics between the modes. Secondly, several indicators are investigated: average path length, node strength and strength distribution, betweeness, etc. In addition, a function is established to measure and analyze the network similarity. The results show the cumulative time of new nodes appearing in either spot or futures price network is not random but exhibits a growth trend of straight line. Meanwhile, the power law distributions of spot and futures price fluctuations in different periods present regularity and complexity. Moreover, these prices are strongly correlated in stable fluctuation period but weak in the phase of sharp fluctuation. Finally, the time distribution characteristics of important modes in the networks and the evolution results of the topological properties mentioned above are obtained.

  18. Use of Cymbopogon citratus essential oil in food preservation: Recent advances and future perspectives.

    Science.gov (United States)

    Ekpenyong, Christopher E; Akpan, Ernest E

    2017-08-13

    The economic burdens and health implications of food spoilage are increasing. Contamination of food sources by fungi, bacteria, yeast, nematodes, insects, and rodents remains a major public health concern. Research has focused on developing safer natural products and innovations to meet consumers' acceptance as alternatives to synthetic food preservatives. Many recent novel preservative techniques and applications of both natural and synthetic origin continue to proliferate in food and chemical industries. In particular, some essential oils of plant origin are potent food preservatives and are thus attractive alternatives to synthetic preservatives. This paper provides an overview of recent advances and future prospects in assessing the efficacy of the use of Cymbopogon citratus (lemongrass) essential oil in food preservation. The possible mechanisms of action and toxicological profile as well as evidence for or against the use of this essential oil as an alternative to synthetic food preservatives in domestic and industrial applications are discussed.

  19. Dynamically Hedging Oil and Currency Futures Using Receding Horizontal Control and Stochastic Programming

    Science.gov (United States)

    Cottrell, Paul Edward

    There is a lack of research in the area of hedging future contracts, especially in illiquid or very volatile market conditions. It is important to understand the volatility of the oil and currency markets because reduced fluctuations in these markets could lead to better hedging performance. This study compared different hedging methods by using a hedging error metric, supplementing the Receding Horizontal Control and Stochastic Programming (RHCSP) method by utilizing the London Interbank Offered Rate with the Levy process. The RHCSP hedging method was investigated to determine if improved hedging error was accomplished compared to the Black-Scholes, Leland, and Whalley and Wilmott methods when applied on simulated, oil, and currency futures markets. A modified RHCSP method was also investigated to determine if this method could significantly reduce hedging error under extreme market illiquidity conditions when applied on simulated, oil, and currency futures markets. This quantitative study used chaos theory and emergence for its theoretical foundation. An experimental research method was utilized for this study with a sample size of 506 hedging errors pertaining to historical and simulation data. The historical data were from January 1, 2005 through December 31, 2012. The modified RHCSP method was found to significantly reduce hedging error for the oil and currency market futures by the use of a 2-way ANOVA with a t test and post hoc Tukey test. This study promotes positive social change by identifying better risk controls for investment portfolios and illustrating how to benefit from high volatility in markets. Economists, professional investment managers, and independent investors could benefit from the findings of this study.

  20. Forecasting the term structure of crude oil futures prices with neural networks

    Czech Academy of Sciences Publication Activity Database

    Baruník, Jozef; Malinská, B.

    2016-01-01

    Roč. 164, č. 1 (2016), s. 366-379 ISSN 0306-2619 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Term structure * Nelson–Siegel model * Dynamic neural networks * Crude oil futures Subject RIV: AH - Economics Impact factor: 7.182, year: 2016 http://library.utia.cas.cz/separaty/2016/E/barunik-0453168.pdf

  1. 78 FR 62817 - Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-22

    ... Proposed Rule Change Relating to the Notification and Reporting Provisions for Exchange of Contract for... notification and reporting provisions contained in CFE Rules 414 (Exchange of Contract for Related Position... provisions contained in CFE Rules 414 (Exchange of Contract for Related Position) and 415 (Block Trades...

  2. Peering into Alberta’s Darkening Future: How Oil Prices Impact Alberta’s Royalty Revenues

    Directory of Open Access Journals (Sweden)

    Sarah Dobson

    2015-03-01

    Full Text Available The price of oil just keeps collapsing — and the fate of Alberta’s revenues is buckling with it. Going into March 2015, it seemed as if prices might have finally found a bottom, somewhere between US$48 and US$52. By the second week of March, they began falling again, to the low forties. These are prices the Alberta government had not even ventured to fathom when first putting together its forecasts for the impact of falling oil prices on the province’s finances. Come the fourth quarter of the Alberta government’s 2014/15 fiscal year, the province’s finances will begin to really feel the blow from the plunge in oil, as royalty payments dry up significantly. Come the 2015/16 fiscal year, the situation becomes even bleaker. In fact, the current fiscal year will seem pleasant compared to the next one. Due to a stronger than expected first half of the year, actual bitumen and crude oil royalties collected in Alberta from April to September 2014 exceeded estimates by $1.3 billion. That will mitigate some of the damage that the continuing slide in prices will cause by the year’s end, with the government’s third quarter update showing expected year-end crude oil and bitumen royalty revenues falling short of the budget target by $549 million. So severe has the fall in oil prices been that, in March 2015, the number of barrels of conventional oil that the government collects in royalties could plummet by up to 53,000 barrels from the 2014/15 budget forecast, declining to just 4,100 barrels per day. This suggests that prices may be nearing a point where royalty collection from conventional crude oil production is at risk of being virtually eliminated. Bitumen royalties are not faring much better. Relative to July 2014, per barrel royalties in February 2015 have potentially declined by 60 to 90 per cent. All told, the combined effect of the changing exchange rate, lower prices, and the lower royalty rates that take effect in this low

  3. The emergence of electronic trading in global financial markets: envisioning the role of futures exchanges in the next millennium

    OpenAIRE

    Susan V. Scott

    1999-01-01

    This paper describes our case study based research exploring the shift from traditional ‘open-outcry’ to electronic trading in the major futures Markets in London and Chicago. We outline the emergence of electronic trading in these Markets, with the aim of examining the influences that will shape the operation and interaction between major global futures exchanges in the electronic markets of the new millennium. Our empirical work has sensitised us to the usefulness of conceptual ideas on the...

  4. The Role of Implied Volatility in Forecasting Future Realized Volatility and Jumps in Foreign Exchange, Stock and Bond Markets

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper

    We study the forecasting of future realized volatility in the stock, bond, and foreign exchange markets, as well as the continuous sample path and jump components of this, from variables in the information set, including implied volatility backed out from option prices. Recent nonparametric...... relative to both continuous and jump components of past realized volatility. Perhaps surprisingly, the jump component of realized return volatility is, to some extent, predictable, and options appear to be calibrated to incorporate information about future jumps....

  5. A time-series analysis of the crude oil spot and futures markets

    International Nuclear Information System (INIS)

    Quan Jing.

    1990-01-01

    First, the existence of the relationship is tested. Second, after the relationship is established, it is tested to determine the direction of causality. Most of previous research on this issue ignored the first step, and the existence of the relationship was taken for granted. Unfortunately, however, this assumption is not justified since it does not necessarily hold. The first relationship investigated in this study is between the crude oil spot and futures prices. It is found that spot price leads futures prices instead of the futures price providing information on the spot price. Two additional relationships studied are those between the OPEC oil supply and the futures prices and that between the same supply and spot prices. In the case of OPEC supply and spot prices, a self-adaptive model with supply interruption dummy variables is introduced to study the price behavior. It is found that prices follow an adaptive process, that is, the previous price information offers powerful influence on the current price

  6. Private Health Insurance Exchanges: Early Evidence and Implications for the Future.

    Science.gov (United States)

    Buttorff, Christine; Nowak, Sarah; Syme, James; Eibner, Christine

    2017-01-01

    Private health insurance exchanges offer employer health insurance, combining online shopping, increased plan choice, benefit administration, and cost-containment strategies. This article examines how private exchanges function, how they may affect employers and employees, and the possible implications for the Affordable Care Act's (ACA's) Small Business Health Options Program (SHOP) Marketplaces. The authors found that private exchanges could encourage employees to select less-generous plans. This could expose employees to higher out-of-pocket costs, but premium contributions would drop substantially, so net spending would decrease. On the other hand, employee spending may increase if, in moving to private exchanges, employers decrease their health insurance contributions. Most employers can avoid the ACA's "Cadillac tax" by reducing the generosity of the plans they offer, regardless of whether they move to a private exchange. There is not yet enough evidence to determine whether the private exchanges will become prominent in the insurance market and how they will affect employers and their employees.

  7. Oil consumption and CO2 emissions in China's road transport: current status, future trends, and policy implications

    International Nuclear Information System (INIS)

    He Kebin; Huo Hong; Zhang Qiang; He Dongquan; An Feng; Wang, Michael; Walsh, M.P.

    2005-01-01

    With the rapid economic growth in China, the Chinese road transport system is becoming one of the largest and most rapidly growing oil consumers in China. This paper attempts to present the current status and forecast the future trends of oil demand and CO 2 emissions from the Chinese road transport sector and to explore possible policy measures to contain the explosive growth of Chinese transport oil consumption. A bottom-up model was developed to estimate the historical oil consumption and CO 2 emissions from China's road transport sector between 1997 and 2002 and to forecast future trends in oil consumption and CO 2 emissions up to 2030. To explore the importance of policy options of containing the dramatic growth in Chinese transport oil demand, three scenarios regarding motor vehicle fuel economy improvements were designed in predicting future oil use and CO 2 emissions. We conclude that China's road transportation will gradually become the largest oil consumer in China in the next two decades but that improvements in vehicle fuel economy have potentially large oil-saving benefits. In particular, if no control measures are implemented, the annual oil demand by China's road vehicles will reach 363 million tons by 2030. On the other hand, under the low- and high-fuel economy improvement scenarios, 55 and 85 million tons of oil will be saved in 2030, respectively. The scenario analysis suggests that China needs to implement vehicle fuel economy improvement measures immediately in order to contain the dramatic growth in transport oil consumption. The imminent implementation is required because (1) China is now in a period of very rapid growth in motor vehicle sales; (2) Chinese vehicles currently in the market are relatively inefficient; and (3) the turnover of a fleet of inefficient motor vehicles will take a long time

  8. Electronic trading system and returns volatility in the oil futures market

    International Nuclear Information System (INIS)

    Liao, Huei-Chu; Lee, Yi-Huey; Suen, Yu-Bo

    2008-01-01

    This paper uses daily Brent crude prices to investigate the employment of electronic trading on the returns conditional volatility in the oil futures market. After a suitable GARCH model is established, the conditional volatility series are found. The Bai and Perron model is then used to find two significant structural breaks for these conditional volatility series around two implementation dates of electronic trading. This result indicates that the change in the trading system has significant impacts on the returns volatility since our estimated second break date is very close to the all-electronic trade implementation date. Moreover, the conditional volatility in the all-electronic trading period is found to be more dominated by the temporal persistence rather than the volatility clustering effect. All these evidence can shed some light for explaining the high relationship between more volatile world oil price and the more popular electronic trade. (author)

  9. Coal and Oil: The Dark Monarchs of Global Energy : Understanding Supply and Extraction Patterns and their Importance for Future Production

    OpenAIRE

    Höök, Mikael

    2010-01-01

    The formation of modern society has been dominated by coal and oil, and together these two fossil fuels account for nearly two thirds of all primary energy used by mankind.  This makes future production a key question for future social development and this thesis attempts to answer whether it is possible to rely on an assumption of ever increasing production of coal and oil. Both coal and oil are finite resources, created over long time scales by geological processes. It is thus impossible to...

  10. Quantified moving average strategy of crude oil futures market based on fuzzy logic rules and genetic algorithms

    Science.gov (United States)

    Liu, Xiaojia; An, Haizhong; Wang, Lijun; Guan, Qing

    2017-09-01

    The moving average strategy is a technical indicator that can generate trading signals to assist investment. While the trading signals tell the traders timing to buy or sell, the moving average cannot tell the trading volume, which is a crucial factor for investment. This paper proposes a fuzzy moving average strategy, in which the fuzzy logic rule is used to determine the strength of trading signals, i.e., the trading volume. To compose one fuzzy logic rule, we use four types of moving averages, the length of the moving average period, the fuzzy extent, and the recommend value. Ten fuzzy logic rules form a fuzzy set, which generates a rating level that decides the trading volume. In this process, we apply genetic algorithms to identify an optimal fuzzy logic rule set and utilize crude oil futures prices from the New York Mercantile Exchange (NYMEX) as the experiment data. Each experiment is repeated for 20 times. The results show that firstly the fuzzy moving average strategy can obtain a more stable rate of return than the moving average strategies. Secondly, holding amounts series is highly sensitive to price series. Thirdly, simple moving average methods are more efficient. Lastly, the fuzzy extents of extremely low, high, and very high are more popular. These results are helpful in investment decisions.

  11. 78 FR 66790 - Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-11-06

    ... Proposed Rule Change Relating to the Notification Provisions for Exchange of Contract for Related Position... contained in CFE Rules 414 (Exchange of Contract for Related Position) (``ECRP'') and 415 (Block Trading... proposed rule change described in Items I, II, and III below, which Items have been prepared by CFE. The...

  12. Some properties of castor oil affecting its performance as a capacitor impregnant and their significance to future impregnant research

    International Nuclear Information System (INIS)

    Boicourt, G.P.

    1975-01-01

    For a considerable time castor oil and polychlorinated biphenyl (PCB) have been the principal impregnants used in energy-storage capacitors. Castor oil has proven to be better than PCB for pulsed applications. PCB's have come under attack as an environmental hazard, while castor oil is a vegetable product and its supply and quality are subject to fluctuation. These two facts make the development of new impregnants desirable. The properties of PCB as a capacitor impregnant are well known. This paper first compares a number of properties of castor oil and PCB's. A comparison is made between the lives of castor oil capacitors and comparable PCB energy-storage capacitors. Some of the physical and chemical properties of castor oil which make it a good pulse capacitor impregnant are examined. These properties can be used as a guide for future research on new pulse capacitor impregnants

  13. Oil and Gas in Eastern Africa: Current Developments and Future Perspectives

    International Nuclear Information System (INIS)

    Auge, Benjamin

    2015-03-01

    The position of oil companies toward East Africa has changed considerably since 2006 when the first reserves in Uganda came to light. However, for many investors interested in the region, it remains difficult to get a clear picture of the scale of developments of this sector. This paper will discuss the locations of reserves, their volumes, when they will be developed, what they will be used for, and possible impediments to their development. In addition to Uganda, Kenya, Tanzania and Mozambique, which already have ample hydrocarbon resources, it will be useful to address the future of certain countries such as Ethiopia, Somalia, Madagascar, and the Comoro Islands, which have largely underestimated potentials. (author)

  14. IMPACT OF OIL PRICES ON THE STOCK EXCHANGE OF PAKISTAN AND MALAYSIA

    OpenAIRE

    Rabia Najaf; Khakan Najaf

    2016-01-01

    The aim of this study to show the impact of changing oil prices on the stock market of Pakistan and Malaysia. Our study is trying to show that oil prices have devastated impact on all the aspects of the life. We have taken the data of 1989 to 2010.we have applied the correlation and regression analysis. Our study is showing Pakistan is the importing country therefore; it has worst impact on the oil prices of Pakistan. Normally, most of the studies revealed that there is negative association b...

  15. Future oil supply: The changing stance of the International Energy Agency

    Energy Technology Data Exchange (ETDEWEB)

    Miller, Richard G., E-mail: richardmiller99@aol.co [Oil Depletion Analysis Centre, London (United Kingdom)

    2011-03-15

    The IEA was established in 1974 with a mandate to promote energy security amongst its members, namely the states of the OECD, and to advise those members on sound energy policy. Its recent forecasts of the medium and long term prospects for oil supply, however, have wavered, alternating from optimistic to pessimistic and back again. For policy-makers, such inconsistency is difficult to deal with. Firstly we examine whether the changing outlooks seen in IEA forecasts made between 2007 and 2010 truly reflect a demonstrable, underlying change in the known facts, and we can find no such factual changes reported by the IEA. Secondly we examine whether the serious criticisms of the forecast made by other analysts have yet been addressed, and we conclude that they have not. Thirdly we consider the possible effects of the current economic downturn upon the IEA's assumptions and upon future oil supply. We conclude that all the forecasts made by the IEA appear to be too optimistic throughout this period. - Research highlights: {yields} IEA forecasts of oil supply have changed from optimistic to pessimistic and back. {yields} The reasons for the changes are listed, examined and found wanting. {yields} The most appropriate IEA forecast is nevertheless the most pessimistic one. {yields} Some criticisms of the forecast methodology and assumptions are described.

  16. Modeling nutrient transports and exchanges of nutrients between shallow regions and the open Baltic sea in present and future climate.

    Science.gov (United States)

    Eilola, Kari; Rosell, Elin Almroth; Dieterich, Christian; Fransner, Filippa; Höglund, Anders; Meier, H E Markus

    2012-09-01

    We quantified horizontal transport patterns and the net exchange of nutrients between shallow regions and the open sea in the Baltic proper. A coupled biogeochemical-physical circulation model was used for transient simulations 1961-2100. The model was driven by regional downscaling of the IPCC climate change scenario A1B from two global General Circulation Models in combination with two nutrient load scenarios. Modeled nutrient transports followed mainly the large-scale internal water circulation and showed only small circulation changes in the future projections. The internal nutrient cycling and exchanges between shallow and deeper waters became intensified, and the internal removal of phosphorus became weaker in the warmer future climate. These effects counteracted the impact from nutrient load reductions according to the Baltic Sea Action Plan. The net effect of climate change and nutrient reductions was an increased net import of dissolved inorganic phosphorus to shallow areas in the Baltic proper.

  17. North American Oil Sands: History of Development, Prospects for the Future

    National Research Council Canada - National Science Library

    Humphries, Marc

    2008-01-01

    .... Since 2004, when a substantial portion of Canada's oil sands were deemed economic, Canada, with about 175 billion barrels of proved oil sands reserves, has ranked second behind Saudi Arabia in oil reserves...

  18. Research on Land Surface Thermal-Hydrologic Exchange in Southern China under Future Climate and Land Cover Scenarios

    Directory of Open Access Journals (Sweden)

    Jianwu Yan

    2013-01-01

    Full Text Available Climate change inevitably leads to changes in hydrothermal circulation. However, thermal-hydrologic exchanging caused by land cover change has also undergone ineligible changes. Therefore, studying the comprehensive effects of climate and land cover changes on land surface water and heat exchanges enables us to well understand the formation mechanism of regional climate and predict climate change with fewer uncertainties. This study investigated the land surface thermal-hydrologic exchange across southern China for the next 40 years using a land surface model (ecosystem-atmosphere simulation scheme (EASS. Our findings are summarized as follows. (i Spatiotemporal variation patterns of sensible heat flux (H and evapotranspiration (ET under the land cover scenarios (A2a or B2a and climate change scenario (A1B are unanimous. (ii Both H and ET take on a single peak pattern, and the peak occurs in June or July. (iii Based on the regional interannual variability analysis, H displays a downward trend (10% and ET presents an increasing trend (15%. (iv The annual average H and ET would, respectively, increase and decrease by about 10% when woodland converts to the cultivated land. Through this study, we recognize that land surface water and heat exchanges are affected greatly by the future climate change as well as land cover change.

  19. Future oriented financial information (FOFI) : Should oil and gas companies use FOFI in public documents?

    International Nuclear Information System (INIS)

    Courtland, C.M.

    1998-01-01

    The issue of whether oil and gas companies should use FOFI (future-oriented financial information) in public documents was discussed. FOFI is information about prospective results of operations, financial position or changes in financial position, based on assumptions about future economic conditions and courses of actions (projections or forecasts). FOFI is not required under securities legislation unless an issuer chooses to provide it to third parties. However, if provided to one third party, it must be provided to all third parties. Five reasons why FOFI is not used by companies in the petroleum industry are given. These are: (1) it is not necessary to sell the prospectus offering, (2) if FOFI is included, the prospectus offering might, in some circumstances, be more difficult to sell, (3) if included, the FOFI may distract investors from proper analysis, (4) there are additional costs to the issuer when FOFI is included, and (5) there may be potential liability to various parties if FOFI is included and proves to be misleading. No changes to the current FOFI policy are contemplated for the immediate future, but in the longer term the reduction of the $ 500,000 minimum to $ 150,000 per investor where an offering memorandum must contain a forecast or projection, and the possible introduction of a safe harbour provision for any issuer who, in good faith, prepares FOFI, are being considered

  20. 77 FR 65747 - Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-30

    ..., and Applicable Law, Trading Privilege Holders shall comply with the CFTC regulations relating to... the disruptive practices enumerated in Section 4c(a)(5) of the Commodity Exchange Act,\\4\\ [[Page 65748... Law 111-203, 124 Stat. 1376 (2010). These abusive trading practices are already prohibited by CFE...

  1. Organ exchange in Europe--barriers and perspectives for the future.

    Science.gov (United States)

    Kirste, Günter

    2006-01-01

    The situation of organ donation and transplantation is very different among European states. No common roules about criteria for organ donation exist. The only common problem is organ shortage. As there are specific candidates for organ transplantation due to urgency and/or anatomical specifities a transeuropean network for organ exchange should be established, tor help patients on waiting list and improve international cooperation.

  2. Future nurses' cultural competencies: what are their learning experiences during exchange and studies abroad? A systematic literature review.

    Science.gov (United States)

    Kokko, Raija

    2011-07-01

    This article describes the development of cultural competence among nursing students. The focus is on illuminating the learning experiences of nursing students during their exchange. As the world gets smaller, the demand for culturally competent nurses increases. Future nurses need to be open-minded towards international cooperation and willing to develop the quality of care from a cultural point of view. Nursing education in many countries provides an option for students to learn nursing in different cultures while taking part of their studies abroad. A systematic literature search was conducted. Inductive content analysis was applied to the data consisting of empirical studies (n=7) describing nursing students' studies abroad. The process of developing cultural competence among nursing students on exchange was found to consist of three main themes, namely: (1) an increased cultural knowledge base, (2) personal growth and (3) the impact of exchange experiences on the nursing student's own practice. Studies abroad are a beneficial strategy for the development of future nurses' cultural competence. Nursing is facing a crucial challenge to recruit culturally competent nurses, because an increasing number of patients are from different cultures. Nurses with experiences of studying abroad can offer employers a resource through their preparedness for culturally competent nursing. © 2011 The Author. Journal compilation © 2011 Blackwell Publishing Ltd.

  3. Future climate effects on suitability for growth of oil palms in Malaysia and Indonesia.

    Science.gov (United States)

    Paterson, R Russell M; Kumar, Lalit; Taylor, Subhashni; Lima, Nelson

    2015-09-24

    The production of palm oil (PO) is highly profitable. The economies of the principal producers, Malaysia and Indonesia, and others, benefit considerably. Climate change (CC) will most likely have an impact on the distribution of oil palms (OP) (Elaeis guineensis). Here we present modelled CC projections with respect to the suitability of growing OP, in Malaysia and Indonesia. A process-oriented niche model of OP was developed using CLIMEX to estimate its potential distribution under current and future climate scenarios. Two Global Climate Models (GCMs), CSIRO-Mk3.0 and MIROC-H, were used to explore the impacts of CC under the A1B and A2 scenarios for 2030, 2070 and 2100. Decreases in climatic suitability for OP in the region were gradual by 2030 but became more pronounced by 2100. These projections imply that OP growth will be affected severely by CC, with obvious implications to the economies of (a) Indonesia and Malaysia and (b) the PO industry, but with potential benefits towards reducing CC. A possible remedial action is to concentrate research on development of new varieties of OP that are less vulnerable to CC.

  4. Arsenolipids in marine oils and fats: A review of occurrence, chemistry and future research needs

    DEFF Research Database (Denmark)

    Sele, Veronika; Sloth, Jens J.; Lundebye, Anne-Katrine

    2012-01-01

    that exhibit lipid soluble characteristics, the arsenolipids, in contrast to the water-soluble arsenic species. The development of analytical techniques has, however, renewed the interest in these arsenic species and significant novel findings have been published in the last couple of years. The aim...... of this review is to present current knowledge on the occurrence and chemistry of arsenolipids in marine oils, and to identify future research needs. The occurrence of arsenolipids and their relevance in marine organisms will be discussed, in addition to their relevance for consumers and industry, with respect...... to feed and food safety and legislative issues. Analytical techniques, including techniques in the early work on arsenolipids in addition to methods employed today, and relevant sample preparation will be discussed....

  5. Role of clove oil in solvent exchange-induced doxycycline hyclate-loaded Eudragit RS in situ forming gel

    Directory of Open Access Journals (Sweden)

    Thawatchai Phaechamud

    2018-03-01

    Full Text Available Solvent exchange induced in situ forming gel (ISG is the promising drug delivery system for periodontitis treatment owing to the prospect of maintaining an effective high drug level in the gingival crevicular fluid. In the present study, the influence of clove oil (CO on the characteristics of doxycycline hyclate (DH-loaded ISG comprising Eudragit RS (ERS was investigated including viscosity/rheology, syringeability, in vitro gel formation/drug release, matrix formation/solvent diffusion and antimicrobial activities. CO could dissolve ERS and increase the viscosity of ISG and its hydrophobicity could also retard the diffusion of solvent and hinder the drug diffusion; thus, the minimization of burst effect and sustained drug release were achieved effectively. All the prepared ISGs comprising CO could expel through the 27-gauge needle for administration by injection and transform into matrix depot after exposure to the simulated gingival crevicular fluid. The antimicrobial activities against Staphylococcus aureus, Escherichia coli, Streptococcus mutans and Porphyromonas gingivalis were increased when the ratio of CO and N-methyl pyrrolidone (NMP was decreased from 1:1 to 1:10 owing to higher diffusion of DH except that for C. albicans was increased as CO amount was higher. Therefore, CO could minimize the burst while prolonging the drug release of DH-loaded ERS ISG for use as a local drug delivery system for periodontitis treatment. Keywords: In situ forming gel, Eudragit RS, Clove oil, Doxycycline hyclate, Periodonditis, Burst release

  6. Bottom-up design of a gas futures market in East Asia: Lessons from the Dojima rice exchange

    Directory of Open Access Journals (Sweden)

    Xunpeng Shi

    2016-10-01

    Full Text Available The natural gas market in East Asia remains fragmented without a functioning benchmark price to duly reflect the dynamics of demand and supply forces in the region. A functional regional gas futures market, which is highly dependent on the presence of well-developed physical spot trading, is yet to be established. Since the intra-regional pipeline connection is largely non-existent in East Asia, it is the LNG spot cargo trading that is likely to become the basis for the regional gas futures market. This paper offers a novel approach to understanding the development of such a market by analyzing the experience of a different commodity market – the Dojima Rice Exchange (DRE – and identifying potentially transferrable lessons in the market design and the role of government regulations. Based on the case study analysis, implications for the development of natural gas trading hubs in East Asia are offered and an LNG futures exchange design is put forward.

  7. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2012-04-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.       JEL Codes: E58, F31Keywords: Devaluation, Exchange Rates, Monetary

  8. The potential impact of invasive woody oil plants on protected areas in China under future climate conditions.

    Science.gov (United States)

    Dai, Guanghui; Yang, Jun; Lu, Siran; Huang, Conghong; Jin, Jing; Jiang, Peng; Yan, Pengbo

    2018-01-18

    Biodiesel produced from woody oil plants is considered a green substitute for fossil fuels. However, a potential negative impact of growing woody oil plants on a large scale is the introduction of highly invasive species into susceptible regions. In this study, we examined the potential invasion risk of woody oil plants in China's protected areas under future climate conditions. We simulated the current and future potential distributions of three invasive woody oil plants, Jatropha curcas, Ricinus communis, and Aleurites moluccana, under two climate change scenarios (RCP2.6 and RCP8.5) up to 2050 using species distribution models. Protected areas in China that will become susceptible to these species were then identified using a spatial overlay analysis. Our results showed that by 2050, 26 and 41 protected areas would be threatened by these invasive woody oil plants under scenarios RCP2.6 and RCP8.5, respectively. A total of 10 unique forest ecosystems and 17 rare plant species could be potentially affected. We recommend that the invasive potential of woody oil plants be fully accounted for when developing forest-based biodiesel, especially around protected areas.

  9. Cracks in the crystal ball : What happens to firms’ foreign exchange rate exposure when forecasters don’t agree about the future

    NARCIS (Netherlands)

    A. Muller (Aline); J. Poncelet (Julien); W.F.C. Verschoor (Willem); R.C.J. Zwinkels (Remco)

    2013-01-01

    textabstractThe central issue of this paper is whether stock prices are exposed to total exchange rate movements – as traditionally measured – or to revisions in expected future exchange rate movements and unanticipated currency shocks, and by how much of each. Based on a sample of 1675 U.S. firms

  10. Oil Dependence, Climate Change and Energy Security: Will Constraints on Oil Shape our Climate Future or Vice Versa?

    Science.gov (United States)

    Mignone, B. K.

    2008-12-01

    Threats to US and global energy security take several forms. First, the overwhelming dependence on oil in the transport sector leaves the US economy (and others) vulnerable to supply shocks and price volatility. Secondly, the global dependence on oil inflates prices and enhances the transfer of wealth to authoritarian regimes. Finally, the global reliance on fossil fuels more generally jeopardizes the stability of the climate system. These three threats - economic, strategic and environmental - can only be mitigated through a gradual substitution away from fossil fuels (both coal and oil) on a global scale. Such large-scale substitution could occur in response to potential resource constraints or in response to coordinated government policies in which these externalities are explicitly internalized. Here, I make use of a well-known integrated assessment model (MERGE) to examine both possibilities. When resource limits are considered alone, global fuel use tends to shift toward even more carbon-intensive resources, like oil shale or liquids derived from coal. On the other hand, when explicit carbon constraints are imposed, the fuel sector response is more complex. Generally, less stringent climate targets can be satisfied entirely through reductions in global coal consumption, while more stringent targets require simultaneous reductions in both coal and oil consumption. Taken together, these model results suggest that resource constraints alone will only exacerbate the climate problem, while a subset of policy-driven carbon constraints may yield tangible security benefits (in the form of reduced global oil consumption) in addition to the intended environmental outcome.

  11. The relationship between crude oil spot and futures prices: Cointegration, linear and nonlinear causality

    International Nuclear Information System (INIS)

    Bekiros, Stelios D.; Diks, Cees G.H.

    2008-01-01

    The present study investigates the linear and nonlinear causal linkages between daily spot and futures prices for maturities of one, two, three and four months of West Texas Intermediate (WTI) crude oil. The data cover two periods October 1991-October 1999 and November 1999-October 2007, with the latter being significantly more turbulent. Apart from the conventional linear Granger test we apply a new nonparametric test for nonlinear causality by Diks and Panchenko after controlling for cointegration. In addition to the traditional pairwise analysis, we test for causality while correcting for the effects of the other variables. To check if any of the observed causality is strictly nonlinear in nature, we also examine the nonlinear causal relationships of VECM filtered residuals. Finally, we investigate the hypothesis of nonlinear non-causality after controlling for conditional heteroskedasticity in the data using a GARCH-BEKK model. Whilst the linear causal relationships disappear after VECM cointegration filtering, nonlinear causal linkages in some cases persist even after GARCH filtering in both periods. This indicates that spot and futures returns may exhibit asymmetric GARCH effects and/or statistically significant higher order conditional moments. Moreover, the results imply that if nonlinear effects are accounted for, neither market leads or lags the other consistently, videlicet the pattern of leads and lags changes over time. (author)

  12. Volatility Spillovers and Causality of Carbon Emissions, Oil and Coal Spot and Futures for the EU and USA

    Directory of Open Access Journals (Sweden)

    Chia-Lin Chang

    2017-10-01

    Full Text Available Recent research shows that the efforts to limit climate change should focus on reducing the emissions of carbon dioxide over other greenhouse gases or air pollutants. Many countries are paying substantial attention to carbon emissions to improve air quality and public health. The largest source of carbon emissions from human activities in some countries in Europe and elsewhere is from burning fossil fuels for electricity, heat, and transportation. The prices of fuel and carbon emissions can influence each other. Owing to the importance of carbon emissions and their connection to fossil fuels, and the possibility of [1] Granger (1980 causality in spot and futures prices, returns, and volatility of carbon emissions, crude oil and coal have recently become very important research topics. For the USA, daily spot and futures prices are available for crude oil and coal, but there are no daily futures prices for carbon emissions. For the European Union (EU, there are no daily spot prices for coal or carbon emissions, but there are daily futures prices for crude oil, coal and carbon emissions. For this reason, daily prices will be used to analyse Granger causality and volatility spillovers in spot and futures prices of carbon emissions, crude oil, and coal. As the estimators are based on quasi-maximum likelihood estimators (QMLE under the incorrect assumption of a normal distribution, we modify the likelihood ratio (LR test to a quasi-likelihood ratio test (QLR to test the multivariate conditional volatility Diagonal BEKK model, which estimates and tests volatility spillovers, and has valid regularity conditions and asymptotic properties, against the alternative Full BEKK model, which also estimates volatility spillovers, but has valid regularity conditions and asymptotic properties only under the null hypothesis of zero off-diagonal elements. Dynamic hedging strategies by using optimal hedge ratios are suggested to analyse market fluctuations in the

  13. Palm oil - towards a sustainable future? : Challanges and opportunites for the Swedish food industry

    OpenAIRE

    Nilsson, Sara

    2013-01-01

    The food industry faces problems relating to the sustainability of palm oil as a food commodity. These problem areas include social, environmental, economic and health issues. The food industry also competes with increasing palm oil demands from the energy sector. This case study identifies and analyzes different perspectives regarding sustainable palm oil as a food commodity in Sweden through interviews with palm oil experts in different businesses and organizations. This study focuses on ho...

  14. A Review of the Experimental and Modeling Development of a Water Phase Change Heat Exchanger for Future Exploration Support Vehicles

    Science.gov (United States)

    Cognata, Thomas; Leimkuehler, Thomas; Ramaswamy, Balasubramaniam; Nayagam, Vedha; Hasan, Mohammad; Stephan, Ryan

    2011-01-01

    Water affords manifold benefits for human space exploration. Its properties make it useful for the storage of thermal energy as a Phase Change Material (PCM) in thermal control systems, in radiation shielding against Solar Particle Events (SPE) for the protection of crew members, and it is indisputably necessary for human life support. This paper envisions a single application for water which addresses these benefits for future exploration support vehicles and it describes recent experimental and modeling work that has been performed in order to arrive at a description of the thermal behavior of such a system. Experimental units have been developed and tested which permit the evaluation of the many parameters of design for such a system with emphasis on the latent energy content, temperature rise, mass, and interstitial material geometry. The experimental results are used to develop a robust and well correlated model which is intended to guide future design efforts toward the multi-purposed water PCM heat exchanger envisioned.

  15. Oil market in Asia. Now and future up to year 2000 and beyond

    International Nuclear Information System (INIS)

    Shibutani, Yu

    1995-01-01

    Asia's growing oil demand will be met by imports from the Middle East to an overwhelmingly extent. Therefore, more refining capacity will be needed to cope with the oil demand. New refineries will require the increasingly sophisticated technology to produce higher yields of transportation fuels and older ones will have to be upgrated, which will reshape the integration of downstream activities in this region. Further, East Asia, including China, as a net importer of oil, is vulnerable because of low oil sufficiency and inadequate stockpiling, while oil demand is increasing at remarkable rates. (author)

  16. Proceedings of the CERI 2002 World Oil Conference : Reading the Future. CD ed.

    International Nuclear Information System (INIS)

    2002-01-01

    The integration and expansion of world oil markets was the main topic of this conference which featured 18 presentations dealing with developments in the international energy sector. The conference provided an opportunity for participants to discuss issues regarding oil supply and demand, oil prices, OPEC's spare capacity, OPEC's view regarding increasing competition from Canada's oil sands, and what role non-conventional oil plays in today's marketplace. The conference was divided into 6 sessions entitled: (1) oil prices, business as usual, (2) world oil demand, the incredible shrinking market, (3) global oil supplies, (4) going offshore, (5) the politics of oil, and (6) the growing North American supply. The outlook of world energy markets was reviewed with particular emphasis on prospects for oil supply and reserves. Also, the current status of the petroleum industry in both OPEC and non-OPEC oil exporting countries was discussed with reference to exploration, production, reserves, and hydrocarbon potential as well as the environmental, and socio-economic challenges that the industry must face. refs., tabs., figs

  17. Oil-based technology and economy prospects for the future. A short introduction to basic issues and a review of oil depletion projections derived from different theories and methods

    International Nuclear Information System (INIS)

    2003-12-01

    Recognising the world economy's technological dependence on oil and, hence, the serious consequences of a decline in oil production for which the world community is technologically unprepared, The Danish Board of Technology and The Society of Danish Engineers wish to draw attention to the issue and to the different analyses of oil resources and future oil production potentials published by various researchers and institutions, In pursuance of this objective, the two institutions have jointly commissioned this review and organised the conference Oil Demand, Production and Cost - Prospects for the Future. The aim of the review is to outline the characteristics of the cheap-oil economy and provide the participants in the conference and other interested parties with an overview of different scenarios for the future development in demand and supply, presented by various experienced researchers and institutions who base their analyses on different methodologies. The evidence thus provided should constitute a structured framework for the discussion at the conference. (BA)

  18. Antimicrobial Activity of Some Essential Oils-Present Status and Future Perspectives.

    Science.gov (United States)

    Chouhan, Sonam; Sharma, Kanika; Guleria, Sanjay

    2017-08-08

    Extensive documentation on the antimicrobial properties of essential oils and their constituents has been carried out by several workers. Although the mechanism of action of a few essential oil components has been elucidated in many pioneering works in the past, detailed knowledge of most of the compounds and their mechanism of action is still lacking. This knowledge is particularly important for the determination of the effect of essential oils on different microorganisms, how they work in combination with other antimicrobial compounds, and their interaction with food matrix components. Also, recent studies have demonstrated that nanoparticles (NPs) functionalized with essential oils have significant antimicrobial potential against multidrug- resistant pathogens due to an increase in chemical stability and solubility, decreased rapid evaporation and minimized degradation of active essential oil components. The application of encapsulated essential oils also supports their controlled and sustained release, which enhances their bioavailability and efficacy against multidrug-resistant pathogens. In the recent years, due to increasingly negative consumer perceptions of synthetic preservatives, interest in essential oils and their application in food preservation has been amplified. Moreover, the development of resistance to different antimicrobial agents by bacteria, fungi, viruses, parasites, etc. is a great challenge to the medical field for treating the infections caused by them, and hence, there is a pressing need to look for new and novel antimicrobials. To overcome these problems, nano-encapsulation of essential oils and exploiting the synergies between essential oils, constituents of essential oils, and antibiotics along with essential oils have been recommended as an answer to this problem. However, less is known about the interactions that lead to additive, synergistic, or antagonistic effects. A contributing role of this knowledge could be the design of new

  19. Structure-dependent degradation of polar compounds in weathered oils observed by atmospheric pressure photo-ionization hydrogen/deuterium exchange ultrahigh resolution mass spectrometry

    Energy Technology Data Exchange (ETDEWEB)

    Islam, Ananna; Kim, Donghwi [Kyungpook National University, Department of Chemistry, Daegu 702-701 (Korea, Republic of); Yim, Un Hyuk; Shim, Won Joon [Oil and POPs Research Group, Korea Institute of Ocean Science and Technology, KIOST, Geoje 656-834 (Korea, Republic of); Kim, Sunghwan, E-mail: sunghwank@knu.ac.kr [Kyungpook National University, Department of Chemistry, Daegu 702-701 (Korea, Republic of); Green Nano Center, Department of Chemistry, Daegu 702-701 (Korea, Republic of)

    2015-10-15

    Highlights: • We examined source crude oil and weathered oils from M/V Hebei accident. • APPI hydrogen/deuterium exchange ultrahigh mass spectrometry was applied. • N{sub 1} class compounds with 2° and/or 3° amine decrease in larger scale than pyridines. • Preferential degradation of nitrogen-containing compounds was confirmed. • Significant increase in S{sub 1}O{sub 1} compounds was observed as the weathering proceeds. - Abstract: The resin fractions of fresh mixtures of three oils spilled during the M/V Hebei Spirit oil spill, as well as weathered oils collected at weathering stages II and IV from the oil spill site were analyzed and compared by atmospheric pressure photo-ionization hydrogen/deuterium exchange mass spectrometry (HDX MS). The significantly decreased abundance of N{sup +}· and [N − H + D]{sup +} ions suggested that secondary and tertiary amine-containing compounds were preferentially degraded during the early stage of weathering. [N + H]{sup +} and [N + D]{sup +} ions previously attributed to pyridine-type compounds degraded more slowly than secondary and tertiary amine-containing compounds. The preferential degradation of nitrogen-containing compounds was confirmed by photo-degradation experiments using 15 standard compounds. In addition, significant increases of [S{sub 1}O{sub 1} + H]{sup +} and [S{sub 1}O{sub 1} + D]{sup +} ions with higher DBE values were observed from fresh oil mixtures as compared to stages II and IV samples, and that could be linked with the decrease of higher DBE compounds of the S{sub 1} class. This study presented convincing arguments and evidence demonstrating that secondary and tertiary amines were more vulnerable to photo-degradation than compounds containing pyridine, and hence, preferential degradation depending on chemical structures must be considered in the production of hazardous or toxic components.

  20. Structure-dependent degradation of polar compounds in weathered oils observed by atmospheric pressure photo-ionization hydrogen/deuterium exchange ultrahigh resolution mass spectrometry

    International Nuclear Information System (INIS)

    Islam, Ananna; Kim, Donghwi; Yim, Un Hyuk; Shim, Won Joon; Kim, Sunghwan

    2015-01-01

    Highlights: • We examined source crude oil and weathered oils from M/V Hebei accident. • APPI hydrogen/deuterium exchange ultrahigh mass spectrometry was applied. • N 1 class compounds with 2° and/or 3° amine decrease in larger scale than pyridines. • Preferential degradation of nitrogen-containing compounds was confirmed. • Significant increase in S 1 O 1 compounds was observed as the weathering proceeds. - Abstract: The resin fractions of fresh mixtures of three oils spilled during the M/V Hebei Spirit oil spill, as well as weathered oils collected at weathering stages II and IV from the oil spill site were analyzed and compared by atmospheric pressure photo-ionization hydrogen/deuterium exchange mass spectrometry (HDX MS). The significantly decreased abundance of N + · and [N − H + D] + ions suggested that secondary and tertiary amine-containing compounds were preferentially degraded during the early stage of weathering. [N + H] + and [N + D] + ions previously attributed to pyridine-type compounds degraded more slowly than secondary and tertiary amine-containing compounds. The preferential degradation of nitrogen-containing compounds was confirmed by photo-degradation experiments using 15 standard compounds. In addition, significant increases of [S 1 O 1 + H] + and [S 1 O 1 + D] + ions with higher DBE values were observed from fresh oil mixtures as compared to stages II and IV samples, and that could be linked with the decrease of higher DBE compounds of the S 1 class. This study presented convincing arguments and evidence demonstrating that secondary and tertiary amines were more vulnerable to photo-degradation than compounds containing pyridine, and hence, preferential degradation depending on chemical structures must be considered in the production of hazardous or toxic components

  1. Oil-Free Shaft Support System Rotordynamics: Past, Present, and Future Challenges and Opportunities

    Science.gov (United States)

    DellaCorte, Christopher

    2011-01-01

    Recent breakthroughs in Oil-Free technologies have enabled new high-speed rotor systems and turbomachinery. Such technologies can include compliant-surface gas bearings, magnetic bearings, and advanced solid lubricants and tribo-materials. This presentation briefly reviews critical technology developments and the current state-of-the-art, emerging Oil-Free rotor systems and discusses obstacles preventing more widespread use. Key examples of "best practices" for deploying Oil-Free technologies will be presented and remaining major technical questions surrounding Oil-Free technologies will be brought forward.

  2. Climate change, future Arctic Sea ice, and the competitiveness of European Arctic offshore oil and gas production on world markets.

    Science.gov (United States)

    Petrick, Sebastian; Riemann-Campe, Kathrin; Hoog, Sven; Growitsch, Christian; Schwind, Hannah; Gerdes, Rüdiger; Rehdanz, Katrin

    2017-12-01

    A significant share of the world's undiscovered oil and natural gas resources are assumed to lie under the seabed of the Arctic Ocean. Up until now, the exploitation of the resources especially under the European Arctic has largely been prevented by the challenges posed by sea ice coverage, harsh weather conditions, darkness, remoteness of the fields, and lack of infrastructure. Gradual warming has, however, improved the accessibility of the Arctic Ocean. We show for the most resource-abundant European Arctic Seas whether and how a climate induced reduction in sea ice might impact future accessibility of offshore natural gas and crude oil resources. Based on this analysis we show for a number of illustrative but representative locations which technology options exist based on a cost-minimization assessment. We find that under current hydrocarbon prices, oil and gas from the European offshore Arctic is not competitive on world markets.

  3. An intervention analysis on the Tokyo Grain Exchange non-genetically modified and conventional soybean futures markets

    Directory of Open Access Journals (Sweden)

    Kentaka Aruga

    2014-12-01

    Full Text Available This paper examines how efficiently the price premium for non-genetically modified (non-GM soybeans at the Tokyo Grain Exchange (TGE reacts to an announcement to change the contract unit, suppliers, and expiration date on the conventional soybean futures contract. An intervention analysis is used for this purpose. The results reveal that the price premium for non-GM soybeans increases after the change and this effect did not disappear immediately. This implies that the two soybean futures markets did not respond quickly to the announcement and there was an informational inefficiency after the announcement. The TGE non-GM soybean futures market is one of the first segregated markets for a non-GM commodity. An intervention of clearing houses on such newly opened markets can often lead to market inefficiency so a further study is necessary in order to understand what causes such inefficiency and to find out how clearing houses can minimize the effects of intervention.

  4. International hedging under concurrent risks of input/output prices and exchange rate : The case of Korean oil refinery

    Energy Technology Data Exchange (ETDEWEB)

    Yun, W.C.; Kim, S.D. [Korea Energy Economics Institute, Euiwang (Korea, Republic of)

    1997-11-01

    This study develops an international hedging model which accounts for the multiple risks of input and output prices and exchange rates. Considering a fixed production technology, we formulize simultaneous minimum variance hedge ratios, which reflects inter correlations among prices. To utilize the dynamic nature of prices, time-varying conditional procedures are specified to estimate the relevant variance and covariance matrix. The time-varying representations of the variance and covariance matrix are statistically appropriate, in general. The separate hedge ratios are similar to the simultaneous hedge ratios for alternative procedures. The ex post hedging effectiveness indicate that there are substantial reduction in the variance of returns for all the procedures. The contribution of foreign currency futures is minimal due to the low correlation between commodities and exchange rates. Based on the traditional definition of hedging effectiveness, the time-varying conditional procedure provide little gain to the hedgers over a constant procedure in terms of the mean and the variance reduction. However, the performance of conditional procedures could be improved by accounting for the potential problems: mis specification problem, inappropriate definition of hedging effectiveness, and conflicts between theoretical derivation and estimation of hedge ratios. (author). 39 refs., 6 tabs.

  5. Effects of land use on surface–atmosphere exchanges of trace gases and energy in Borneo: comparing fluxes over oil palm plantations and a rainforest

    Science.gov (United States)

    Fowler, David; Nemitz, Eiko; Misztal, Pawel; Di Marco, Chiara; Skiba, Ute; Ryder, James; Helfter, Carole; Cape, J. Neil; Owen, Sue; Dorsey, James; Gallagher, Martin W.; Coyle, Mhairi; Phillips, Gavin; Davison, Brian; Langford, Ben; MacKenzie, Rob; Muller, Jennifer; Siong, Jambery; Dari-Salisburgo, Cesare; Di Carlo, Piero; Aruffo, Eleonora; Giammaria, Franco; Pyle, John A.; Hewitt, C. Nicholas

    2011-01-01

    This paper reports measurements of land–atmosphere fluxes of sensible and latent heat, momentum, CO2, volatile organic compounds (VOCs), NO, NO2, N2O and O3 over a 30 m high rainforest canopy and a 12 m high oil palm plantation in the same region of Sabah in Borneo between April and July 2008. The daytime maximum CO2 flux to the two canopies differs by approximately a factor of 2, 1200 mg C m−2 h−1 for the oil palm and 700 mg C m−2 h−1 for the rainforest, with the oil palm plantation showing a substantially greater quantum efficiency. Total VOC emissions are also larger over the oil palm than over the rainforest by a factor of 3. Emissions of isoprene from the oil palm canopy represented 80 per cent of the VOC emissions and exceeded those over the rainforest in similar light and temperature conditions by on average a factor of 5. Substantial emissions of estragole (1-allyl-4-methoxybenzene) from the oil palm plantation were detected and no trace of this VOC was detected in or above the rainforest. Deposition velocities for O3 to the rainforest were a factor of 2 larger than over oil palm. Emissions of nitrous oxide were larger from the soils of the oil palm plantation than from the soils of the rainforest by approximately 25 per cent. It is clear from the measurements that the large change in the species composition generated by replacing rainforest with oil palm leads to profound changes in the net exchange of most of the trace gases measured, and thus on the chemical composition of the boundary layer over these surfaces. PMID:22006962

  6. Malaysian palm oil. Surviving the food versus fuel dispute for a sustainable future

    International Nuclear Information System (INIS)

    Lam, Man Kee; Tan, Kok Tat; Lee, Keat Teong; Mohamed, Abdul Rahman

    2009-01-01

    For the past few decades, palm oil has gone through a revolution that few would have predicted. From a humble source of edible oil that was heavily criticized as being un-healthy and un-fit for human consumption, it has proven itself based on scientific findings that it is indeed one of the most nutritious edible oils in the world. Besides, palm oil, the cheapest vegetable oil in the market has diversified as one of the main feedstock for oleo-chemical industries. Recently, with the price of crude petroleum hitting records height every other day, palm oil has become one of the few feasible sources for biodiesel, a renewable substitute for petroleum-derived diesel. Nevertheless, the conversion of palm oil into biodiesel has again received criticism from various NGOs worldwide, mainly on extinction of orang utans, deforestation and particularly the food versus fuel dispute. It was claimed that the conversion of food crops to fuel would significantly increase the number of undernourished people in the world. Malaysia, being the world second largest producer of palm oil, is not spared from this criticism. On the contrary, in the present study it was found that palm oil is indeed the most economical and sustainable source of food and biofuel in the world market. Besides, it was shown that it has the capacity to fulfill both demands simultaneously rather than engaging in priority debate. Nevertheless, fuel is now a necessity rather than a luxury for economy and development purposes. A few strategies will then be presented on how palm oil can survive in this feud and emerged as the main supply of affordable and healthy source of edible oil while concurrently satisfying the market demand for biodiesel throughout the world. (author)

  7. Improving care and wellness in bipolar disorder: origins, evolution and future directions of a collaborative knowledge exchange network.

    Science.gov (United States)

    Michalak, Erin E; Hole, Rachelle; Livingston, James D; Murray, Greg; Parikh, Sagar V; Lapsley, Sara; McBride, Sally

    2012-09-10

    The Collaborative RESearch team to study psychosocial factors in bipolar disorder (CREST.BD) is a multidisciplinary, cross-sectoral network dedicated to both fundamental research and knowledge exchange on bipolar disorder (BD). The core mission of the network is to advance the science and understanding of psychological and social issues associated with BD, improve the care and wellness of people living with BD, and strengthen services and supports for these individuals. CREST.BD bridges traditional and newer research approaches, particularly embracing community-based participatory research (CBPR) methods. Membership of CREST is broad, including academic researchers, people with BD, their family members and supports, and a variety of health care providers. Here, we describe the origins, evolution, approach to planning and evaluation and future vision for our network within the landscape of CBPR and integrated knowledge translation (KT), and explore the keys and challenges to success we have encountered working within this framework.

  8. Improving care and wellness in bipolar disorder: origins, evolution and future directions of a collaborative knowledge exchange network

    Directory of Open Access Journals (Sweden)

    Michalak Erin E

    2012-09-01

    Full Text Available Abstract The Collaborative RESearch team to study psychosocial factors in bipolar disorder (CREST.BD is a multidisciplinary, cross-sectoral network dedicated to both fundamental research and knowledge exchange on bipolar disorder (BD. The core mission of the network is to advance the science and understanding of psychological and social issues associated with BD, improve the care and wellness of people living with BD, and strengthen services and supports for these individuals. CREST.BD bridges traditional and newer research approaches, particularly embracing community-based participatory research (CBPR methods. Membership of CREST is broad, including academic researchers, people with BD, their family members and supports, and a variety of health care providers. Here, we describe the origins, evolution, approach to planning and evaluation and future vision for our network within the landscape of CBPR and integrated knowledge translation (KT, and explore the keys and challenges to success we have encountered working within this framework.

  9. Analysis of past and future oil production in Peru under a Hubbert approach

    International Nuclear Information System (INIS)

    Chavez-Rodriguez, Mauro F.; Szklo, Alexandre; Frossard Pereira de Lucena, Andre

    2015-01-01

    This study evaluates scenarios for the oil production in Peru applying a Hubbert model. Two scenarios for the estimated ultimate recovery (EUR) were proposed: the first, in which low investments in E&P and social and environmental barriers undermine the development of oil resources beyond the limits characterized as 2P; the second, more optimistic, in which current exploratory and production areas in Amazonia and low-explored Offshore-Shelf basins are developed, thus, increasing EUR to 3P reserves plus contingent resources. Findings show that oil production in Peru has not followed a Single-Hubbert pattern, except for the area with more drilling activity and the highest accumulated production in the Northwest coast. Actually, institutional and regulation changes and less-attractive periods for operators due to poor results in oil discoveries explain why a multi-Hubbert approach better depicted the oil production in Peru. Peru has the potential to achieve a second peak of 274 kbpd of crude oil, overcoming the peak of 195 kbpd, reached in 1982. However, most of the remaining production would be located in Amazonia, where social and environmental issues pose critical challenges. - Highlights: • Two scenarios of estimated ultimately recoverable resources were simulated. • A multi-cycle Hubbert approach better depicted the case of oil production in Peru. • Pipelines expansion and institutional and regulation changes explain this multi-cyle. • Institutional capacity and socio-environmental risks are barriers to oil activities

  10. Geoperspective | Oil and Gas in the Netherlands – Is there a future?

    NARCIS (Netherlands)

    Herber, R.; Jager, J. de

    2010-01-01

    The impact of oil and, in particular, gas fields discovered in the Dutch subsurface has been very significant. However, 50 years after the discovery of the giant Groningen gas field the Netherlands has become very mature for exploration of oil and gas, and the gas volume left to be discovered in

  11. The future world oil market: state of nature or social contract?

    International Nuclear Information System (INIS)

    Noel, P.

    1999-10-01

    Mary Ann Tetreault develops a very interesting interpretation of the emerging new relationship between international oil companies and Middle East producing countries. The original intellectual tools she handles-concepts drawn from the European political philosophy tradition-allow her to argue as follows: (1) the oil market left to itself- whether participants are states or firms-behaves like a Hobbesian ''state of nature'' often resulting in a situation damaging to each participant; (2) to deal with it, the international oil community has historically relied on different types of organisations, but these social contracts or ''republics'' were inherently unstable since they rested on too narrowly defined interests; (3) the rationale behind the possible return of oil companies to the richest Middle East countries is the search for new ''international oil republics'' able to ''offer greater security and higher profits for all the good republicans among them''. (author)

  12. The price of oil and the future of Middle East Gas

    International Nuclear Information System (INIS)

    Zaki Yamani, A.

    1997-01-01

    Most LNG contracts relate the LNG price received by the supplier at the point of delivery to a relevant oil price. Gas and oil are thus closely connected so that when the price of landed oil decreases so dose the price of delivered LNG. With large fixed transportation and liquefaction costs, accounting for around 85% of the supply cost of delivered LNG in the case of Qatari LNG supplied to japan, you can imagine how large falls in the price paid for delivered LNG would squeeze the net back to the producer back in Qatar. However, low oil price can do some damage to the economics of existing LNG projects in the Middle East. More importantly, persistently low oil prices can prevent new LNG projects from leaving the drawing board-which will stifle the exciting export potential of Middle Eastern gas

  13. Impact Of Financial Crisis On Hedging Effectiveness Of Futures Contracts: Evidence From The National Stock Exchange Of India

    Directory of Open Access Journals (Sweden)

    Gupta Kapil

    2015-12-01

    Full Text Available The present study examines the impact of the 2008 financial crisis on the hedging effectiveness of three index futures contracts traded on the National Stock Exchange of India for near, next and far month contracts over the sample period of January 2000 – June 2014. The hedge ratios were calculated using eight methods; Naive hedging, Ederington’s Model, Autoregressive Integrated Moving Average, Vector Autoregressive, Vector Error Correction Methodology, Generalized Autoregressive Conditional Heteroskedasticity, Exponential Generalized Autoregressive Conditional Heteroscedasticity and Threshold Generalized Autoregressive Conditional Heteroskedasticity. The study finds an improvement in hedging effectiveness during the post-crisis period, which implies that during the high-volatility period hedging effectiveness also improves. It was also found that near month futures contracts are a more effective tool for hedging as compared to next and far month contracts, which imply that liquidity is a more important determinant of hedging effectiveness than hedge horizons. The study also finds that a time-invariant hedge ratio is more efficient than time-variant hedging. Therefore, knowledge of sophisticated econometrical tools does not help to improve hedge effectiveness.

  14. Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

    OpenAIRE

    Willem H. Buiter

    2007-01-01

    The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numeraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numeraire and medium of exchange/means of payment functions of money. The monetary authorities manage the exchange rate between the numeraire ('sterling') and the means of payment ('drachma'). The short nominal interes...

  15. Our energy future is not set in stone. How can the demand for oil and gas in 2035 be met?

    International Nuclear Information System (INIS)

    Charlez, Philippe A.

    2014-01-01

    If technology is an undeniable catalyst for progress, then energy is its inevitable basic food. It is no coincidence that since the industrial revolution, economic growth has been fuelled first by coal, then by oil and gas. Although energy intensity reserves are still sizeable in emerging economies and the technological catalyst can partially dematerialise growth, it is unrealistic to separate growth from its basic food. And, even if the 'fossil energies share' (oil/gas/coal) will lose a few percent to nuclear and renewable energies over the next decades, all the indicators point to a world mix in which the fossil energy share will still top 75% by 2035. Driven by growth in emerging countries, the demand for oil and gas will continue to grow steadily. Even if there are enough oil and gas reserves to see us through the next three decades, will the industry be able to exploit and produce new resources that are increasingly complex to develop at a sufficient rate and which are often located in politically unstable countries? Not to mention the added challenge of the growing numbers of stakeholders who are increasingly insistent on industrial safety, environment and societal issues? In particular, will non-conventional resources, whose production growth could defer the oil and gas peaks by several decades, be able to withstand political and environmental lobbies? The evolution of oil and gas landscape over the past few years reveals a disturbing increase in the time required to develop large new fields and an accelerated decline of the production base due to the ageing of most of the mature-field facilities. This book aims to analyze all the critical factors (technical, political, economic, social and human) that could potentially accelerate or delay the maintenance and redevelopment of mature producing fields as well as the discovery and development of new conventional and unconventional resources. Insofar as in 2035, oil and gas still account for more than half of

  16. Recent and future developments of the oil industry in Russian Federation and more particularly in the Republic of Baskortostan

    International Nuclear Information System (INIS)

    Garifullin, R.

    2001-09-01

    The objective of the thesis is to analyse the actual situation in the Russian oil industry and to envisage basic ways if its future development. The first chapter evaluates the place of the former USSR and Russia in the world and particularly European systems of energy supply. The three next chapters analyse the currents situation in the sectors of oil exploration and production, logistics and refining in Russia. The fifth chapter aims to figure out the perspectives of the refining industry taking into account the evolution of demand for basic petroleum products and the production capacities. Optimisation of refining and production volumes between the Russian refineries is done by minimising the transportation cost between the refineries and consuming regions by using linear programming. The last chapter analyses the regional impacts of the oil industry taking the Republic of Baskortostan as example. The contribution of the oil industry to regional development is evaluated in the framework of the export base theory using the Input-Output analysis as mathematical tool. (author)

  17. The behavior of crude oil spot and futures prices around OPEC and SPR announcements. An event study perspective

    International Nuclear Information System (INIS)

    Demirer, Riza; Kutan, Ali M.

    2010-01-01

    This paper examines the informational efficiency of crude oil spot and futures markets with respect to OPEC conference and U.S. Strategic Petroleum Reserve (SPR) announcements. We employ the event study methodology to examine the abnormal returns in crude oil spot and futures markets around OPEC conference and SPR announcement dates between 1983 and 2008. Our findings regarding OPEC announcements indicate an asymmetry in that only OPEC production cut announcements yield a statistically significant impact with the impact diminishing for longer maturities. We also find that the persistence of returns following OPEC production cut announcements creates substantial excess returns to investors who take long positions on the day following the end of OPEC conferences. In the case of SPR announcements, we find that the government's use of this program initiates a short-run market reaction following the announcement date. Furthermore, our tests of cumulative abnormal returns suggest that the market reacts efficiently to SPR announcements providing support for the use of the strategic reserves as a tool to stabilize the oil market. Our findings have significant policy implications for investors and are useful in designing effective energy policy strategies. (author)

  18. Investing for the future : Athabasca Oil Sands Trust 1998 annual report

    International Nuclear Information System (INIS)

    1999-01-01

    The Athabasca Oil Sand Trust was created in 1995 when a subsidiary of the Trust, Athabasca Oil Sands Investment Inc., acquired Alberta's 11.74 per cent working interest in the Syncrude Project, which is a joint venture involved in the mining and upgrading of bitumen from the Athabasca oil sands. The Trust is a closed-end investment trust which was created to provide an opportunity for direct public investment in Syncrude and oil sands development in northern Alberta. Syncrude, produced a record 76.7 million barrels of Syncrude Sweet Blend (SSB), and shipped its one billionth barrel on April 16, 1998. Another key achievement in 1998 was the investment the Syncrude Joint Venture Partners of almost half a billion dollars to maintain Syncrude's operations and pursue the Business Plan growth targets outlined in last year's report. By aggressively pursuing this capital investment program despite the current low oil prices, the Syncrude Joint Venture Partners expect to double SSB production to 155 million barrels per year by 2007. The Athabasca Trust's share of these capital expenditures to fuel the projected growth in production is about $ 70 million this year and the next. The report provides operating statistics on production, financial highlights and consolidated balance sheets for 1998, including operating expenditures, capital expenditures, and the usual notes to the consolidated financial statement. 10 tabs., 2 figs

  19. Balancing functional and nutritional quality of oils and fats: Current requirements and future trends

    Directory of Open Access Journals (Sweden)

    Van den Bremt Karen

    2012-03-01

    Full Text Available Oils and fats play an important role in the structure, aroma and stability of a wide variety of food products, as well as in their nutritional properties. For Puratos, a producer of ingredients for bakery, patisserie and chocolate sector, functionality and taste are of utmost importance, but the company also wants to contribute to the balanced diet of consumers. Vegetable oils and fats are used in margarines and releasing agents, vegetable creams, compound chocolate, fillings and emulsifiers. Each application requires an oil or fat with specific physicochemical properties in order to ensure the optimal structure, stability and taste of the end product. Traditionally, (partially hydrogenated vegetable oils deliver important functional characteristics concerning crystallization behaviour, directly linked with the workability, melting properties, stability and mouth feel of the food product. However, due to negative nutritional implications, trans fats are to be replaced by healthier alternatives, preferably not by saturated fats. Consumers – and in some regions, legal instances – demand transfree or hydro-free products while not compromising on taste. Alternative fats and oils will be discussed concerning their functional and nutritional properties.

  20. The future world oil market: state of nature or social contract?

    Energy Technology Data Exchange (ETDEWEB)

    Noel, P

    1999-10-01

    Mary Ann Tetreault develops a very interesting interpretation of the emerging new relationship between international oil companies and Middle East producing countries. The original intellectual tools she handles-concepts drawn from the European political philosophy tradition-allow her to argue as follows: (1) the oil market left to itself- whether participants are states or firms-behaves like a Hobbesian ''state of nature'' often resulting in a situation damaging to each participant; (2) to deal with it, the international oil community has historically relied on different types of organisations, but these social contracts or ''republics'' were inherently unstable since they rested on too narrowly defined interests; (3) the rationale behind the possible return of oil companies to the richest Middle East countries is the search for new ''international oil republics'' able to ''offer greater security and higher profits for all the good republicans among them''. (author)

  1. The Current and Future Role of Nigerian Indigenous Oil Companies in the Mature Niger Delta

    International Nuclear Information System (INIS)

    David Rowlands, Spectrum Energy and Information Technology Ltd

    2002-01-01

    Over the last 10 years, there has been a steady increase in the number of successful Indigenous Oil Companies exploring for hydrocarbons in the Niger Delta. A number of these companies have already entered into partnership agreements with overseas based oil companies, however, many more are still seeking technical and financial partnership agreements with overseas based oil companies, however, many more are still seeking technical and financial partners to fulfil their licence commitments. The first exploration licence to an Indigenous Company was awarded in the mid eighties. However, it wasn't until the early nineties that the Nigerian Government's intention to privatise the oil industry gathered momentum. Between 1991 and 1993 a number of discretionary awards of acreage from various sedimentary basins in Nigeria were made to Nigerian Indigenous Companies. Many of these companies had little or no previous experience of hydrocarbon exploration.Sixteen of the Indigenous Companies have already reported discoveries in various parts of the delta, either in partnerships with foreign companies or independently. Eight of the Indigenous Companies are producing hydrocarbons. With very little production in the early 90's, the Indigenous Companies now account for over 4.5% of Nigeria's daily production. The government is intent on increasing this percentage through initiatives such as the Marginal Fields re-allocation programme, and the continued award of acreage in traditional license rounds. This paper takes a closer look at the operations and discoveries of two Indigenous Companies Solgas and Summit with the aim of providing an insight into the structure and mode of operation of typical Nigerian Indigenous Oil Companies.The more recent licensing activity in Nigeria includes the current Marginal Fields re-allocation programme and also possible participation of Nigerian companies in the join Development Zone between Nigeria and Sao Tome and Principe. The paper concludes with

  2. Is numérairology the future of monetary economics?: unbundling numéraire and medium of exchange through a virtual currency and a shadow exchange rate

    OpenAIRE

    Willem H. Buiter

    2007-01-01

    The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numéraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numéraire and medium of exchange/means of payment functions of money. The monetary authorities manage the exchange rate between the numéraire ('sterling') and the means of payment ('drachma'). The short nominal interes...

  3. Material Exchange in Photoreceptor Transplantation: Updating Our Understanding of Donor/Host Communication and the Future of Cell Engraftment Science

    Directory of Open Access Journals (Sweden)

    Philip E. B. Nickerson

    2018-03-01

    Full Text Available Considerable research effort has been invested into the transplantation of mammalian photoreceptors into healthy and degenerating mouse eyes. Several platforms of rod and cone fluorescent reporting have been central to refining the isolation, purification and transplantation of photoreceptors. The tracking of engrafted cells, including identifying the position, morphology and degree of donor cell integration post-transplant is highly dependent on the use of fluorescent protein reporters. Improvements in imaging and analysis of transplant recipients have revealed that donor cell fluorescent reporters can transfer into host tissue though a process termed material exchange (ME. This recent discovery has chaperoned a new era of interpretation when reviewing the field’s use of dissociated donor cell preparations, and has prompted scientists to re-examine how we use and interpret the information derived from fluorescence-based tracking tools. In this review, we describe the status of our understanding of ME in photoreceptor transplantation. In addition, we discuss the impact of this discovery on several aspects of historical rod and cone transplantation data, and provide insight into future standards and approaches to advance the field of cell engraftment.

  4. Future oil production in Brazil-Estimates based on a Hubbert model

    International Nuclear Information System (INIS)

    Szklo, Alexandre; Machado, Giovani; Schaeffer, Roberto

    2007-01-01

    This paper forecasts oil production in Brazil, according to the Hubbert model and different probabilities for adding reserves. It analyzes why the Hubbert model might be more appropriate to the Brazilian oil industry than that of Hotelling, as it implicitly emphasizes the impacts of information and depletion on the derivative over time of the accumulated discoveries. Brazil's oil production curves indicate production peaks with a time lag of more than 15 years, depending on the certainty (degree of information) associated with the reserves. Reserves with 75% certainty peak at 3.27 Mbpd in 2020, while reserves with 50% certainty peak at 3.28 Mbpd in 2028, and with 30% certainty peak at 3.88 Mbpd in 2036. These findings show that Brazil oil industry is in a stage where the positive impacts of information on expanding reserves (mainly through discoveries) may outstrip the negative impacts of depletion. The still limited number of wells drilled by accumulated discoveries also explain this assertion. Being a characteristic of frontier areas such as Brazil, this indicates the need for ongoing exploratory efforts

  5. 78 FR 26319 - Deepwater Horizon Oil Spill; Proposal of Future Early Restoration Projects and Environmental Reviews

    Science.gov (United States)

    2013-05-06

    ... DEPARTMENT OF COMMERCE National Oceanic and Atmospheric Administration [Docket No.: 130501428-3428... selected and implemented in accordance with the Oil Pollution Act of 1990 (OPA), the Framework Agreement... Service, U.S. Fish and Wildlife Service, and Bureau of Land Management; National Oceanic and Atmospheric...

  6. Future role of oil and natural gas in OPEC and non-OPEC regions up to and beyond the year 2000

    International Nuclear Information System (INIS)

    Ismail, I.A.H.

    1992-01-01

    Oil and Natural Gas are very much interrelated. They are both discovered in sedimentary basins and exist in nature in equilibrium under reservoir conditions deep inside the earth. In many cases, they are found associated with each other in the same reservoir rocks, and hence the name 'petroleum' is used to indicate both oil and natural gas. Their ultimate resources in nature are always comparable. It is, therefore, not surprising to find a close link between the price of natural gas and that of crude oil. It must be stated, however, that this parallel between oil and natural gas has its limits, since natural gas, unlike crude oil, is far from being an international commodity that could benefit from international trade on a global scale. In order to project the future role of oil and natural gas, it is essential to consider their past and present performances in the primary energy mix. (author)

  7. Kinetics of soybean oil epoxidation with peracetic acid formed in situ in the presence of an ion exchange resin: Pseudo-homogeneous model

    Directory of Open Access Journals (Sweden)

    Janković Milovan

    2017-01-01

    Full Text Available A kinetic model was proposed for the epoxidation of vegetable oils with peracetic acid formed in situ from acetic acid and hydrogen peroxide in the presence of an acidic ion exchange resin as a catalyst. The model is pseudo-homogeneous with respect to the catalyst. Besides the main reactions of peracetic acid and epoxy ring formation, the model takes into account the side reaction of epoxy ring opening with acetic acid. The partitioning of acetic acid and peracetic acid between the aqueous and organic phases and the change in the phases’ volumes during the process were considered. The temperature dependency of the apparent reaction rate coefficients is described by a reparameterized Arrhenius equation. The constants in the proposed model were estimated by fitting the experimental data obtained for the epoxidations of soybean oil conducted under defined reaction conditions. The highest epoxy yield of 87.73% was obtained at 338 K when the mole ratio of oil unsaturation:acetic acid:hydrogen peroxide was 1:0.5:1.35 and when the amount of the catalyst Amberlite IR-120H was 4.04 wt.% of oil. Compared to the other reported pseudo-homogeneous models, the model proposed in this study better correlates the change of double bond and epoxy group contents during the epoxidation process. [Project of the Serbian Ministry of Education, Science and Technological Development, Grant no. III45022

  8. A foundation for the future: building an environmental monitoring system for the oil sands

    International Nuclear Information System (INIS)

    Dowdeswell, L.; Dillon, P.; Ghoshal, S.; Miall, A.; Rasmussen, J.; Smol, J.P.

    2010-12-01

    In September, 2010, important concerns regarding the impacts of oil sand industry on the environment in the Lower Athabasca River Basin resulted in the creation of the oil sands advisory panel. This panel was set up to examine and evaluate the existing system for research and monitoring and identify strengths and weaknesses regarding water monitoring in the Lower Athabasca River Basin and connected waterways. In this report, the panel provides important elements to guide the monitoring of water quality and quantity. The panel has identified several organizations or individuals contributing to the research and monitoring of the Athabasca River system but also points out in the document that the research has not yet led to a consensus regarding the impacts of oil sands development on the environment. It has also been observed that no standardized data management system has been put in place to facilitate the access to data for interested parties. Important weaknesses in the existing monitoring system were identified by the panel. The advisory panel recommended the implementation of a credible and transparent, comprehensive and adaptive monitoring program, through a collaborative work between relevant jurisdictions and stakeholders. 50 refs.

  9. Expectations and drivers of future greenhouse gas emissions from Canada's oil sands: An expert elicitation

    International Nuclear Information System (INIS)

    McKellar, Jennifer M.; Sleep, Sylvia; Bergerson, Joule A.; MacLean, Heather L.

    2017-01-01

    The greenhouse gas (GHG) emissions intensity of oil sands operations has declined over time but has not offset absolute emissions growth due to rapidly increasing production. Policy making, decisions about research and development, and stakeholder discourse should be informed by an assessment of future emissions intensity trends, however informed projections are not easily generated. This study investigates expected trends in oil sands GHG emissions using expert elicitation. Thirteen experts participated in a survey, providing quantitative estimates of expected GHG emissions intensity changes and qualitative identifications of drivers. Experts generally agree that emissions intensity reductions are expected at commercially operating projects by 2033, with the greatest reductions expected through the use of technology in the in situ area of oil sands activity (40% mean reduction at multiple projects, averaged across experts). Incremental process changes are expected to contribute less to reducing GHG emissions intensity, however their potentially lower risk and cost may result in larger cumulative reductions. Both technology availability and more stringent GHG mitigation policies are required to realize these emissions intensity reductions. This paper demonstrates a method to increase rigour in emissions forecasting activities and the results can inform policy making, research and development and modelling and forecasting studies. - Highlights: • Expert elicitation used to investigate expected trends in oil sands GHG emissions. • Overall, emissions intensity reductions are expected at commercial projects by 2033. • Reductions are expected due to both technology changes and process improvements. • Technology availability and more stringent GHG policies are needed for reductions. • Method used increases rigour in emissions forecasting, and results inform policy.

  10. Futurism.

    Science.gov (United States)

    Foy, Jane Loring

    The objectives of this research report are to gain insight into the main problems of the future and to ascertain the attitudes that the general population has toward the treatment of these problems. In the first section of this report the future is explored socially, psychologically, and environmentally. The second section describes the techniques…

  11. Oil-particle interactions and submergence from crude oil spills in marine and freshwater environments: review of the science and future research needs

    Science.gov (United States)

    Fitzpatrick, Faith A.; Boufadel, Michael C.; Johnson, Rex; Lee, Kenneth W.; Graan, Thomas P.; Bejarano, Adriana C.; Zhu, Zhenduo; Waterman, David; Capone, Daniel M.; Hayter, Earl; Hamilton, Stephen K.; Dekker, Timothy; Garcia, Marcelo H.; Hassan, Jacob S.

    2015-01-01

    Oil-particle interactions and oil submergence are of much interest to oil spill responders and scientists, especially as transportation of light and heavy crude oils increases in North America’s coastal marine and freshwater environments. This report contains an up-to-date review of the state of the science for oil-particle aggregates (OPAs), in terms of their formation and stability which may alter the transport, fate, and toxicity of the residual oil and, hence, its level of ecological risk. Operational considerations—detection, containment, and recovery—are discussed.

  12. Building a sustainable future - The effects of CSR-finance on national oil companies

    Energy Technology Data Exchange (ETDEWEB)

    Thakur, Vishal

    2010-09-15

    Since the release of Goldman Sach's 'Path to 2050' report, arguing the combined economies of Brazil, Russia, India and China, would ellipse the economies of the current richest countries by 2050, the BRIC countries have garnered global attention. As demand for oil in these nations increases, NOCs within the BRIC have gone beyond national borders for exploration and financing - giving rise to concerns over emerging policies, objectives and priorities. The purpose of this paper is to examine NOCs of the BRIC and their compliance with international standards of corporate social responsibility and their effects through international capital markets.

  13. The future of the Canadian oil sands: Engineering and project management advances

    Energy Technology Data Exchange (ETDEWEB)

    Madden, Peter; Morawski, Jacek

    2010-09-15

    Production technology and project management developments in Canada's oil sands industry, in the context of AMEC's experience as EPCM service provider, are discussed. Effective project management systems and workfront planning are critical to achieve cost and schedule targets and optimum construction execution. Construction Work Packages divide work into discrete pieces and Construction Work Execution Plans influence scheduling of engineering and procurement deliverables. AMEC's Engineering Data Warehouse works with intelligent engineering design tools to ensure information related to a piece of equipment is consistent across all systems. HSSE systems are proactively developed and AMEC's progressive improvement in safety performance is demonstrated.

  14. The dynamics of a nonlinear relationship between crude oil spot and futures prices. A multivariate threshold regression approach

    International Nuclear Information System (INIS)

    Huang, Bwo-Nung; Yang, C.W.; Hwang, M.J.

    2009-01-01

    This paper segments daily data from January of 1986 to April of 2007 into three periods based on certain important events. Both periods I and II indicate that the spot prices in general are higher than futures prices as was well-known in the literature. Only period-III (2001/9/11-2007/4/30) displays a reverse phenomenon: futures prices, in general, exceed spot prices. When the absolute value of a basis (futures-spot) is greater than the threshold value in the arbitrage area (regime 1 and 3), at least one of the error correction coefficients, representing adjustment towards equilibrium, is statistically significant. That is, there exists a tendency in the oil market in which prices move toward equilibrium. With respect to the short-run dynamic interaction between spot price change ((delta)s t ) and futures price change ((delta)f t ), our results indicate that when the spot price is higher than futures price, and the basis is less than certain threshold value (regime 3), there exists at least one causal relationship between (delta)s t and (delta)f t . Conversely, when the futures price is higher than spot price and the basis is higher than certain threshold value (regime 1), there exists at least one causal relationship between (delta)s t and (delta)f t . Finally, we use the method suggested by Diebold and Mariano [Diebold, Francis X., Mariano, Roberto S., 1995. Comparing predictive accuracy. Journal of Business and Economic Statistics 13 (3), 253-263] to compare the predictive power between the linear and nonlinear models. Our empirical results indicate that the in-sample prediction of the nonlinear model is clearly superior to that of the linear model. (author)

  15. The dynamics of a nonlinear relationship between crude oil spot and futures prices. A multivariate threshold regression approach

    Energy Technology Data Exchange (ETDEWEB)

    Huang, Bwo-Nung [Department of Economics and Center for IADF, National Chung Cheng University, Chiayi 621 (China); Department of Economics, West Virginia University, Morgantown, WV 26505-6025 (United States); Yang, C.W. [Department of Economics, Clarion University of Pennsylvania, Clarion, PA 16214-1232 (United States); Hwang, M.J. [Department of Economics, College of Business and Economics, West Virginia University, P. O. Box 6025, Morgantown, WV 26505-6025 (United States)

    2009-01-15

    This paper segments daily data from January of 1986 to April of 2007 into three periods based on certain important events. Both periods I and II indicate that the spot prices in general are higher than futures prices as was well-known in the literature. Only period-III (2001/9/11-2007/4/30) displays a reverse phenomenon: futures prices, in general, exceed spot prices. When the absolute value of a basis (futures-spot) is greater than the threshold value in the arbitrage area (regime 1 and 3), at least one of the error correction coefficients, representing adjustment towards equilibrium, is statistically significant. That is, there exists a tendency in the oil market in which prices move toward equilibrium. With respect to the short-run dynamic interaction between spot price change ({delta}s{sub t}) and futures price change ({delta}f{sub t}), our results indicate that when the spot price is higher than futures price, and the basis is less than certain threshold value (regime 3), there exists at least one causal relationship between {delta}s{sub t} and {delta}f{sub t}. Conversely, when the futures price is higher than spot price and the basis is higher than certain threshold value (regime 1), there exists at least one causal relationship between {delta}s{sub t} and {delta}f{sub t}. Finally, we use the method suggested by Diebold and Mariano [Diebold, Francis X., Mariano, Roberto S., 1995. Comparing predictive accuracy. Journal of Business and Economic Statistics 13 (3), 253-263] to compare the predictive power between the linear and nonlinear models. Our empirical results indicate that the in-sample prediction of the nonlinear model is clearly superior to that of the linear model. (author)

  16. Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis

    Science.gov (United States)

    Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.

    2015-06-01

    This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.

  17. Safeguarding our energy future. Investing Oil Overcharge funds in energy efficiency

    Energy Technology Data Exchange (ETDEWEB)

    1993-06-01

    Throughout the past several years, States have been receiving settlement monies distributed from escrow accounts maintained by the Department of Energy and various courts. These monies are paid by oil companies for alleged violations of the petroleum pricing regulations of the 1970`s. These funds, commonly referred to as Petroleum Violation Escrow (PVE) or Oil Overcharge funds, have been an important tool in supporting energy efficiency programs and technologies at the State level. The aim of this publication is to highlight some of the many interesting, replicable projects funded with PVE monies and to serve as a resource for successful, energy efficiency programs in planning, technology application and education. By capturing a number of these innovative State-level programs, this document will expand the information network on renewable energy and energy efficiency and serve as a point of departure for others pursuing similar goals. Projects referenced throughout this publication reflect some of the program areas in which the Department of Energy takes an active interest, and fall into the following categories: (1) Alternative fuels; (2) Industrial efficiency and waste minimization; (3) Electric power production from renewable resources; (4) Building efficiency; (5) Integrated resource planning; and (6) Energy education.

  18. Canadian upstream oil and gas industry profitability: Historical review and future perspectives [with executive summary

    International Nuclear Information System (INIS)

    1991-09-01

    The profitability of the Canadian upstream oil and gas industry is examined by analyzing return on equity and return on capital invested. By all measures and interpretations, the upstream industry has been unprofitable since the mid-1980s; returns generated are far below the industry's own historical cost of capital, and are inadequate relative to other sectors of the Canadian economy and to international oil and gas companies. This poor profitability is attributed to such factors as: overly optimistic price forecasts and healthy cash flows generated in the early 1980s, which led to excess capital spending; poor returns on capital reflective of the physical limitations of the Western Canadian Sedimentary Basin; high capital and operating costs; and a high royalty burden imposed by provincial governments. The consequences of low profitability include inadequate returns to equity investors, a drop in spending on upstream services such as drilling and exploration, a reduced ability of the industry to generate employment, and an adverse effect on the economy of Alberta. Forecasts indicate that the upstream sector is extremely vulnerable to a scenario of relatively flat prices due to high and increasing operating costs and depletion charges, and the significant royalty payments that still are in effect. Little scope is foreseen for industry profitability to return to acceptable levels over the first half of the 1990s. Reduced royalties have the potential to make a significant contribution to improved profitability. 52 figs., 40 tabs

  19. OPEC at middle age: facing an uncertain future in the world oil market economy

    International Nuclear Information System (INIS)

    1992-01-01

    International institutions, like individuals, groups, and even societies and cultures, pass through various stages in their development as they grow from youth through middle age into more experienced and mature members of the international community. OPEC, the Organization of Petroleum Exporting Countries, is no exception to this generally observable phenomenon on the world economic scene. It has clearly undergone a gradual process of growth over the past three decades or so since its establishment by five founding states in Baghdad in September 1960. OPEC's history since then could be characterized as being divided into three distinct developmental stages. The first decade, the 1960s, was a period of consolidation of OPEC's power over the oil companies and their control over the member countries'oil resources. The second decade - the 1970s - was a decade characterized by almost continuous and prolonged producer - consumer confrontation as well as revelation of some of the more basic cleavages within OPEC as an organization. This was followed by the decade of the 1980s -- a period of relative accommodation between producers and consumers in the interest of longer term market stability

  20. Forecasting the volatility of crude oil futures using intra-day data

    International Nuclear Information System (INIS)

    Sevi, Benoit

    2013-01-01

    We use the information in intra-day data to forecast the volatility of crude oil at a horizon of 1 to 66 days using a variety of models relying on the decomposition of realized variance in its positive or negative (semi-variances) part and its continuous or discontinuous part (jumps). We show the importance of these decompositions in predictive regressions using a number of specifications. Nevertheless, an important empirical finding comes from an out-of-sample analysis which unambiguously shows the limited interest of considering these components. Overall, our results indicates that a simple autoregressive specification mimicking long memory and using past realized variances as predictors does not perform significantly worse than more sophisticated models which include the various components of realized variance. (author)

  1. Exploration and production. Know-how. Extra-heavy oils and bitumen. Reserves for the future

    International Nuclear Information System (INIS)

    2004-01-01

    How can ever-expanding needs be met without jeopardizing reserve life? The answers can be summed up in a single word: the innovation. In this framework the Group Total developed their research and development activities, which are endowed with a annual budget of more than 100 million dollars. Tools from seismic imaging to thermodynamic modeling of fluids and flows in any type of reservoir can be used in combination in order to steadily reduce uncertainties and control risks. These tools will help make technologically and economically feasible to produce new resources such extra-heavy crudes, very acid gases, deeply-buried reservoirs or oil and gas reserves situated in ultra deep waters. (A.L.B.)

  2. The future of oil - Running out of gas and lack of meaning

    International Nuclear Information System (INIS)

    Parks, Olivier

    2012-01-01

    For several years now we are witnessing the conjunction of various crises: energy crisis, financial crisis, economical crisis, social crisis, identity crisis, moral value crisis, well-being crisis, political crisis... But what are the origins of these different crises? In this book, the author puts the essential question of the future of this period of uncertainties and its possible impact on the creation of a new society organization. If today's societies do not change their behaviour, the physical limits of Earth's resources will apply to them either willingly or by force anyway. The author presents a militant vision of tomorrows society with some possible energy scenarios for a future without petroleum

  3. How small business health exchanges can offer value to their future customers--and why they must.

    Science.gov (United States)

    Kingsdale, Jon

    2012-02-01

    The success of the Small Business Health Options Program (SHOP)-health insurance exchanges targeted at the small-group market and opening for business in January 2014-will depend in large part on persuading small employers and qualified health plans to participate. The most important objective will be offering employers lower-cost health plans than they have now. Other critical objectives will be offering small firms administrative efficiencies and access to choices among high-value plans that are not offered elsewhere. This article frames the challenges that exchanges will encounter in meeting these objectives. In particular, it discusses the advisability of small-business exchanges' offering an "employee choice" model (which the article describes in detail); of combining the small-business and individual exchanges to broaden product offerings and gain operational efficiencies; and of encouraging low-cost plans to enter the exchange market, perhaps by enabling Medicaid managed care plans to offer comparable commercial products, and in turn affording health plans access to a uniquely motivated market of small firms and their workers who want affordable coverage.

  4. Oil Palm Frond Juice as Future Fermentation Substrate: A Feasibility Study

    Directory of Open Access Journals (Sweden)

    Che Mohd Hakiman Che Maail

    2014-01-01

    Full Text Available Oil palm frond (OPF juice is a potential industrial fermentation substrate as it has high sugars content and the OPF are readily available daily. However, maximum sugars yield and storage stability of the OPF juice are yet to be determined. This study was conducted to determine the effect of physical pretreatment and storage duration of OPF petiole on sugars yield. Storage stability of OPF juice at different storing conditions was also investigated. It was found that OPF petiole squeezed by hydraulic pressing machine gave the highest sugars recovery at almost 40 g/kg, accounting for a recovery yield of 88%. Storage of OPF petiole up to 72 hrs prior to squeezing reduced the free sugars by 11 g/kg. Concentrated OPF juice with 95% water removal had the best storage stability at both 4 and 30°C, when it was stored for 10 days. Moreover, concentrated OPF syrup prepared by thermal processing did not give any Maillard effect on microbial growth. Based on our results, OPF juice meets all the criteria as a good fermentation substrate as it is renewable, consistently available, and easy to be obtained, it does not inhibit microbial growth and product formation, and it contains no impurities.

  5. Oil quotations

    Energy Technology Data Exchange (ETDEWEB)

    1980-10-01

    Prices quoted during the last few weeks for fuel oil and gas oil - on the ARA market, on the New York future market, by the Berlin price supervision authority - fob TW from Germany storage or refinery, and - on the German commodity markets for fuel oil are listed.

  6. The refining industry and the future of the fuel oils; L'industrie du raffinage et le devenir des fiouls lourds

    Energy Technology Data Exchange (ETDEWEB)

    Soleille, S

    2004-01-15

    The fuel oils consumption decrease in France since 1970, because of the two petroleum crisis, the nuclear energy competition and the air pollution. The fuel oils industry is then looking other export possibilities. This report aims to offer a first approach of the problem and presents the main challenges. The first part is devoted to the technical context (definition, production and outlet. The second part presents the environmental context and the fuel oils market. In the third part the market is studied at the world scale, in the fourth at the french scale and in the fifth at the scale of other countries as United States, Japan and european Union. A synthesis tables is given in the last part to compare and propose some hypothesis concerning the future of fuel oils and the french refining industry. (A.L.B.)

  7. Forecasting the density of oil futures returns using model-free implied volatility and high-frequency data

    International Nuclear Information System (INIS)

    Ielpo, Florian; Sevi, Benoit

    2013-09-01

    Forecasting the density of returns is useful for many purposes in finance, such as risk management activities, portfolio choice or derivative security pricing. Existing methods to forecast the density of returns either use prices of the asset of interest or option prices on this same asset. The latter method needs to convert the risk-neutral estimate of the density into a physical measure, which is computationally cumbersome. In this paper, we take the view of a practitioner who observes the implied volatility under the form of an index, namely the recent OVX, to forecast the density of oil futures returns for horizons going from 1 to 60 days. Using the recent methodology in Maheu and McCurdy (2011) to compute density predictions, we compare the performance of time series models using implied volatility and either daily or intra-daily futures prices. Our results indicate that models based on implied volatility deliver significantly better density forecasts at all horizons, which is in line with numerous studies delivering the same evidence for volatility point forecast. (authors)

  8. 'Negligence = Oil Shortage' and international energy conditions in the future. 'Yudan' to kongo no kokusai energy josei ni tsuite

    Energy Technology Data Exchange (ETDEWEB)

    Sakaiya, T.

    1993-12-01

    This paper introduced the Mr. Sakaiya's lecture on the 'Negligence = Oil Shortage' and international energy conditions in the future held at the 20th anniversary of the Agency of Natural Resources and Energy. The present Japan's conditions are very similar to those at the Oil Crisis. Japan is now in 'Negligence'. The prosperity brought about by the decline of oil price staggers Japan's intention of developing the nuclear power generation. There is no feeling of energy crisis all over the world. The demand/supply of oil resources, international relation, social and economical trend, and technical innovation after the Oil Crisis were explained. The pig cycle of economy can be clearly seen in energy, food, and gold price. The human being is apt to indulge into negligence in the experience in memory and the historical repetition. For the oil forecast, they say that it will be fine or cloudy and the rainfall probability is 15 %. The resources and energy requires a long term vision. The nuclear power generation is important. The social tolerance to the development of nuclear power generation is necessary to get rid of the oil dependency. Let's not repeat the trouble in railway construction. All the people have to be interested in nuclear power.

  9. A study of correlations between crude oil spot and futures markets: A rolling sample test

    Science.gov (United States)

    Liu, Li; Wan, Jieqiu

    2011-10-01

    In this article, we investigate the asymmetries of exceedance correlations and cross-correlations between West Texas Intermediate (WTI) spot and futures markets. First, employing the test statistic proposed by Hong et al. [Asymmetries in stock returns: statistical tests and economic evaluation, Review of Financial Studies 20 (2007) 1547-1581], we find that the exceedance correlations were overall symmetric. However, the results from rolling windows show that some occasional events could induce the significant asymmetries of the exceedance correlations. Second, employing the test statistic proposed by Podobnik et al. [Quantifying cross-correlations using local and global detrending approaches, European Physics Journal B 71 (2009) 243-250], we find that the cross-correlations were significant even for large lagged orders. Using the detrended cross-correlation analysis proposed by Podobnik and Stanley [Detrended cross-correlation analysis: a new method for analyzing two nonstationary time series, Physics Review Letters 100 (2008) 084102], we find that the cross-correlations were weakly persistent and were stronger between spot and futures contract with larger maturity. Our results from rolling sample test also show the apparent effects of the exogenous events. Additionally, we have some relevant discussions on the obtained evidence.

  10. Iraq's future

    International Nuclear Information System (INIS)

    Henderson, S.

    1998-01-01

    The large oil reserves of Iraq make it an important player in the long-term political energy world. This article briefly reviews the oil industry''s development and current status in Iraq and discusses the planned oil and gas field development. Finally there is a political discussion regarding the future of Iraq in terms of religion, race and neighbouring countries. (UK)

  11. FUTURES

    DEFF Research Database (Denmark)

    Pedersen, Michael Haldrup

    2017-01-01

    Currently both design thinking and critical social science experience an increased interest in speculating in alternative future scenarios. This interest is not least related to the challenges issues of global sustainability present for politics, ethics and design. This paper explores the potenti......Currently both design thinking and critical social science experience an increased interest in speculating in alternative future scenarios. This interest is not least related to the challenges issues of global sustainability present for politics, ethics and design. This paper explores...... the potentials of speculative thinking in relation to design and social and cultural studies, arguing that both offer valuable insights for creating a speculative space for new emergent criticalities challenging current assumptions of the relations between power and design. It does so by tracing out discussions...... of ‘futurity’ and ‘futuring’ in design as well as social and cultural studies. Firstly, by discussing futurist and speculative approaches in design thinking; secondly by engaging with ideas of scenario thinking and utopianism in current social and cultural studies; and thirdly by showing how the articulation...

  12. Electro-catalytic biodiesel production from canola oil in methanolic and ethanolic solutions with low cost stainless steel and hybrid ion-exchange resin grafted electrodes

    Science.gov (United States)

    Allioux, Francois-Marie; Holland, Brendan J.; Kong, Lingxue; Dumée, Ludovic F.

    2017-07-01

    Biodiesel is a growing alternative to petroleum fuels and is produced by the catalysed transesterification of fats in presence of an alcohol base. Transesterification processes using homogeneous catalysts are considered to be amongst the most efficient methods but rely on the feedstock quality and low water content in order to avoid undesirable saponification reactions. In this work, the electro-catalytic conversion of canola oil to biodiesel in a 1% aqueous methanolic and ethanolic reaction mixture was performed without the addition of external catalyst or co-solvent. An inexpensive stainless steel electrode and a hybrid stainless steel electrode coated with an ion-exchange resin catalyst were used as cathode materials while the anode was composed of a plain carbon paper. The cell voltages were varied from 10 to 40 V and the reaction temperature maintained at 20 or 40°C. The canola oil conversion rates were found to be superior at 40°C without saponification reactions for cell voltages below 30 V. The conversion rates were as high as 87% for the hybrid electrode and 81% for the plain stainless steel electrode. This work could inspire new process development for the conversion of high water content feedstock for the production of second-generation biodiesel.

  13. Electro-Catalytic Biodiesel Production from Canola Oil in Methanolic and Ethanolic Solutions with Low-Cost Stainless Steel and Hybrid Ion-Exchange Resin Grafted Electrodes

    Directory of Open Access Journals (Sweden)

    Francois-Marie Allioux

    2017-07-01

    Full Text Available Biodiesel is a growing alternative to petroleum fuels and is produced by the catalyzed transesterification of fats in presence of an alcohol base. Transesterification processes using homogeneous catalysts are considered to be among the most efficient methods but rely on the feedstock quality and low water content in order to avoid undesirable saponification reactions. In this work, the electro-catalytic conversion of canola oil to biodiesel in a 1% aqueous methanolic and ethanolic reaction mixture was performed without the addition of external catalyst or cosolvent. An inexpensive stainless steel (SS electrode and a hybrid SS electrode coated with an ion-exchange resin catalyst were used as cathode materials while the anode was composed of a plain carbon paper. The cell voltages were varied from 10 to 40 V and the reaction temperature maintained at 20 or 40°C. The canola oil conversion rates were found to be superior at 40°C without saponification reactions for cell voltages below 30 V. The conversion rates were as high as 87% for the hybrid electrode and 81% for the plain SS electrode. This work could inspire new process development for the conversion of high water content feedstock for the production of second-generation biodiesel.

  14. Hello oil rig: The role of simulacra images in producing future reality

    Science.gov (United States)

    Ibrahim, Abdallah

    This project is the first approach to address the problem of the image through a discussion between science, philosophy, art history, art theory, and fine arts based on one body of specific art work designed especially to explain the role of the image in producing future reality models. This study is a continuation of the dialogue between important philosophers and thinkers about the image and its place in the contemporary scene. The technical fossil medium used in painting this project crosses the boundary between scientific research with its data sheets to art theory and fine arts with their aesthetic rhetoric thus bringing many disciplines together. Seven images were created to discuss the problem. The artwork and the academic research are both interacting in this paper in a multidiscipline discussion to uncover the role of the images in creating a new reality and in forging the hyperreal culture.

  15. The scenario approach to possible futures for oil and natural gas

    International Nuclear Information System (INIS)

    Bentham, Jeremy

    2014-01-01

    Shell has been using scenario planning for 40 years to help deepen its strategic thinking. Developing and applying scenarios is part of an ongoing process in Shell that encourages decision-makers to explore the features, uncertainties, and boundaries of the future landscape, and engage with alternative points of view. Shell scenarios go beyond conventional energy outlooks and consider long-term trends in economics, energy supply and demand, geopolitical shifts and social change. They are based on plausible assumptions and quantification, and include the impact of different patterns of individual and collective choices. Shell′s latest scenario publication, the New Lens Scenarios, published in 2013, provides an in-depth analysis of how economic, social and political forces might play out over the 21st century, as well as their consequences for the global energy system and environment. Its ‘Mountains’ and ‘Oceans’ scenarios set out two distinct paths the world might take in the decades ahead. They reinforce the urgency and complexity of addressing the world's resource and environmental stresses, and highlight the need for business, government and society to find new ways to collaborate, fostering policies that promote the development and use of cleaner energy, and improve energy efficiency. - Highlights: • Shell has used scenarios to deepen its strategic thinking for 40 years. • Shell scenarios cover a broader set of drivers than traditional energy outlooks. • Shell's New Lens Scenarios were published in February 2013. • They look at trends in the economy, politics and energy over the 21st century. • Coordinated policies are essential to meeting the world's rising energy needs

  16. Current status of deepwater oil spill modelling in the Faroe-Shetland Channel, Northeast Atlantic, and future challenges.

    Science.gov (United States)

    Gallego, Alejandro; O'Hara Murray, Rory; Berx, Barbara; Turrell, William R; Beegle-Krause, C J; Inall, Mark; Sherwin, Toby; Siddorn, John; Wakelin, Sarah; Vlasenko, Vasyl; Hole, Lars R; Dagestad, Knut Frode; Rees, John; Short, Lucy; Rønningen, Petter; Main, Charlotte E; Legrand, Sebastien; Gutierrez, Tony; Witte, Ursula; Mulanaphy, Nicole

    2018-02-01

    As oil reserves in established basins become depleted, exploration and production moves towards relatively unexploited areas, such as deep waters off the continental shelf. The Faroe-Shetland Channel (FSC, NE Atlantic) and adjacent areas have been subject to increased focus by the oil industry. In addition to extreme depths, metocean conditions in this region characterise an environment with high waves and strong winds, strong currents, complex circulation patterns, sharp density gradients, and large small- and mesoscale variability. These conditions pose operational challenges to oil spill response and question the suitability of current oil spill modelling frameworks (oil spill models and their forcing data) to adequately simulate the behaviour of a potential oil spill in the area. This article reviews the state of knowledge relevant to deepwater oil spill modelling for the FSC area and identifies knowledge gaps and research priorities. Our analysis should be relevant to other areas of complex oceanography. Crown Copyright © 2017. Published by Elsevier Ltd. All rights reserved.

  17. What explains the difference between the futures' price and its "fair" value? : evidence from the european options exchange

    NARCIS (Netherlands)

    Berglund, T.; Kabir, R.

    1995-01-01

    This paper analyzes systematic deviations of the observed futures price from the value predicted by the simple cost-of-carry relationship. A model to explain this deviation (the basis) is presented in Chen, Cuny, and Haugen (1995, henceforth CCH). According to CCH, the basis should be negatively

  18. The Marketing-Finance Interface Towards Financial Services: with Special Reference to New Services Provided by Futures Exchanges

    NARCIS (Netherlands)

    Pennings, J.M.E.; Wetzels, M.G.M.; Meulenberg, M.T.G.

    1999-01-01

    The financial services industry is one of the fastest growing service industries. The financial services industry includes financial derivatives markets such as options and futures markets. In order to ensure survival, firms providing financial services show a rapid product innovation. However, for

  19. Future Oil Spills and Possibilities for Intervention: A Model for the Coupled Human-Environmental Resource Extraction System

    Science.gov (United States)

    Shughrue, C. M.; Werner, B.; Nugnug, P. T.

    2010-12-01

    The catastrophic Deepwater Horizon oil spill highlights the risks for widespread environmental damage resulting from petroleum resource extraction. Possibilities for amelioration of these risks depend critically on understanding the dynamics and nonlinear interactions between various components of the coupled human-environmental resource extraction system. We use a complexity analysis to identify the levels of description and time scales at which these interactions are strongest, and then use the analysis as the basis for an agent-based numerical model with which decadal trends can be analyzed. Oil industry economic and technological activity and associated oil spills are components of a complex system that is coupled to natural environment, legislation, regulation, media, and resistance systems over annual to decadal time scales. In the model, oil spills are produced stochastically with a range of magnitudes depending on a reliability-engineering-based assessment of failure for the technology employed, human factors including compliance with operating procedures, and risks associated with the drilling environment. Oil industry agents determine drilling location and technological investment using a cost-benefit analysis relating projected revenue from added production to technology cost and government regulation. Media outlet agents reporting on the oil industry and environmental damage from oil spills assess the impacts of aggressively covering a story on circulation increases, advertiser concerns and potential loss of information sources. Environmental advocacy group agents increase public awareness of environmental damage (through media and public contact), solicit memberships and donations, and apply direct pressure on legislators for policy change. Heterogeneous general public agents adjust their desire for change in the level of regulation, contact their representatives or participate in resistance via protest by considering media sources, personal

  20. Study of alternatives for future operations of the naval petroleum and oil shale reserves, NOSR-2, Uintah and Carbon Counties, Utah. Final report

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-12-01

    The US Department of Energy (DOE) has asked Gustavson Associates, Inc. to serve as an Independent Petroleum Consultant and authorized a study and recommendations regarding future development of Naval Oil Shale Reserve No. 2 (NOSR-2) in Uintah and Carbon Counties, Utah. The US owns 100% of the mineral rights and about 60% of the surface rights in NOSR-2. The Ute Indian Tribe owns the other 40% of the surface. This 88,890-acre tract was set aside as an oil shale reserve for the US Navy by an Executive Order of President Wilson in 1916. Management of NOSR-2 is the responsibility of DOE. No drilling for oil and gas has occurred on the property and no production has been established. No reserves are present, although the area is hypothesized to overlay gas resources. Mapping by the US Geological Survey and others has resulted in speculative seismic leads for structures that may or may not hold conventional oil and gas. All of the mineral rights (including oil shale) must be considered exploratory and the mineral rights must be valued accordingly. The opinion recommended to maximize value to the US is Option 4, sale of the interest of the US of all or part of NOSR-2. Evaluation of this option results in an estimated value which is more than three times greater than the next highest estimated value, for Option 2, transfer to the Department of the Interior for leasing.

  1. Thermal Stability of Oil Palm Empty Fruit Bunch (OPEFB) Nanocrystalline Cellulose: Effects of post-treatment of oven drying and solvent exchange techniques

    Science.gov (United States)

    Indarti, E.; Marwan; Wanrosli, W. D.

    2015-06-01

    Nanocrystallinecellulose (NCC) from biomass is a promising material with huge potentials in various applications. A big challenge in its utilization is the agglomeration of the NCC's during processing due to hydrogen bonding among the cellulose chains when in close proximity to each other. Obtaining NCC's in a non-agglomerated and non-aqueous condition is challenging. In the present work NCC's was isolated from oil palm empty fruit bunch (OPEFB) using TEMPO-oxidation reaction method. To obtain non-agglomerated and non-aqueous products, the NCC's underwent post-treatment using oven drying (OD) and solvent exchanged (SE) techniques. The thermal stability of all samples was determined from TGA and DTG profiles whilst FTIR was used to analyzethe chemical modifications that occurred under these conditions. NCC-SE has better thermal stability than the NCC-OD and its on-set degradation temperature and residue are also higher. FTIR analysis shows that NCC-SE has a slightly different chemical composition whereby the absorption band at 1300 cm-1 (due to C-O symmetric stretching) is absent as compared to NCC-OD indicating that in NCC-SE the carboxylate group is in acid form which contribute to its thermal stability

  2. Can the dynamics of the term structure of petroleum futures be forecasted? Evidence from major markets

    International Nuclear Information System (INIS)

    Skiadopoulos, George; Chantziara, Thalia

    2008-01-01

    We investigate whether the daily evolution of the term structure of petroleum futures can be forecasted. To this end, the principal components analysis is employed. The retained principal components describe the dynamics of the term structure of futures prices parsimoniously and are used to forecast the subsequent daily changes of futures prices. Data on the New York Mercantile Exchange (NYMEX) crude oil, heating oil, gasoline, and the International Petroleum Exchange (IPE) crude oil futures are used. We find that the retained principal components have small forecasting power both in-sample and out-of-sample. Similar results are obtained from standard univariate and vector autoregression models. Spillover effects between the four petroleum futures markets are also detected. (author)

  3. Record prices [crude oil

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

    Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all-time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed-up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications (see 'Focus', March 2006) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state. (author)

  4. After the oil peak - How do we build preparedness with divergent visions of the future?; Efter oljetoppen - Hur bygger vi beredskap naer framtidsbilderna gaar isaer?

    Energy Technology Data Exchange (ETDEWEB)

    Helmfrid, Hillevi; Haden, Andrew

    2006-04-15

    This report was written to highlight important issues regarding the preparedness of Swedish society for a potential scarcity of crude oil and possible rapid increases in energy prices. The report consists of nine chapters covering the following topics: Chapter 1 introduces and describes the purpose of the report. Chapter 2 summarizes the available information related to the future availability of conventional crude oil and describes the theory of oil production 'peak'. Chapter 3 examines estimates of future oil demand using IEA global demand forecasts. Chapter 4 considers the question: 'when will oil production peak'? We examine the assumptions behind the various prognoses. Chapter 5 offers a broad overview of the importance of oil consumption for society. The chapter highlights the concept of Energy Return on Energy Invested (EROEI) as it pertains to fossil and renewable energy sources. The EROEI of conventional crude oil has historically been very high. This is not true of many alternative fuels. In addition to discussing its various current uses, we consider the implications of oil consumption for the current economic order and for international political relations. Chapter 6 deals specifically with the role of oil in the Swedish food system, and the Swedish forestry system, which together comprise the Swedish 'green sector'. As of this writing, much attention is focused on agriculture and forestry as future energy sources for society. At the same time, we know that agriculture and forestry, as practiced today, are large consumers of fossil fuels. How this paradox can be resolved is a central question for modern societies, and implies significant changes for agriculture and forestry systems, and their associated industries. As an illustration, we offer baseline calculations of the amount of land that would need to be dedicated to raw material production for biofuels, given the current productivity of Sweden's agriculture and

  5. Oil Price Volatility and Economic Growth in Nigeria: a Vector Auto-Regression (VAR Approach

    Directory of Open Access Journals (Sweden)

    Edesiri Godsday Okoro

    2014-02-01

    Full Text Available The study examined oil price volatility and economic growth in Nigeria linking oil price volatility, crude oil prices, oil revenue and Gross Domestic Product. Using quarterly data sourced from the Central Bank of Nigeria (CBN Statistical Bulletin and World Bank Indicators (various issues spanning 1980-2010, a non‐linear model of oil price volatility and economic growth was estimated using the VAR technique. The study revealed that oil price volatility has significantly influenced the level of economic growth in Nigeria although; the result additionally indicated a negative relationship between the oil price volatility and the level of economic growth. Furthermore, the result also showed that the Nigerian economy survived on crude oil, to such extent that the country‘s budget is tied to particular price of crude oil. This is not a good sign for a developing economy, more so that the country relies almost entirely on revenue of the oil sector as a source of foreign exchange earnings. This therefore portends some dangers for the economic survival of Nigeria. It was recommended amongst others that there should be a strong need for policy makers to focus on policy that will strengthen/stabilize the economy with specific focus on alternative sources of government revenue. Finally, there should be reduction in monetization of crude oil receipts (fiscal discipline, aggressive saving of proceeds from oil booms in future in order to withstand vicissitudes of oil price volatility in future.

  6. What’s now, what’s new and what’s next in virgin olive oil elaboration systems? A perspective on current knowledge and future trends

    Directory of Open Access Journals (Sweden)

    Maria Lisa Clodoveo

    2014-10-01

    Full Text Available The aim of virgin olive oil elaboration process is to obtain the highest recovery of the best quality oil from the fruits. The aim of the researchers is to understand the key elements that allow to modulate the complex series of physical, physico-chemical, chemical and biochemical transformations in order to develop innovative and sustainable plant solutions able to increase simultaneously both yield and quality of product. The basic principles applied also in the newest olive oil industrial plants still follow the technical knowledge which have been empirically learned by humans thousands of years ago. In fact, it is well known that three factors, mixing, water adding and warming, are the three macroscopic driving forces able to favour the separation of the oily phase from the mass of crushed olives. In this consolidated scenario, can new elements emerge? The whole process should be considered more than a simple extraction of the oil present in fruit cells, but a complex elaboration of a product, which is depleted and enriched of both constitutive and neo-synthesised compounds through complex phenomena only in part discovered. In fact, while it is evident that numerous studies have been conducted to elucidate the behaviour of olive paste during virgin olive oil extraction process, a key conclusion is that the current level of understanding can be improved further by means the development of more rigorous researches with more focused targets aimed to understand the rheological changes, the coalescence phenomena, the changes in hydrophobic and hydrophilic phenomena, the partition equilibrium of minor compounds between aqueous and oily phases and, last but not least, the favourable and unfavourable enzymatic reactions. This paper provides an analysis of the present research field and its strengths and weaknesses are discussed. Potentially important future directions for research are also proposed.

  7. Trend and current practices of palm oil mill effluent polishing: Application of advanced oxidation processes and their future perspectives.

    Science.gov (United States)

    Bello, Mustapha Mohammed; Abdul Raman, Abdul Aziz

    2017-08-01

    Palm oil processing is a multi-stage operation which generates large amount of effluent. On average, palm oil mill effluent (POME) may contain up to 51, 000 mg/L COD, 25,000 mg/L BOD, 40,000 TS and 6000 mg/L oil and grease. Due to its potential to cause environmental pollution, palm oil mills are required to treat the effluent prior to discharge. Biological treatments using open ponding system are widely used for POME treatment. Although these processes are capable of reducing the pollutant concentrations, they require long hydraulic retention time and large space, with the effluent frequently failing to satisfy the discharge regulation. Due to more stringent environmental regulations, research interest has recently shifted to the development of polishing technologies for the biologically-treated POME. Various technologies such as advanced oxidation processes, membrane technology, adsorption and coagulation have been investigated. Among these, advanced oxidation processes have shown potentials as polishing technologies for POME. This paper offers an overview on the POME polishing technologies, with particularly emphasis on advanced oxidation processes and their prospects for large scale applications. Although there are some challenges in large scale applications of these technologies, this review offers some perspectives that could help in overcoming these challenges. Copyright © 2017 Elsevier Ltd. All rights reserved.

  8. Reflections on oil crops as sources of energy. I - jojoba (Simmondsia chinensis), a lubricant of the future

    Energy Technology Data Exchange (ETDEWEB)

    Martin, G.

    1983-06-01

    It is only in the last few years that public interest has been awakened in a modest oil-yielding shrub of the desert regions of California, Arizona (USA) and Mexico: jojoba (Simmondsia chinensis). This interest would seem to be justified in view of the qualities of the oil, which is altogether similar to sperm whale oil, and the possibilities it offers, notably as a lubricant. Naturally, as it is a rare product and its domestication has barely started, it has a fabulous market value (it reaches US $200/gal in 1981), but this will drop rapidly once development programmes get under way (already in 1983 the oil was to be found at US $ 50/55 gal). One-track research would be unprofitable. This drought-resistant shrub does not offer efficiency against desertification nor as an ally in the reclamation of climatically underprivileged, depopulated regions. This article makes an approach to a strategy and gives a broad outline for a programme. (Refs. 19).

  9. 17 CFR 19.01 - Reports on stocks and fixed price purchases and sales pertaining to futures positions in wheat...

    Science.gov (United States)

    2010-04-01

    ... price purchases and sales pertaining to futures positions in wheat, corn, oats, soybeans, soybean oil, soybean meal or cotton. 19.01 Section 19.01 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REPORTS BY PERSONS HOLDING BONA FIDE HEDGE POSITIONS PURSUANT TO § 1.3(z) OF THIS CHAPTER AND BY...

  10. China and the relationship between the oil price and the dollar

    International Nuclear Information System (INIS)

    Benassy-Quere, Agnes; Mignon, Valerie; Penot, Alexis

    2007-01-01

    We study cointegration and causality between the real price of oil and the real price of the dollar over the 1974-2004 period. Our results suggest that a 10% rise in the oil price coincides with a 4.3% appreciation of the dollar in the long run, and that the causality runs from oil to the dollar. Through the development of a theoretical model, we then investigate possible reasons why this relationship could be reversed in the future due to the emergence of China as a major player on both the oil and the foreign exchange markets

  11. Estimation of quality and yields of products from the process of future national oils indelayed coking units; Estimativa da qualidade e dos rendimentos de produtos de coqueamento a partir do processamento de petroleos nacionais

    Energy Technology Data Exchange (ETDEWEB)

    Filipakis, Sofia D.; Silva, Maria do Socorro A.J. da; Guimaraes, Regina C.L. [PETROBRAS, Rio de Janeiro, RJ (Brazil)

    2008-07-01

    As the importance of the delayed coking process increases in the Brazilian refinery scenario, it is necessary to perform a more detailed evaluation of vacuum residues potential on this kind of process. This work compares the performance of future produced and exported oils residues with those which are references nowadays as delayed coking feeding. This information is essential for the prediction of the future quality and yield of the products generated by this process, and for the determination of the oils value for exportation. For this purpose, a process simulator was used considering the operational conditions of a real delayed coking unit. The carbon residue and asphaltenes ratio from the residues were also evaluated. This simulation demonstrated that most of the future oils will produce a high quality coke from the point of view of crystallinity and metals content, and it will present high contents of both volatile matter and sulphur. The exported oils residues are likely to show good crystallinity. (author)

  12. The oil market in the 1980s -- a decade of decline

    International Nuclear Information System (INIS)

    Shojai, S.; Katz, B.S.

    1992-01-01

    Part 1 of this volume presents a profile of the economic dislocations and hardships that resulted from the breakup of OPEC and non-OPEC nation oil exporters. The economies and economic plans of these nations were buffeted by the oil price decline. Slowed foreign exchange receipts, declining terms of trade, and fluctuating exchange rates all mitigated against oil suppliers. Part 2 investigates a range of oil importer responses to the economic ramifications of rising (1970s) and declining (1980s) oil prices. While the oil-importing Western nations adjusted to and benefited from the declining oil prices and oil suppliers bore the cost, there were also disparate economic effects on the developing world. Part 3 investigates the oil price decline fallout. The experiences of the 1980s permit an extended analysis of market conditions resulting from changes in the price of oil. Part 4 attempts to come to grips with the impact of price changes and future developments in the international world oil market

  13. Oil market outlook

    NARCIS (Netherlands)

    Lorié, J.; Kastelein, M.; Zeilstra, A.

    2013-01-01

    The price of oil has a huge impact on the profitability of many and varied industries. In this report, we explore the factors that affect that price and look at the likely future development of the oil market.

  14. The impact of the 2015-2016 El Niño-Southern Oscillation (ENSO) event on greenhouse gas exchange and surface energy budget in an Indonesian oil palm plantation

    Science.gov (United States)

    Stiegler, Christian; Meijide, Ana; June, Tania; Knohl, Alexander

    2017-04-01

    The 2015-2016 El Niño-Southern Oscillation (ENSO) event was one of the strongest observed in the last 20 years. Oil palm plantations cover a large fraction of tropical lowlands in Southeast Asia but despite their growing areal extent, measurements and observations of greenhouse gas exchange and surface energy balance are still scarce. In addition, the effects of extreme events such as ENSO on carbon sequestration and the partitioning of surface energy balance components are widely unknown. In this study, we use micrometeorological measurements located in commercial oil palm plantations in the Jambi province (Sumatra, Indonesia) to assess the impact of the 2015-2016 ENSO event and severe forest fires on greenhouse gas exchange and surface energy budget. Continuous measurements are in operation since July 2013 and we assess turbulent fluxes of carbon dioxide (CO2), water vapour and sensible heat using the eddy covariance technique before, during and after the 2015-2016 ENSO event. In the beginning of the ENSO event, the area experienced a strong drought with decreasing soil moisture, increasing air and surface temperatures, and strong atmospheric vapour pressure deficit. During the peak of the drought from August to October 2015, hundreds of forest fires in the area resulted in strong smoke production, decreasing incoming solar radiation by 35% compared to pre-ENSO values and diffuse radiation became almost the sole shortwave radiation flux. During the beginning of the drought, carbon uptake of the oil palm plantation was around 2.1 gC m-2 d-1 and initially increased by 50% due to clear-sky conditions and high incoming photosynthetically active radiation (PAR) but increasing density of smoke turned the oil palm plantation into a source of carbon. The turbulent heat fluxes experienced an increase in sensible heat fluxes due to drought conditions at the cost of latent heat fluxes resulting in an increase in the midday Bowen-ratio from 0.17 to 0.40. Strong smoke

  15. Higher Education Exchange, 2010

    Science.gov (United States)

    Brown, David W., Ed.; Witte, Deborah, Ed.

    2010-01-01

    "Higher Education Exchange" publishes case studies, analyses, news, and ideas about efforts within higher education to develop more democratic societies. Contributors to this issue of the "Higher Education Exchange" examine whether institutions of higher learning are doing anything to increase the capacity of citizens to shape their future.…

  16. Supply-demand controls the futures

    International Nuclear Information System (INIS)

    Brown, D.

    1991-01-01

    This paper briefly discusses the futures market of petroleum and explains how futures operate. The purpose of the paper is to demonstrate that oil futures markets does no determine energy prices - it merely reflects the prices recorded through trades made in an open marketplace. A futures contract is an agreement between a buyer and a seller at a price that seems fair to both. High demand from buyers can push prices up; low demand or a willingness to sell pushes prices down. As a result, supply and demand control the futures exchange and not vice-versa. The paper goes on to explain some basic principals of the futures market including the differences between hedging and speculating on prices and marketing strategy

  17. Psychodynamic Leadership Approach and Leader-Member Exchange (LMX): A Psychiatric Perspective on Two Leadership Theories and Implications for Training Future Psychiatrist Leaders.

    Science.gov (United States)

    Plakiotis, Christos

    2017-01-01

    An increased emphasis in recent years on psychiatrists as healthcare leaders has not only drawn attention to the skills they can bring to this role but has also raised questions about how to best train and prepare them to assume leadership responsibilities. Such training should not be conducted in isolation from, and oblivious to, the wide-ranging expertise in human behaviour and relationships that psychiatrists can bring to the leadership arena. The aim of this theoretical paper is to draw attention to how psychiatrists can use their existing knowledge and skill set to inform their understanding of leadership theory and practice. In particular, the Psychodynamic Leadership Approach and Leader-Member Exchange theory are compared and contrasted to illustrate this point. The former represents a less well-known approach to leadership theory and practice whereas the latter is a widely familiar, conventional theory that is regularly taught in leadership courses. Both are underpinned by their emphasis on leader-follower relationships-and human relationships more broadly-and are intuitively appealing to psychiatrists endeavouring to understand aspects of organisational behaviour in the healthcare settings in which they work and lead. The application of these theories to assist reflection on and understanding of professional and personal leadership behaviours through leadership-oriented Balint-style groups and 360-degree appraisal is proposed. It is hoped that this paper will serve to stimulate thought and discussion about how leadership training for future psychiatrists can be tailored to better harness their existing competencies, thereby developing richer formative learning experiences and, ultimately, achieving superior leadership outcomes.

  18. Response of net ecosystem CO2 exchange and evapotranspiration of boreal forest ecosystems to projected future climate changes: results of a modeling study

    Science.gov (United States)

    Olchev, Alexander; Kurbatova, Julia

    2014-05-01

    It is presented the modeling results describing the possible response of net ecosystem exchange of CO2 (NEE), gross (GPP) and net (NPP) primary production, as well as evapotranspiration (ET) of spruce forest ecosystems situated at central part of European part of Russia at the southern boundary of boreal forest community to projected future changes of climatic conditions and forest species composition. A process-based MixFor-SVAT model (Olchev et al 2002, 2008, 2009) has been used to describe the CO2 and H2O fluxes under present and projected future climate conditions. The main advantage of MixFor-SVAT is its ability not only to describe seasonal and daily dynamics of total CO2 and H2O fluxes at an ecosystem level, but also to adequately estimate the contributions of soil, forest understorey, and various tree species in overstorey into total ecosystem fluxes taking into account their individual responses to changes in environmental conditions as well as the differences in structure and biophysical properties. Results of modeling experiments showed that projected changes of climate conditions (moderate scenario A1B IPCC) and forest species composition at the end of 21 century can lead to small increase of annual evapotranspiration as well as to growth of NEE, GPP and NPP of the forests in case if the projected increase in temperature and elevated CO2 in the atmosphere in future will be strictly balanced with growth of available nutrients and water in plant and soil. It is obvious that any deficit of e.g. nitrogen in leaves (due to reduced transpiration, nitrogen availability in soil, etc.) may lead to decreases in the photosynthesis and respiration rates of trees and, as a consequence, to decreases in the GPP and NEE of entire forest ecosystem. Conducted modeling experiments have demonstrated that a 20% reduction of available nitrogen in tree leaves in a monospesific spruce forest stand may result in a 14% decrease in NEE, a 8% decrease in NPP, and a 4% decrease in

  19. Le futur prix de l'énergie : faut-il orienter les prix du pétrole vers la hausse? The Future Price of Energy. Should Oil Prices Be Allowed to Driff Upwards?

    Directory of Open Access Journals (Sweden)

    Desprairies P.

    2006-11-01

    Full Text Available II est à peu près universellement admis que les prix du pétrole vont augmenter d'ici la fin du siècle, du fait de l'épuisement des ressources de pétrole conventionnel à bon marché. L'évolution souhaitable des prix et leur niveau futur font par contre l'objet d'opinions variées. L'analyse du problème ne fait pas apparaître de raisons d'une hausse immédiate des prix au pétrole brut, ni de leur alignement à échéance rapide sur le prix des pétroles non-conventionnels les plus chers. Dans les prochaines années c'est l'offre et la demande de pétrole conventionnel qui commanderont les prix du pétrole, c'est-à-dire, le rythme d'investissements dans le pétrole conventionnel, le charbon, et l'électricité nucléaire. La hausse en prix constants peut difficilement reprendre avant qu'aient disparu les surplus de capacité de production, c'est-à-dire guère avant 1983/1985 si la croissance économique et l'offre de pétrole continuent d'évoluer aux allures actuellement prévisibles. Si l'on est tenté d'évaluer aux alentours du prix de vente actuel majoré de 50 %, soit une vingtaine de dollars (1978 le prix à long terme du pétrole, c'est beaucoup plus par référence aux souhaits supposés des pays producteurs et au pouvoir d'achat des pays acheteurs qu'au coct de production du pétrole non-conventionnel. Il est aujourd'hui peu probable que le dialogue entre pays exportateurs et acheteurs de pétrole, point de départ d'une hausse programmée des prix, se noue avant qu'une crise d'approvisionnements plus ou moins sévère n'ait rendu manifeste la nécessité d'un tel dialogue. It is almost universolly accepted that oil prices will rise between now and the end of the century on account of the depletion of cheop conventional oil resources. The evolution to be desired for prices and their future level, on the other hand, is the subiect of differing opinions. An onalysis of the problem does not reveal any raasons for an immediate

  20. Exchange transfusion

    Science.gov (United States)

    ... count in a newborn (neonatal polycythemia) Rh-induced hemolytic disease of the newborn Severe disturbances in body chemistry Severe newborn jaundice ... exchange transfusion was performed to treat. Alternative Names Hemolytic disease - exchange transfusion Patient ... Exchange transfusion - series References Costa ...

  1. Quantifying the effects of oil shocks on long-term public debt: A review of empirical data and a scenario analysis of future projections

    Science.gov (United States)

    McMichael, Jillian Taylor

    Various authors have shown that each oil shock in the past 40 years has had statistically significant impacts on subsequent macroeconomic activity in the United States. Through these economic effects, oil shocks affect Federal revenues and expenditures and hence public debt. Published Federal budget scenarios do not currently reflect these impacts of oil shocks. I synthesize, in this paper, literature quantifying the impact of oil price increases on GDP growth and use that information to modify current long-term Federal budget models to present scenarios of how oil shocks are likely to affect long-term Federal debt. I argue that modeling the impact of oil price increases on long-term public debt could inform public policies, particularly those relating to Federal investments in energy conservation. Key Words: crude oil, oil shock, oil price spike, oil shock, Federal debt, debt projections, Congressional Budget Office

  2. The Future of the CEMAC CFA Franc

    Directory of Open Access Journals (Sweden)

    Julius Agbor Agbor

    2013-08-01

    Full Text Available A total of 80 currency boards have come into existence at some point since the mid-19th century, but to date only about 15 of them still exist, among which is the CFA franc monetary zone. The future sustainability of the CFA franc zone, to which the CEMAC CFA franc belongs, is increasingly questioned in the light of increasing asymmetries in exposure to external shocks, differential speeds of adjustment of the real exchange rate following shocks, differential impacts in economic fundamentals, and low levels of intra-regional trade and financial flows between CEMAC and WAEMU. For the CEMAC bloc of countries in particular, the future sustainability of the fixed exchange regime depends crucially on continued oil exports, which currently represent about 90percent of export revenues and 40 percent of GDP. Should oil reserves deplete in the near future or oil prices decline significantly, a substantial source of foreign reserves would be lost, thereby exposing the regime to collapse. Even without resource depletion, continued volatility in global financial markets is increasing the risks of collapse of the fixed exchange regime as oil and commodity price swings ignite currency speculation as well as render reserves much more volatile. Against this backdrop, the present study examines the stakes facing the CEMAC CFA franc, discusses the exit options from the currency board and makes recommendations towards a sustainable monetary policy framework for CEMAC countries going forward. The analysis points to the imperative of pursuing a full monetary union with a single CEMAC franc pegged to the U.S. dollar and further suggest that, like the experience of the eurozone, the CEMAC monetary arrangement can be best implemented only by complying with the principle of political union.

  3. Crude oil prices: Speculation versus fundamentals

    Science.gov (United States)

    Kolodziej, Marek Krzysztof

    Beginning in 2004, the price of crude oil fluctuates rapidly over a wide range. Large and rapid price increases have recessionary consequences and dampen long-term infrastructural investment. I investigate whether price changes are driven by market fundamentals or speculation. With regard to market fundamentals, I revisit econometric evidence for the importance of demand shocks, as proxied by dry maritime cargo rates, on oil prices. When I eliminate transportation costs from both sides of the equation, disaggregate OPEC and non-OPEC production, and allow for more than one cointegrating relation, I find that previous specifications are inconsistent with arguments that demand shocks play an important role. Instead, results confirm the importance of OPEC supply shocks. I investigate two channels by which speculation may affect oil prices; the direct effect of trader behavior and changes in oil from a commodity to a financial asset. With regard to trader behavior, I find evidence that trader positions are required to explain the spread between spot and futures prices of crude oil on the New York Mercantile Exchange. The inclusion of trader positions clarifies the process of equilibrium error correction, such that there is bidirectional causality between prices and trader positions. This creates the possibility of speculative bubbles. With regard to oil as a commodity and/or financial asset, I use a Kalman Filter model to estimate the time-varying partial correlation between returns to investments in equity and oil markets. This correlation changes from negative to positive at the onset of the 2008 financial crisis. The low interest rates used to rescue the economy depress convenience yields, which reduces the benefits of holding oil as a commodity. Instead, oil becomes a financial asset (on net) as the oil market changed from contango to backwardation. Contradicting simple political narratives, my research suggests that both market fundamentals and speculation drive

  4. Barter exchanges

    DEFF Research Database (Denmark)

    Sudzina, Frantisek

    Although barter is often perceived as something that proceeded money, barter is still used. The focus of the paper is on barter exchanges. Barter exchanges are used both in developing countries as well as in developed countries (including the U.S.). They are used by both organizations...... and individuals. They usually allow to exchange good but some include also services. Some exchanges allow only for bi-directional barter, i.e. when only two parties are involved in the exchange. But probably most of the barter exchanges use barter money; this makes it easier to exchange goods and services...

  5. Medical evacuations in the oil and gas industry: a retrospective review with implications for future evacuation and preventative strategies.

    Science.gov (United States)

    Toner, Sharyn; Andrée Wiltens, Derkje H; Berg, Johannes; Williams, Hector; Klein, Susan; Marshall, Simon; Nerwich, Neil; Copeland, Ryan

    2017-05-01

    Businesses increasingly conduct operations in remote areas where medical evacuation [Medevac(s)] carries more risk. Royal Dutch Shell developed a remote healthcare strategy whereby enhanced remote healthcare is made available to the patient through use of telemedicine and telemetry. To evaluate that strategy, a review of Medevacs of Shell International employees [i.e. expatriate employees (EEs) and frequent business travellers (FBTs)] was undertaken. A retrospective review of Medevac data (period 2008-12) that were similar in operational constraints and population profile was conducted. Employee records and Human Resource data were used as a denominator for the population. Analogous Medevac data from specific locations were used to compare patterns of diagnoses. A total of 130 Medevacs were conducted during the study period, resulting in a Medevac rate of 4 per 1000 of population with 16 per 1000 for females and 3 per 1000 for males, respectively. The youngest and oldest age-groups required Medevacs in larger proportions. The evacuation rates were highest for countries classified as 'high' or 'extreme risk'. The most frequent diagnostic categories for Medevac were: trauma, digestive, musculoskeletal, cardiac and neurological. In 9% of the total, a strong to moderate link could be made between the pre-existing medical condition and diagnosis leading to Medevac. This study uniquely provides a benchmark Medevac rate (4 per 1000) for EEs and FBTs and demonstrates that Medevac rates are highest from countries identified as 'high risk'; there is an age and gender bias, and pre-existing medical conditions are of notable relevance. It confirms a change in the trend from injury to illness as a reason for Medevac in the oil and gas industry and demonstrates that diagnoses of a digestive and traumatic nature are the most frequent. A holistic approach to health (as opposed to a predominant focus on fitness to work), more attention to female travellers, and the application of

  6. An innovative treatment concept for future drinking water production : Fluidized ion exchange – ultrafiltration – nanofiltration – granular activated carbon filtration

    NARCIS (Netherlands)

    Li, S.; Heijman, S.G.J.; Verberk, J.Q.J.C.; Van Dijk, J.C.

    2009-01-01

    A new treatment concept for drinking water production from surface water has been investigated on a pilot scale. The treatment concept consists of fluidized ion exchange (FIEX), ultrafiltration (UF), nanofiltration (NF), and granular activated carbon filtration (GAC). The FIEX process removed

  7. PROCEEDINGS OF THE 1998 OIL HEAT TECHNOLOGY CONFERENCE

    Energy Technology Data Exchange (ETDEWEB)

    MCDONALD,R.J.

    1998-04-01

    The 1998 Oil Heat Technology Conference will be held on April 7--8 at Brookhaven National Laboratory (BNL) under sponsorship by the US Department of Energy, Office of Building Technologies, State and Community Programs (DOE/BTS). The meeting will be held in cooperation with the Petroleum Marketers Association of America (PMAA). The 1998 Oil Heat Technology Conference, will be the twelfth since 1984, is an important technology transfer activity and is supported by the ongoing Combustion Equipment Technology (Oilheat R and D) program at BNL. The reason for the conference is to provide a forum for the exchange of information and perspectives among international researchers, engineers, manufacturers and marketers of oil-fired space-conditioning equipment. They will provide a channel by which information and ideas can be exchanged to examine present technologies, as well as helping to develop the future course for oil heating advancement. These conferences also serve as a stage for unifying government representatives, researchers, fuel oil marketers, and other members of the oil-heat industry in addressing technology advancements in this important energy use sector. The specific objectives of the Conference are to: (1) Identify and evaluate the current state-of-the-art and recommend new initiatives for higher efficiency, a cleaner environment, and to satisfy consumer needs cost-effectively, reliably, and safely; and (2) Foster cooperative interactions among federal and industrial representatives for the common goal of sustained economic growth and energy security via energy conservation.

  8. Oil price and the dollar

    International Nuclear Information System (INIS)

    Coudert, V.; Mignon, V.; Penot, A.

    2007-01-01

    Oil prices and the United States (US) dollar exchange rate are driving the evolution of the world economy. This paper investigated long-term relationships between oil prices and the US effective exchange rate. An empirical study was performed on oil prices and the dollar real effective exchange rate between 1974 to 2004. The impact of the dollar exchange rate was also explored, and the effects of oil prices on supply and demand were considered. A dynamic partial equilibrium framework study was evaluated in order to compare how other countries used revenues from oil exports in dollars. The study showed that both variables had similar evolutions when price fluctuations were low. Strong increases in the dollar were associated with lower oil prices. However, adjustment speeds of the dollar real effective exchange rate was slow. Co-integration and causality tests showed that oil prices influenced the exchange rate, and that the link between the 2 variables was transmitted through the country's net foreign asset position. It was concluded that higher oil prices improved US net foreign asset position in relation to other countries, and had a positive impact on dollar appreciation. 24 refs., 6 tabs., 1 fig

  9. XML-based formulation of field theoretical models. A proposal for a future standard and data base for model storage, exchange and cross-checking of results

    International Nuclear Information System (INIS)

    Demichev, A.; Kryukov, A.; Rodionov, A.

    2002-01-01

    We propose an XML-based standard for formulation of field theoretical models. The goal of creation of such a standard is to provide a way for an unambiguous exchange and cross-checking of results of computer calculations in high energy physics. At the moment, the suggested standard implies that models under consideration are of the SM or MSSM type (i.e., they are just SM or MSSM, their submodels, smooth modifications or straightforward generalizations). (author)

  10. PROCEEDINGS OF THE 1999 OIL HEAT TECHNOLOGY CONFERENCE AND WORKSHOP.

    Energy Technology Data Exchange (ETDEWEB)

    MCDONALD,R.J.

    1999-04-01

    The 1999 Oil Heat Technology Conference and Workshop, April 15-16 at Brookhaven National Laboratory (BNL) is sponsored by the U. S. Department of Energy, Office of Building Technology, State and Community Programs (DOEBTS). The meeting is also co-sponsored by the: Petroleum Marketers Association of America, New England Fuel Institute, Oilheat Manufacturers Association, National Association of Oil Heat Service Managers, New York State Energy Research and Development Authority, Empire State Petroleum Association, New York Oil Heating Association, Oil Heat Institute of Long Island, and the Pennsylvania Petroleum Association. BNL is proud to acknowledge all of our 1999 co-sponsors, without their help and support the conference would have been canceled due to budget restrictions. It is quite gratifying to see an industry come together to help support an activity like the technology conference, for the benefit of the industry as a whole. The 1999 Oil Heat Technology Conference and Workshop, will be the thirteenth since 1984, is a very valuable technology transfer activity supported by the ongoing Combustion Equipment Technology (Oilheat R and D) program at BNL. The foremost reason for the conference is to provide a platform for the exchange of information and perspectives among international researchers, engineers, manufacturers, service technicians, and marketers of oil-fired space-conditioning equipment. They will provide a conduit by which information and ideas can be exchanged to examine present technologies, as well as helping to develop the future course for oil heating advancement. These conferences also serve as a stage for unifying government representatives, researchers, fuel oil marketers, and other members of the oil-heat industry in addressing technology advancements in this important energy use sector.

  11. Heat exchanger

    International Nuclear Information System (INIS)

    Dostatni, A.W.; Dostatni, Michel.

    1976-01-01

    In the main patent, a description was given of a heat exchanger with an exchange surface in preformed sheet metal designed for the high pressure and temperature service particularly encountered in nuclear pressurized water reactors and which is characterised by the fact that it is composed of at least one exchanger bundle sealed in a containment, the said bundle or bundles being composed of numerous juxtaposed individual compartments whose exchange faces are built of preformed sheet metal. The present addendun certificate concerns shapes of bundles and their positioning methods in the exchanger containment enabling its compactness to be increased [fr

  12. Property description and fact-finding report for NPR-3 Natrona County, Wyoming. Addendum to 22 August 1996 study of alternatives for future operations of the naval petroleum and oil shale reserves NPR-3

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-05-01

    The U.S. Department of Energy has asked Gustavson Associates, Inc. to serve as an Independent Petroleum Consultant under contract DE-AC01-96FE64202. This authorizes a study and recommendations regarding future development of Naval Petroleum Reserve No. 3 (NPR-3) in Natrona County, Wyoming. The report that follows is the Phase I fact-finding and property description for that study. The United States of America owns 100 percent of the mineral rights and surface rights in 9,321-acre NPR-3. This property comprises the Teapot Dome oil field and related production, processing and other facilities. Discovered in 1914, this field has 632 wells producing 1,807 barrels of oil per day. Production revenues are about $9.5 million per year. Remaining recoverable reserves are approximately 1.3 million barrels of oil. Significant plugging and abandonment (P&A) and environmental liabilities are present.

  13. 1999 Crude oil market outlook

    International Nuclear Information System (INIS)

    Cochener, J.

    1998-01-01

    Baseline projection handling of crude oil prices was discussed, based on actual crude oil price trends from 1992 to 1998. Attention was drawn to the lack of correlation between crude oil and natural gas prices. Predictions for crude oil production were extended to the year 2015. As far as the immediate future is concerned the crude oil price for 1999 was predicted to continue to be sluggish due to competitive pressure from refined products at burner tip. tabs., figs

  14. Mexican oil industry: Shifting to difficult oil

    Energy Technology Data Exchange (ETDEWEB)

    Bazan G., Gerardo; Gonzalez, Cristobal J.

    2010-09-15

    Mexico has stepped into an important transition of declining oil fields and new challenging oil projects. The aim of this paper is to show a new perspective of the oil resources that have been exploited throughout the Mexican territory, as well as the remaining resources yet to be exploited. We have developed a resources/production-costs chart that illustrates the historical and future development of the Mexican oil industry, showing the shift that the industry will face in the coming years; this chart was taken from a model already in use by the most prestige energy agencies in the world.

  15. Finnish exchange students' culture shock

    OpenAIRE

    Pekkala, Karoliina

    2015-01-01

    This bachelor’s thesis is written about culture shock experienced by the exchange students from Finland. It is commissioned by an international students exchange organisation located in Finland. The aim of the research was to find out how much the host country affects the culture shock and to identify aspects that affect the adaptation of the students. The goal is to provide the future exchange students with advise on coping with culture shock. Theoretical framework consists of defining w...

  16. Implementation of a World Wide Web server for the oil and gas industry

    International Nuclear Information System (INIS)

    Blaylock, R.E.; Martin, F.D.; Emery, R.

    1996-01-01

    The Gas and Oil Technology Exchange and Communication Highway (GO-TECH) provides an electronic information system for the petroleum community for exchanging ideas, data, and technology. The PC-based system fosters communication and discussion by linking the oil and gas producers with resource centers, government agencies, consulting firms, service companies, national laboratories, academic research groups, and universities throughout the world. The oil and gas producers can access the GO-TECH World Wide Web (WWW) home page through modem links, as well as through the Internet. Future GO-TECH applications will include the establishment of virtual corporations consisting of consortia of small companies, consultants, and service companies linked by electronic information systems. These virtual corporations will have the resources and expertise previously found only in major corporations

  17. An innovative treatment concept for future drinking water production: fluidized ion exchange – ultrafiltration – nanofiltration – granular activated carbon filtration

    Directory of Open Access Journals (Sweden)

    J. C. van Dijk

    2009-08-01

    Full Text Available A new treatment concept for drinking water production from surface water has been investigated on a pilot scale. The treatment concept consists of fluidized ion exchange (FIEX, ultrafiltration (UF, nanofiltration (NF, and granular activated carbon filtration (GAC. The FIEX process removed calcium and other divalent cations; the UF membrane removed particles and micro-organisms; and the NF membrane and GAC removed natural organic matter (NOM and micro-pollutants. This study focused on the prevention of fouling of the UF and scaling of the NF and investigated the overall removal of micro-pollutants by the treatment concept. The results of the experiments showed that in 14 days of continuous operation at a flux of 65 l/h m2 the UF performance was stable with the FIEX pre-treated feed water without the aid of a coagulant. The scaling of the NF was also not observed even at 97% recovery. Different micro-pollutants were spiked in the NF feed water and their concentrations in the effluent of NF and GAC were measured. The combination of NF and GAC removed most of the micro-pollutants successfully, except for the very polar substances with a molecular weight lower than 100 Daltons.

  18. Effect of pre-roast moisture content and post roast cooling parameters on oil migration during oil roasting of peanuts

    Science.gov (United States)

    Oil migration affects the quality and shelf-life of food products and consequently has an impact on overall consumer acceptance. Exchange of oil may occur during or after oil roasting of peanuts but little is known about the factors contributing to this exchange. This study examines the effect of p...

  19. Reframing the Canadian Oil Sands

    OpenAIRE

    Patchett, Merle M; Lozowy, A

    2012-01-01

    Reframing the Canadian Oil Sands” is a collaborative exchange between photographer Andriko Lozowy and cultural geographer Merle Patchett that engages photography and photographic theory to evoke a more critical and politically meaningful visual engagement with the world’s largest capital oil project. Since the appearance of Edward Burtynsky’s aerial and abstracted photographic-mappings of the region, capturing the scale of the Oil Sands from ‘on high’ has become the dominant visual imaginary....

  20. Outlook for Saskatchewan heavy oil

    International Nuclear Information System (INIS)

    Youzwa, P.

    1993-01-01

    Some of the opportunities and challenges currently facing the heavy oil industry in Saskatchewan are discussed from a government perspective. By the end of September 1993, 220 heavy oil wells were drilled in the province, and 26% of the land sales in 1993 were in heavy oil areas. About 41% of the wells drilled in heavy oil areas were horizontal oil wells. Of the total horizontal wells drilled in Saskatchewan, 48% are for heavy oil, and horizontal well production averages 85 bbl/d. Initial trends suggest that horizontal wells both accelerate production and contribute to ultimate recovery. Total heavy oil production in 1992 reached 28.9 million bbl and recoverable reserves in 1991 were 262.3 million bbl, or 1.5% of total oil in place. The low recovery is not only due to technical factors such as high viscosity but also to low investment in the heavy oil sector due to poor economics. It is hoped that lower interest and exchange rates, the success of horizontal wells and the provincial royalty structure will maintain the recent increase in heavy oil activity. The provincial government recently launched a comprehensive energy strategy in which development of a heavy oil strategy is an important component. Total heavy oil reserves exceed those of light and medium oil and have significant development potential. The Saskatchewan government wishes to adopt a cooperative and partnership approach in its dealings with the heavy oil industry to help realize this potential. 9 figs

  1. World oil price behavior during oil supply disruptions: what can we learn from the past

    Energy Technology Data Exchange (ETDEWEB)

    Birdsall, T.H.

    1980-08-01

    The purpose of this paper is to: (1) examine how world oil prices have behaved during past oil supply disruptions, (2) attempt to understand why world oil prices have behaved during disruptions as they have, and (3) see what history foretells, if anything, for the behavior of world oil prices during future oil supply disruptions.

  2. Heat exchanger

    International Nuclear Information System (INIS)

    Leigh, D.G.

    1976-01-01

    The arrangement described relates particularly to heat exchangers for use in fast reactor power plants, in which heat is extracted from the reactor core by primary liquid metal coolant and is then transferred to secondary liquid metal coolant by means of intermediate heat exchangers. One of the main requirements of such a system, if used in a pool type fast reactor, is that the pressure drop on the primary coolant side must be kept to a minimum consistent with the maintenance of a limited dynamic head in the pool vessel. The intermediate heat exchanger must also be compact enough to be accommodated in the reactor vessel, and the heat exchanger tubes must be available for inspection and the detection and plugging of leaks. If, however, the heat exchanger is located outside the reactor vessel, as in the case of a loop system reactor, a higher pressure drop on the primary coolant side is acceptable, and space restriction is less severe. An object of the arrangement described is to provide a method of heat exchange and a heat exchanger to meet these problems. A further object is to provide a method that ensures that excessive temperature variations are not imposed on welded tube joints by sudden changes in the primary coolant flow path. Full constructional details are given. (U.K.)

  3. Hedging with futures contracts in the Brazilian soybean complex: BM&F vs. CBOT

    Directory of Open Access Journals (Sweden)

    Andréia Regina O. da Silva

    2003-06-01

    Full Text Available This article analyzes the effectiveness of hedging Brazilian soy oil, soy meal, and soybeans in the Chicago Board of Trade (CBOT and in the Brazilian Commodities and Futures Exchange (BM&F to reduce the risk of financial loss due to commodity price fluctuations. The econometric results show that a cross-hedging strategy using the BM&F soybean futures contract is an instrument of low effectiveness for managing soy oil and soy meal price risk. Despite low effectiveness, the estimates demonstrate total advantage for soy meal hedging operations using CBOT soy meal futures contracts rather than cross-hedging using BM&F soybean futures contracts. With some exceptions, the results are also more favorable for hedging soy oil with soy oil futures contracts at the CBOT rather than cross hedging with soybeans at the BM&F. Conversely, Brazilian traders hedging soybeans receive more effective risk protection by trading soybean futures contracts at the BM&F than by trading soybean futures contracts at the CBOT.

  4. Impacts of current and projected oil palm plantation expansion on air quality over Southeast Asia

    Directory of Open Access Journals (Sweden)

    S. J. Silva

    2016-08-01

    Full Text Available Over recent decades oil palm plantations have rapidly expanded across Southeast Asia (SEA. According to the United Nations, oil palm production in SEA increased by a factor of 3 from 1995 to 2010. We investigate the impacts of current (2010 and near-term future (2020 projected oil palm expansion in SEA on surface–atmosphere exchange and the resulting air quality in the region. For this purpose, we use satellite data, high-resolution land maps, and the chemical transport model GEOS-Chem. Relative to a no oil palm plantation scenario (∼ 1990, overall simulated isoprene emissions in the region increased by 13 % due to oil palm plantations in 2010 and a further 11 % in the near-term future. In addition, the expansion of palm plantations leads to local increases in ozone deposition velocities of up to 20 %. The net result of these changes is that oil palm expansion in SEA increases surface O3 by up to 3.5 ppbv over dense urban regions, and in the near-term future could rise more than 4.5 ppbv above baseline levels. Biogenic secondary organic aerosol loadings also increase by up to 1 µg m−3 due to oil palm expansion, and could increase by a further 2.5 µg m−3 in the near-term future. Our analysis indicates that while the impact of recent oil palm expansion on air quality in the region has been significant, the retrieval error and sensitivity of the current constellation of satellite measurements limit our ability to observe these impacts from space. Oil palm expansion is likely to continue to degrade air quality in the region in the coming decade and hinder efforts to achieve air quality regulations in major urban areas such as Kuala Lumpur and Singapore.

  5. Impacts of current and projected oil palm plantation expansion on air quality over Southeast Asia

    Science.gov (United States)

    Silva, Sam J.; Heald, Colette L.; Geddes, Jeffrey A.; Austin, Kemen G.; Kasibhatla, Prasad S.; Marlier, Miriam E.

    2016-08-01

    Over recent decades oil palm plantations have rapidly expanded across Southeast Asia (SEA). According to the United Nations, oil palm production in SEA increased by a factor of 3 from 1995 to 2010. We investigate the impacts of current (2010) and near-term future (2020) projected oil palm expansion in SEA on surface-atmosphere exchange and the resulting air quality in the region. For this purpose, we use satellite data, high-resolution land maps, and the chemical transport model GEOS-Chem. Relative to a no oil palm plantation scenario (˜ 1990), overall simulated isoprene emissions in the region increased by 13 % due to oil palm plantations in 2010 and a further 11 % in the near-term future. In addition, the expansion of palm plantations leads to local increases in ozone deposition velocities of up to 20 %. The net result of these changes is that oil palm expansion in SEA increases surface O3 by up to 3.5 ppbv over dense urban regions, and in the near-term future could rise more than 4.5 ppbv above baseline levels. Biogenic secondary organic aerosol loadings also increase by up to 1 µg m-3 due to oil palm expansion, and could increase by a further 2.5 µg m-3 in the near-term future. Our analysis indicates that while the impact of recent oil palm expansion on air quality in the region has been significant, the retrieval error and sensitivity of the current constellation of satellite measurements limit our ability to observe these impacts from space. Oil palm expansion is likely to continue to degrade air quality in the region in the coming decade and hinder efforts to achieve air quality regulations in major urban areas such as Kuala Lumpur and Singapore.

  6. Le pétrole et son prix : Le problème des échanges Oil and Its Cost. the Exchange Problem

    Directory of Open Access Journals (Sweden)

    Desprairies P.

    2006-11-01

    States and Soudi Arabia in solving the problem overshadows oil other effects. The hikes are far from having been absorbed by consuming countries, and their inflationary pressure is already considerable. Rich consuming countries can do nothing else but embark on diversification power-producing programs, but the situation in non-producing Third-World countries is in danger of becoming drastic.

  7. Diesel oil

    Science.gov (United States)

    Oil ... Diesel oil ... Diesel oil poisoning can cause symptoms in many parts of the body. EYES, EARS, NOSE, AND THROAT Loss of ... most dangerous effects of hydrocarbon (such as diesel oil) poisoning are due to inhaling the fumes. NERVOUS ...

  8. Palm Oil

    Science.gov (United States)

    Palm oil is obtained from the fruit of the oil palm tree. Palm oil is used for preventing vitamin A deficiency, cancer, ... high blood pressure, high cholesterol, and cyanide poisoning. Palm oil is used for weight loss and increasing the ...

  9. HEAT EXCHANGER

    Science.gov (United States)

    Fox, T.H. III; Richey, T. Jr.; Winders, G.R.

    1962-10-23

    A heat exchanger is designed for use in the transfer of heat between a radioactive fiuid and a non-radioactive fiuid. The exchanger employs a removable section containing the non-hazardous fluid extending into the section designed to contain the radioactive fluid. The removable section is provided with a construction to cancel out thermal stresses. The stationary section is pressurized to prevent leakage of the radioactive fiuid and to maintain a safe, desirable level for this fiuid. (AEC)

  10. Oil tariff policy

    Energy Technology Data Exchange (ETDEWEB)

    Hogan, W.W. (Energy and Environmental Policy Center, Harvard Univ., 79 John F. Kennedy St., Cambridge, MA (US)); Broadman, H.G. (U.S. Senate Government Affairs Committee (US))

    1988-01-01

    A tariff on U.S. oil imports is justified by the special characteristics of oil and oil markets. Unlike other commodities, oil production and prices have been manipulated successfully by foreign producers for protracted periods. Moreover, unlike most other products, the price and availability of oil significantly affect macro-economic variables such as our trade balance, the rate of inflation, and the aggregate level of economic activity. And, more than most commodities, oil is crucial to our national security. For these reasons, the full cost of U.S. oil imports is not reflected in the price we pay in the world market. The gap between the true cost of oil to the nation and the market price justifies imposition of an offsetting tariff. Beleagured domestic oil producers have called for a tariff on imported petroleum supplies. Such a protectionist measure would, in effect, provide them with price guarantees in the face of soft market conditions. Behind the producers' argument is the belief that world oil prices will remain low for a sustained period of time and that, as a result, there will be an appreciable decline in U.S. exploration, development, and production activity, posing a major threat to the future viability of the U.S. oil industry.

  11. Heat exchanger

    International Nuclear Information System (INIS)

    Watabe, Ichiro.

    1996-01-01

    An inner cylinder is disposed coaxially in a vertical vessel, and a plurality of heat transfer pipes are wound spirally on the outer circumference of the inner cylinder. High temperature sodium descends on the outer side of the inner cylinder while exchanging heat with water in the heat transfer pipes and becomes low temperature sodium. The low temperature sodium turns at the lower portion of the vessel, rises in a sodium exit pipe inserted to the inner cylinder and is discharged from the top of the vessel to the outside of the vessel. A portion of a cover gas (an inert gas such as argon) filled to the upper portion of the vessel intrudes into the space between the outer circumference of the sodium exit pipe and the inner circumference of the inner cylinder to form a heat insulation layer of the inert gas. This prevents heat exchange between the high temperature sodium before heat exchange and low temperature sodium after heat exchange. The heat exchanger is used as a secondary heat exchanger for coolants (sodium) of an FBR type reactor. (I.N.)

  12. Community-based oil spill response in Alaska

    Energy Technology Data Exchange (ETDEWEB)

    Banta, J. [Prince William Sound Regional Citizen' s Advisory Council, Anchorage, AK (United States); Munger, M. [Cook Inlet Regional Citizen' s Advisory Council, Kenai, AK (United States)

    2006-07-01

    The Prince William Sound Regional Citizen's Advisory Council and the Cook Inlet Regional Citizen's Advisory Council are independent, non profit organizations formed in 1989 following the Exxon Valdez oil spill to promote the concept of community-based oil spill response (COSR) in their respective regions. COSR involves local citizens in responding to oil spilled in waters they rely upon for income, recreation and subsistence. The 2 advisory councils recently held a Community Oil Spill Response Forum to review the status of existing COSR teams and to share information about past and future COSR-related efforts. The meeting served as an information exchange process about regulatory programs, COSR variations in communities and harbors, training, and personnel issues. Key groups attending the forum were harbor masters, Alaska Department of Environmental Conservation, United States Coast Guard, existing COSR teams, oil response organizations, local community governments, and volunteers from the advisory councils. This paper was based on the notes taken from the forum. It was agreed that the current system is inadequate in its response to small spills that are frequently associated with non-tank vessels. It was suggested that improved capacity for community-based response could address the situation. It was also suggested that work groups should meet on an annual or biannual basis to continue to educate responders and communities about oil spill response. 7 refs.

  13. Price quotes for oil. AFM - quotes for gas oil and fuel oil on the ARA market

    Energy Technology Data Exchange (ETDEWEB)

    1981-05-01

    Prices quoted during the last few weeks for fuel oil and gas oil on the ARA market, on the New York future market, by the Berlin price supervision authority, FOB TW from German storage or refinery, and on the German commodity markets for fuel oil are listed.

  14. Oil Spills

    Science.gov (United States)

    ... up. How Oil Harms Animals and Plants in Marine Environments In general, oil spills can affect animals and plants in two ways: from the oil ... up. How Oil Harms Animals and Plants in Marine Environments In general, oil spills can affect animals and plants in two ways: from the oil ...

  15. Environmental consequences of oil production from oil sands

    Science.gov (United States)

    Rosa, Lorenzo; Davis, Kyle F.; Rulli, Maria C.; D'Odorico, Paolo

    2017-02-01

    Crude oil from oil sands will constitute a substantial share of future global oil demand. Oil sands deposits account for a third of globally proven oil reserves, underlie large natural forested areas, and have extraction methods requiring large volumes of freshwater. Yet little work has been done to quantify some of the main environmental impacts of oil sands operations. Here we examine forest loss and water use for the world's major oil sands deposits. We calculate actual and potential rates of water use and forest loss both in Canadian deposits, where oil sands extraction is already taking place, and in other major deposits worldwide. We estimated that their exploitation, given projected production trends, could result in 1.31 km3 yr-1 of freshwater demand and 8700 km2 of forest loss. The expected escalation in oil sands extraction thus portends extensive environmental impacts.

  16. European Union and oil

    International Nuclear Information System (INIS)

    Paillard, Christophe Alexandre

    2004-01-01

    In a context of oil price increase, problems about a Russian oil company (Loukos), and uncertainties in the Middle-East, the possibility of a new oil shock is a threat for Europe, and raises the issue of a true European energy policy which would encompass, not only grid development, environmental issues or market regulation issues, but also strategic issues related to energy supply security. This article proposes an overview of the European policy: first steps for a future European energy and oil policy in the green paper of the European Commission published in November 2000, issues of pollution and safety for hydrocarbon maritime transport. The article then examines the possibility of a third oil shock due to a crisis in the Middle East, and discusses whether European must have strategic stocks to face an outage of oil supplies

  17. The oil market

    International Nuclear Information System (INIS)

    Amic, E.; Lautard, P.

    1999-01-01

    This chapter examines the structure of the oil industry and the impacts of the oil markets on the hedging strategies of the energy consumers, the oil company, and the energy derivatives' provider. An introduction to market perspectives is presented, and the hedging operations in the jet fuel market in the airline sector are discussed. Trading and risk management within an oil company, the derivatives provider, trading derivatives in a multi-dimensional world, locational risks, and the modelling of term structure and the role of storage are considered. Industrial spreads and the role of refining, future market developments and market strategies for crude oil and oil products, and marketing packages and market risk are addressed

  18. Materials towards carbon-free, emission-free and oil-free mobility: hydrogen fuel-cell vehicles--now and in the future.

    Science.gov (United States)

    Hirose, Katsuhiko

    2010-07-28

    In the past, material innovation has changed society through new material-induced technologies, adding a new value to society. In the present world, engineers and scientists are expected to invent new materials to solve the global problem of climate change. For the transport sector, the challenge for material engineers is to change the oil-based world into a sustainable world. After witnessing the recent high oil price and its adverse impact on the global economy, it is time to accelerate our efforts towards this change. Industries are tackling global energy issues such as oil and CO2, as well as local environmental problems, such as NO(x) and particulate matter. Hydrogen is the most promising candidate to provide carbon-free, emission-free and oil-free mobility. As such, engineers are working very hard to bring this technology into the real society. This paper describes recent progress of vehicle technologies, as well as hydrogen-storage technologies to extend the cruise range and ensure the easiness of refuelling and requesting material scientists to collaborate with industry to fight against global warming.

  19. Foreign Exchange Risk in International Transactions

    Directory of Open Access Journals (Sweden)

    Florentina-Olivia Balu

    2007-03-01

    In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they’re traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to these companies.

  20. Heat exchanger restart evaluation

    International Nuclear Information System (INIS)

    Morrison, J.M.; Hirst, C.W.; Lentz, T.F.

    1992-01-01

    On December 24, 1991, the K-Reactor was in the shutdown mode with full AC process water flow and full cooling water flow. Safety rod testing was being performed as part of the power ascension testing program. The results of cooling water samples indicated tritium concentrations higher than allowable. Further sampling and testing confirmed a Process Water System to Cooling Water System leak in heat exchanger 4A (HX 4A). The heat exchanger was isolated and the plant shutdown. Heat exchanger 4A was removed from the plant and moved to C-Area prior to performing examinations and diagnostic testing. This included locating and identifying the leaking tube or tubes, eddy current examination of the leaking tube and a number of adjacent tubes, visually inspecting the leaking tube from both the inside as well as the area surrounding the identified tube. The leaking tube was removed and examined metallurgically to determine the failure mechanism. In addition ten other tubes that either exhibited eddy current indications or would represent a baseline condition were removed from heat exchanger 4A for metallurgical examination. Additional analysis and review of heat exchanger leakage history was performed to determine if there are any patterns which can be used for predictive purposes. Compensatory actions have been taken to improve the sensitivity and response time to any future events of this type. The results of these actions are summarized

  1. Heat exchanger restart evaluation

    International Nuclear Information System (INIS)

    Morrison, J.M.; Hirst, C.W.; Lentz, T.F.

    1992-01-01

    On December 24, 1991, the K-Reactor was in the shutdown mode with full AC process water flow and full cooling water flow. Safety rod testing was being performed as part of the power ascension testing program. The results of cooling water samples indicated tritium concentrations higher than allowable. Further sampling and testing confirmed a Process Water System to Cooling Water System leak in heat exchanger 4A (HX 4A). The heat exchanger was isolated and the plant shutdown. Heat exchanger 4A was removed from the plant and moved to C-Area prior to performing examinations and diagnostic testing. This included locating and identifying the leaking tube or tubes, eddy current examination of the leaking tube and a number of adjacent tubes, visually inspecting the leaking tube from both the inside as well as the area surrounding the identified tube. The leaking tube was removed and examined metallurgically to determine the failure mechanism. In addition ten other tubes that either exhibited eddy current indications or would represent a baseline condition were removed from heat exchanger 4A for metallurgical examination. Additional analysis and review of heat exchanger leakage history was performed to determine if there are any patterns which can be used for predictive purposes. Compensatory actions have been taken to improve the sensitivity and response time to any future events of this type. The results of these actions are summary herein

  2. Heat exchanger restart evaluation

    International Nuclear Information System (INIS)

    Morrison, J.M.; Hirst, C.W.; Lentz, T.F.

    1992-01-01

    On December 24, 1991, the K-Reactor was in the shutdown mode with full AC process water flow and full cooling water flow. Safety rod testing was being performed as part of the power ascension testing program. The results of cooling water samples indicated tritium concentrations higher than allowable. Further sampling and testing confirmed a Process Water System to Cooling Water System leak in heat exchanger 4A (HX 4A). The heat exchanger was isolated and the plant shutdown. Heat exchanger 4kA was removed from the plant and moved to C-Area prior to performing examinations and diagnostic testing. This included locating and identifying the leaking tube or tubes, eddy current examination of the leaking tube and a number of adjacent tubes, visually inspecting the leaking tube from both the inside as well as the area surrounding the failure mechanism. In addition ten other tubes that either exhibited eddy current indications or would represent a baseline condition were removed from heat exchanger 4A for metallurgical examination. Additional analysis and review of heat exchanger leakage history was performed to determine if there are any patterns which can be used for predictive purposes. Compensatory actions have been taken to improve the sensitivity and response time to any future events of this type. The results of these actions are summarized herein

  3. Hydrogen exchange

    DEFF Research Database (Denmark)

    Jensen, Pernille Foged; Rand, Kasper Dyrberg

    2016-01-01

    Hydrogen exchange (HX) monitored by mass spectrometry (MS) is a powerful analytical method for investigation of protein conformation and dynamics. HX-MS monitors isotopic exchange of hydrogen in protein backbone amides and thus serves as a sensitive method for probing protein conformation...... and dynamics along the entire protein backbone. This chapter describes the exchange of backbone amide hydrogen which is highly quenchable as it is strongly dependent on the pH and temperature. The HX rates of backbone amide hydrogen are sensitive and very useful probes of protein conformation......, as they are distributed along the polypeptide backbone and form the fundamental hydrogen-bonding networks of basic secondary structure. The effect of pressure on HX in unstructured polypeptides (poly-dl-lysine and oxidatively unfolded ribonuclease A) and native folded proteins (lysozyme and ribonuclease A) was evaluated...

  4. The Future of Futures

    DEFF Research Database (Denmark)

    Frankel, Christian; Ossandón, José

    2013-01-01

    Review of Elena Esposito: The Future of Futures. The Time of Money in Financing and Society Cheltenham. Edward Elgar, 2011.......Review of Elena Esposito: The Future of Futures. The Time of Money in Financing and Society Cheltenham. Edward Elgar, 2011....

  5. CHANGES IN EXCHANGE RATE REGIMES

    Directory of Open Access Journals (Sweden)

    Carmen SANDU (TODERASCU

    2014-06-01

    Full Text Available The experience of recentyears showsthat it hasa fundamentalroleformation mechanismof the exchange rateinmacroeconomic stabilization. Global economiccrises, oil shockshave shownthe difficultyoffloatingsustainabilitybyparticipants in the system. EuropeanMonetary System, focused onconcertedfloatingcurrenciestoECU, was formedunder the conditionsin which somecountries have adoptedregional monetaryarrangements(EU countries, with suchbasescurrencyregimeshybridthat combinesspecific mechanismsto those offixedratefree floating. This paperaims to demonstratethe important role thatithasthe choice ofexchange rateregimeas abasic elementin thefoundationofmacroeconomic stabilizationinstruments. Consideredan expression of thestateof the domestic economyandinternationalcompetitiveness, the exchange rate is determined bya complex set ofexternal factorsorinternalstabilityisa prerequisite forthe crisis.

  6. Two Oil Types on the North Slope of Alaska. Implications for Future Exploration Les deux types d'huile du versant septentrional de l'Alaska. Implications pour l'exploration future

    Directory of Open Access Journals (Sweden)

    Magoon L. B.

    2006-10-01

    Full Text Available Forty oil samples from across the North Slope of Alaska have been analyzed by the US Bureau of Mines and the Us Geological Survey. Results of these analyses suggest two separate genetic oil types. The first type, the Simpson-Umiat oil type, occurs in reservoir rocks of Cretaceous and Quaternary age and includes oils from seeps in the Skull Cliff, Cape Simpson, Manning Point, and Ungoon Point areas; the Wolf Creek test well 3, and the Umiat oil field. These are higher gravity, low-sulfur oils with no, or slight, odd-numbered n-alkane predominance and pristane to phytane ratios greater than 1. 5. The second type, the Barrow-Prudhoe oil type, occurs in reservoir rocks of Carboniferous to Cretataceous age and includes ails from South Barrow gas field, Prudhoe Bay oil field, and the Fish Creek test well 1. Physical properties of Barrow-Prudhoe oils are variable, but in general the oils are medium-gravity, high-sulfur oils with a slight even-numbered n-alkane predominance and pristane to phytane ratio of less thon 1. 5. The two types are believed to originated from different source rocks; the Barrow-Prudhoe type may have originated from a carbonate or other iron-deficient source rock, and the Simpson-Umiat type from asiliciclastic source rock. Occurrences of fine two oil types, when outlined on a map, indicate atleast two exploration fairways. The fairway for the Barrow-Prudhoe type is along the Barrow arch, and the fairway, for the Simpson-Umiat type is the area of the best reservoir development for the Nanushuk Group. Quarante échantillons d'huile prélevés à travers le versant septentrional de l'Alaska ont été analysés par l'US Bureau of Mines et l'US Geological Survey. Les résultats de ces analyses suggèrent deux types séparés d'huile. Le premier, le type d'huile Simpson-Umiat, se trouve dans des roches magasins du Crétacé au Quaternaire et comprend des huiles des suintements des régions de la falaise Skull, du cap Simpson, de Point

  7. Future climate

    International Nuclear Information System (INIS)

    La Croce, A.

    1991-01-01

    According to George Woodwell, founder of the Woods Hole Research Center, due the combustion of fossil fuels, deforestation and accelerated respiration, the net annual increase of carbon, in the form of carbon dioxide, to the 750 billion tonnes already present in the earth's atmosphere, is in the order of 3 to 5 billion tonnes. Around the world, scientists, investigating the probable effects of this increase on the earth's future climate, are now formulating coupled air and ocean current models which take account of water temperature and salinity dependent carbon dioxide exchange mechanisms acting between the atmosphere and deep layers of ocean waters

  8. A Primer on Alberta’s Oil sands Royalties

    Directory of Open Access Journals (Sweden)

    Sarah Dobson

    2015-12-01

    price is applied • Gross vs. net revenues and the application of royalties • How the price of oil and the exchange rate between Canadian and U.S. dollars impact royalties • The historical and forecast contribution of oil sands royalties to Alberta’s finances Needless to say, a primer like this should be required reading for policymakers. It should also be required reading, however, for any Albertan who cares about the long-term benefit of the oil sands to Alberta’s revenue, and our financial future as a province.

  9. Heat exchangers

    International Nuclear Information System (INIS)

    1975-01-01

    The tubes of a heat exchanger tube bank have a portion thereof formed in the shape of a helix, of effective radius equal to the tube radius and the space between two adjacent tubes, to tangentially contact the straight sections of the tubes immediately adjacent thereto and thereby provide support, maintain the spacing and account for differential thermal expansion thereof

  10. Heat exchanger

    International Nuclear Information System (INIS)

    Wolowodiuk, W.

    1976-01-01

    A heat exchanger of the straight tube type is described in which different rates of thermal expansion between the straight tubes and the supply pipes furnishing fluid to those tubes do not result in tube failures. The supply pipes each contain a section which is of helical configuration

  11. Exchange Options

    NARCIS (Netherlands)

    Jamshidian, F.

    2007-01-01

    The contract is described and market examples given. Essential theoretical developments are introduced and cited chronologically. The principles and techniques of hedging and unique pricing are illustrated for the two simplest nontrivial examples: the classical Black-Scholes/Merton/Margrabe exchange

  12. Cleaning Schedule Operations in Heat Exchanger Networks

    Directory of Open Access Journals (Sweden)

    Huda Hairul

    2018-01-01

    Full Text Available Heat exchanger networks have been known to be the essential parts in the chemical industries. Unfortunately, since the performance of heat exchanger can be decreasing in transferring the heat from hot stream into cold stream due to fouling, then cleaning the heat exchanger is needed to restore its initial performance periodically. A process of heating crude oil in a refinery plant was used as a case study. As many as eleven heat exchangers were used to heat crude oil before it was heated by a furnace to the temperature required to the crude unit distillation column. The purpose of this study is to determine the cleaning schedule of heat exchanger on the heat exchanger networks due to the decrease of the overall heat transfer coefficient by various percentage of the design value. A close study on the process of heat exchanger cleaning schedule in heat exchanger networks using the method of decreasing overall heat transfer coefficient as target. The result showed that the higher the fouling value the more often the heat exchanger is cleaned because the overall heat transfer coefficient decreases quickly.

  13. A foundation for the future: building an environmental monitoring system for the oil sands[Report of the federal advisory panel on oilsands monitoring

    Energy Technology Data Exchange (ETDEWEB)

    Dowdeswell, L.; Dillon, P.; Ghoshal, S.; Miall, A.; Rasmussen, J.; Smol, J.P.

    2010-12-15

    In September, 2010, important concerns regarding the impacts of oil sand industry on the environment in the Lower Athabasca River Basin resulted in the creation of the oil sands advisory panel. This panel was set up to examine and evaluate the existing system for research and monitoring and identify strengths and weaknesses regarding water monitoring in the Lower Athabasca River Basin and connected waterways. In this report, the panel provides important elements to guide the monitoring of water quality and quantity. The panel has identified several organizations or individuals contributing to the research and monitoring of the Athabasca River system but also points out in the document that the research has not yet led to a consensus regarding the impacts of oil sands development on the environment. It has also been observed that no standardized data management system has been put in place to facilitate the access to data for interested parties. Important weaknesses in the existing monitoring system were identified by the panel. The advisory panel recommended the implementation of a credible and transparent, comprehensive and adaptive monitoring program, through a collaborative work between relevant jurisdictions and stakeholders. 50 refs.

  14. Oil prices and long-run risk

    Science.gov (United States)

    Ready, Robert Clayton

    I show that relative levels of aggregate consumption and personal oil consumption provide an excellent proxy for oil prices, and that high oil prices predict low future aggregate consumption growth. Motivated by these facts, I add an oil consumption good to the long-run risk model of Bansal and Yaron [2004] to study the asset pricing implications of observed changes in the dynamic interaction of consumption and oil prices. Empirically I observe that, compared to the first half of my 1987--2010 sample, oil consumption growth in the last 10 years is unresponsive to levels of oil prices, creating an decrease in the mean-reversion of oil prices, and an increase in the persistence of oil price shocks. The model implies that the change in the dynamics of oil consumption generates increased systematic risk from oil price shocks due to their increased persistence. However, persistent oil prices also act as a counterweight for shocks to expected consumption growth, with high expected growth creating high expectations of future oil prices which in turn slow down growth. The combined effect is to reduce overall consumption risk and lower the equity premium. The model also predicts that these changes affect the riskiness of of oil futures contracts, and combine to create a hump shaped term structure of oil futures, consistent with recent data.

  15. Nigeria's oil production and the need for increased producing capacity

    International Nuclear Information System (INIS)

    Okoroji, C. E. I.

    1998-01-01

    After 40 years of commercial oil production, Nigeria's crude oil production is moving through difficult times. This transition period has been made more difficult because of recurring international economic recession, lack-luster crude prices, and slow oil demand growth and Government funding problems etc. Crude oil remains the most important export revenue earner in Nigeria, and more efforts are required to encourage higher output levels to support more foreign exchange generation. Nigeria's crude oil production at present stands at 2.2 million barrels per day (mbpd). This study, covers the period 1998-2005, during which oil production is forecast to grow to about 2.85 mbpd while potential for new discoveries could raise production to more than 3.0 mbpd. These projected rates could depend to a large extent on the rate and size of new discoveries. However, Nigeria's crude oil potential is being constrained by both lack of infrastructure and inadequate investment. The massive investment needed to raise the country's productive capacity will require foreign capital, yet the current fiscal environment leaves much to be desired. The purpose of this paper is to present a review of Nigeria's past, present and future oil production. To meet the projected production capacity very early in the next millennium, current estimates put the overall potential investment needed for an accelerated capacity-expansion drive in order to ensure that there is adequate cushion of crude potential at $19.7 billion during the next seven years. Furthermore, not more than $12.0 billion of this requirement can be generated from Nigeria's government cash flow

  16. Deceased Slabs Drive Oil

    Science.gov (United States)

    Stein, H. J.; Hannah, J. L.

    2017-12-01

    The application of Re-Os isotope geochemistry to dating single oils is a nascent field [1,2]. Challenges include dissection of oils into asphaltene-maltene (ASPH-MALT) components in a way that preserves meaningful chronologic and source information. Significantly, oil-water mixing rapidly transfers Os to the oil, while Re exchange is sluggish [3]. The Os initial ratio of the oil is shifted in the direction of Os carried in the aqueous fluid, whereas the Re-Os isotopic age is preserved. We show that this phenomenon is operative in natural systems. Further, we show that deserpentinization of old oceanic slabs [4], may be linked to expulsion of Os-enriched waters into overlying sedimentary sections - a process that may be of fundamental importance for oil generation. This conclusion does not diminish the role of traditional organic-rich shales as source rocks for the hydrocarbon, but shows that external fluids are essential to petroleum generation. Moreover, the external fluids may be an important driver for expulsion and migration of oils. We have taken apart several petroleum systems from source rock, to residual oil, to tar mat development, to in situ live oil, through to produced oil. In many cases, a fluid with low 187Os/188Os - unlike that of normal basinal brines - provides a critical component to the oil-water mixture. Funding - CHRONOS project supported by Norwegian petroleum industry (Eni-Norge, Lundin, Aker BP) Acknowledgement - Christine Fichler [4], who first queried us on old slabs and oil, and stimulated ideas. [1] Georgiev, S.V., Stein, H.J., Hannah, J.L., Galimberti, R., Nali, M., Yang, G., and Zimmerman, A. (2016) Re-Os dating of maltenes and asphaltenes within single samples of crude oil: Geochim. Cosmochim. Acta 179: 53-75. [doi.org/10.1016/j.gca.2016.01.016] [2] DiMarzio, J., Georgiev, S.V., Stein, H.J., and Hannah, J.L. (in press) Residency of rhenium and osmium in a heavy crude oil: Geochim. Cosmochim. Acta. [3] Hurtig, N.C., Georgiev, S

  17. Spillover effects in energy futures markets

    International Nuclear Information System (INIS)

    Lin, S.X.; Tamvakis, M.N.

    2001-01-01

    Price discovery in crude oil and refined oil products has been extensively undertaken in organised futures markets for over a decade now. There are two dominant such markets today: the first one in the New York Mercantile Exchange; and the second in London's International Petroleum Exchange. With the demise of OPEC as the leading price setter for crude and products, NYMEX light sweet crude and Brent crude have usurped the role of benchmark grades for price setting. To date considerable work has been done to scrutinise the degree to which these two markets price efficiently, but little with regard to the way the two markets interact. Participants in these markets move with relative ease from one market to the other and usually take positions in both of them. It is of interest, therefore, to investigate the information transmission mechanism by looking at spillover effects and, perhaps, identify which market is the true price leader. This paper is a first attempt to look at such a problem in the energy market, although similar studies have been done on stock market indices. It is found that substantial spillover effects do exist when both markets are trading simultaneously, although IPE morning prices seem to be considerably affected by the close of the previous day on NYMEX

  18. Betting exchanges : the future of sports betting?

    NARCIS (Netherlands)

    Koning, Ruud H.; Velzen, B. van

    Sports betting and sports have always been strongly connected. Traditionally, these betting markets have been cleared by bookmakers, who accept bets on certain events. These bookmakers carry the risk of paying the amount wagered if the event occurs. Recently, a new type of betting market has

  19. Oil Spills

    Science.gov (United States)

    Oil spills often happen because of accidents, when people make mistakes or equipment breaks down. Other causes include natural disasters or deliberate acts. Oil spills have major environmental and economic effects. Oil ...

  20. Ion exchange equilibrium constants

    CERN Document Server

    Marcus, Y

    2013-01-01

    Ion Exchange Equilibrium Constants focuses on the test-compilation of equilibrium constants for ion exchange reactions. The book first underscores the scope of the compilation, equilibrium constants, symbols used, and arrangement of the table. The manuscript then presents the table of equilibrium constants, including polystyrene sulfonate cation exchanger, polyacrylate cation exchanger, polymethacrylate cation exchanger, polysterene phosphate cation exchanger, and zirconium phosphate cation exchanger. The text highlights zirconium oxide anion exchanger, zeolite type 13Y cation exchanger, and

  1. Heat exchanger

    International Nuclear Information System (INIS)

    Bennett, J.C.

    1975-01-01

    A heat exchanger such as forms, for example, part of a power steam boiler is made up of a number of tubes that may be arranged in many different ways, and it is necessary that the tubes be properly supported. The means by which the tubes are secured must be as simple as possible so as to facilitate construction and must be able to continue to function effectively under the varying operating conditions to which the heat exchanger is subject. The arrangement described is designed to meet these requirements, in an improved way. The tubes are secured to a member extending past several tubes and abutment means are provided. At least some of the abutment means comprise two abutment pieces and a wedge secured to the supporting member, that acts on these pieces to maintain the engagement. (U.K.)

  2. Exchange of current BPA surplus power for future power from certain companies' share of WNP-3 to settle a dispute over construction delay. Record of decision. Volume II. Exhibits

    International Nuclear Information System (INIS)

    1985-01-01

    This exchange is between BPA and Portland General Electric Company, Puget Sound Power and Light Company, and the Washington Water Power Company. Pacific Power and Light Company (Pacific) is not initially a party to the exchange. Pacific may at any time prior to January 1, 1994 elect on at least 12 months notice to enter the exchange provided that if BPA determines to resume full plant construction Pacific must elect or forego the option within 6 months after construction is resumed. If the plant is terminated at a time when the option has not been exercised, the option may not thereafter be exercised. If Pacific elects to make the exchange effective and the plant is later terminated prior to the effective data of the exchange, the exchange will become effective on the specified data, unless, prior to such data. Pacific notifies BPA that is rescinds such prior election

  3. Price models for oil derivates in Slovenia

    International Nuclear Information System (INIS)

    Nemac, F.; Saver, A.

    1995-01-01

    In Slovenia, a law is currently applied according to which any change in the price of oil derivatives is subject to the Governmental approval. Following the target of getting closer to the European Union, the necessity has arisen of finding ways for the introduction of liberalization or automated approach to price modifications depending on oscillations of oil derivative prices on the world market and the rate of exchange of the American dollar. It is for this reason that at the Agency for Energy Restructuring we made a study for the Ministry of Economic Affairs and Development regarding this issue. We analysed the possible models for the formation of oil derivative prices for Slovenia. Based on the assessment of experiences of primarily the west European countries, we proposed three models for the price formation for Slovenia. In future, it is expected that the Government of the Republic of Slovenia will make a selection of one of the proposed models to be followed by enforcement of price liberalization. The paper presents two representative models for price formation as used in Austria and Portugal. In the continuation the authors analyse the application of three models that they find suitable for the use in Slovenia. (author)

  4. Oil is killing Africa

    International Nuclear Information System (INIS)

    Paris, H.

    2007-09-01

    Sub-Saharan Africa, with its mining and petroleum resources, is still the object of covetous desires from developed countries. The Gulf of Guinea is a promising area and probably the future battlefield of the 21. century. The fighters of this war are the African people and the big powers, the USA and China at the head, who call upon mercenaries to get their share of this fabulous treasure. Oil was a chance for Africa, but now oil is killing it

  5. Japan FRI research activities on oil tank/spilled oil fire

    International Nuclear Information System (INIS)

    Koseki, Hiroshi

    1992-01-01

    Introduction of research activities on oil tank/spilled oil fire at FRI, Japan is done. FRI has a long history of studying oil tank and spilled oil fires. Many large oil fire tests were done. The purpose of these studies is different with research of response of oil spill, but the accumulation of this knowledge is useful for conducting elimination of spilled oil on the sea with burning. Therefore to do collaboration with fire science research groups, such as FRI is useful for future activities for response to oil spills

  6. Photochemical model evaluation of the ground-level ozone impacts on ambient air quality and vegetation health in the Alberta oil sands region: Using present and future emission scenarios

    Science.gov (United States)

    Vijayaraghavan, Krish; Cho, Sunny; Morris, Ralph; Spink, David; Jung, Jaegun; Pauls, Ron; Duffett, Katherine

    2016-09-01

    One of the potential environmental issues associated with oil sands development is increased ozone formation resulting from NOX and volatile organic compound emissions from bitumen extraction, processing and upgrading. To manage this issue in the Athabasca Oil Sands Region (AOSR) in northeast Alberta, a regional multi-stakeholder group, the Cumulative Environmental Management Association (CEMA), developed an Ozone Management Framework that includes a modelling based assessment component. In this paper, we describe how the Community Multi-scale Air Quality (CMAQ) model was applied to assess potential ground-level ozone formation and impacts on ambient air quality and vegetation health for three different ozone precursor cases in the AOSR. Statistical analysis methods were applied, and the CMAQ performance results met the U.S. EPA model performance goal at all sites. The modelled 4th highest daily maximum 8-h average ozone concentrations in the base and two future year scenarios did not exceed the Canada-wide standard of 65 ppb or the newer Canadian Ambient Air Quality Standards of 63 ppb in 2015 and 62 ppb in 2020. Modelled maximum 1-h ozone concentrations in the study were well below the Alberta Ambient Air Quality Objective of 82 ppb in all three cases. Several ozone vegetation exposure metrics were also evaluated to investigate the potential impact of ground-level ozone on vegetation. The chronic 3-months SUM60 exposure metric is within the CEMA baseline range (0-2000 ppb-hr) everywhere in the AOSR. The AOT40 ozone exposure metric predicted by CMAQ did not exceed the United Nations Economic Commission for Europe (UN/ECE) threshold of concern of 3000 ppb-hr in any of the cases but is just below the threshold in high-end future emissions scenario. In all three emission scenarios, the CMAQ predicted W126 ozone exposure metric is within the CEMA baseline threshold of 4000 ppb-hr. This study outlines the use of photochemical modelling of the impact of an industry (oil

  7. The future of forests and orangutans (Pongo abelii) in Sumatra: predicting impacts of oil palm plantations, road construction, and mechanisms for reducing carbon emissions from deforestation

    Science.gov (United States)

    Gaveau, David L. A.; Wich, Serge; Epting, Justin; Juhn, Daniel; Kanninen, Markku; Leader-Williams, Nigel

    2009-09-01

    Payments for reduced carbon emissions from deforestation (RED) are now attracting attention as a way to halt tropical deforestation. Northern Sumatra comprises an area of 65 000 km2 that is both the site of Indonesia's first planned RED initiative, and the stronghold of 92% of remaining Sumatran orangutans. Under current plans, this RED initiative will be implemented in a defined geographic area, essentially a newly established, 7500 km2 protected area (PA) comprising mostly upland forest, where guards will be recruited to enforce forest protection. Meanwhile, new roads are currently under construction, while companies are converting lowland forests into oil palm plantations. This case study predicts the effectiveness of RED in reducing deforestation and conserving orangutans for two distinct scenarios: the current plan of implementing RED within the specific boundary of a new upland PA, and an alternative scenario of implementing RED across landscapes outside PAs. Our satellite-based spatially explicit deforestation model predicts that 1313 km2 of forest would be saved from deforestation by 2030, while forest cover present in 2006 would shrink by 22% (7913 km2) across landscapes outside PAs if RED were only to be implemented in the upland PA. Meanwhile, orangutan habitat would reduce by 16% (1137 km2), resulting in the conservative loss of 1384 orangutans, or 25% of the current total population with or without RED intervention. By contrast, an estimated 7824 km2 of forest could be saved from deforestation, with maximum benefit for orangutan conservation, if RED were to be implemented across all remaining forest landscapes outside PAs. Here, RED payments would compensate land users for their opportunity costs in not converting unprotected forests into oil palm, while the construction of new roads to service the marketing of oil palm would be halted. Our predictions suggest that Indonesia's first RED initiative in an upland PA may not significantly reduce

  8. The future of forests and orangutans (Pongo abelii) in Sumatra: predicting impacts of oil palm plantations, road construction, and mechanisms for reducing carbon emissions from deforestation

    International Nuclear Information System (INIS)

    Gaveau, David L A; Leader-Williams, Nigel; Wich, Serge; Epting, Justin; Juhn, Daniel; Kanninen, Markku

    2009-01-01

    Payments for reduced carbon emissions from deforestation (RED) are now attracting attention as a way to halt tropical deforestation. Northern Sumatra comprises an area of 65 000 km 2 that is both the site of Indonesia's first planned RED initiative, and the stronghold of 92% of remaining Sumatran orangutans. Under current plans, this RED initiative will be implemented in a defined geographic area, essentially a newly established, 7500 km 2 protected area (PA) comprising mostly upland forest, where guards will be recruited to enforce forest protection. Meanwhile, new roads are currently under construction, while companies are converting lowland forests into oil palm plantations. This case study predicts the effectiveness of RED in reducing deforestation and conserving orangutans for two distinct scenarios: the current plan of implementing RED within the specific boundary of a new upland PA, and an alternative scenario of implementing RED across landscapes outside PAs. Our satellite-based spatially explicit deforestation model predicts that 1313 km 2 of forest would be saved from deforestation by 2030, while forest cover present in 2006 would shrink by 22% (7913 km 2 ) across landscapes outside PAs if RED were only to be implemented in the upland PA. Meanwhile, orangutan habitat would reduce by 16% (1137 km 2 ), resulting in the conservative loss of 1384 orangutans, or 25% of the current total population with or without RED intervention. By contrast, an estimated 7824 km 2 of forest could be saved from deforestation, with maximum benefit for orangutan conservation, if RED were to be implemented across all remaining forest landscapes outside PAs. Here, RED payments would compensate land users for their opportunity costs in not converting unprotected forests into oil palm, while the construction of new roads to service the marketing of oil palm would be halted. Our predictions suggest that Indonesia's first RED initiative in an upland PA may not significantly reduce

  9. Microbial enhancement of oil recovery: Recent advances. Proceedings

    Energy Technology Data Exchange (ETDEWEB)

    Premuzic, E.T.; Woodhead, A.D.; Vivirito, K.J. [eds.

    1992-12-31

    During recent years, systematic, scientific, and engineering effort by researchers in the United States and abroad, has established the scientific basis for Microbial Enhanced Oil Recovery (MEOR) technology. The successful application of MEOR technology as an oil recovery process is a goal of the Department of Energy (DOE). Research efforts involving aspects of MEOR in the microbiological, biochemical, and engineering fields led DOE to sponsor an International Conference at Brookhaven National Laboratory in 1992, to facilitate the exchange of information and a discussion of ideas for the future research emphasis. At this, the Fourth International MEOR Conference, where international attendees from 12 countries presented a total of 35 papers, participants saw an equal distribution between ``research`` and ``field applications.`` In addition, several modeling and ``state-of-the-art`` presentations summed up the present status of MEOR science and engineering. Individual papers in this proceedings have been process separately for inclusion in the Energy Science and Technology Database.

  10. Corrosion problems and solutions in oil refining and petrochemical industry

    CERN Document Server

    Groysman, Alec

    2017-01-01

    This book addresses corrosion problems and their solutions at facilities in the oil refining and petrochemical industry, including cooling water and boiler feed water units. Further, it describes and analyzes corrosion control actions, corrosion monitoring, and corrosion management. Corrosion problems are a perennial issue in the oil refining and petrochemical industry, as they lead to a deterioration of the functional properties of metallic equipment and harm the environment – both of which need to be protected for the sake of current and future generations. Accordingly, this book examines and analyzes typical and atypical corrosion failure cases and their prevention at refineries and petrochemical facilities, including problems with: pipelines, tanks, furnaces, distillation columns, absorbers, heat exchangers, and pumps. In addition, it describes naphthenic acid corrosion, stress corrosion cracking, hydrogen damages, sulfidic corrosion, microbiologically induced corrosion, erosion-corrosion, and corrosion...

  11. Exchanging information

    International Nuclear Information System (INIS)

    1971-01-01

    The Agency has a statutory mandate to foster 'the exchange of scientific and technical information on the peaceful uses of atomic energy'. The prime responsibility for this work within the Agency lies with the Division of Scientific and Technical Information, a part of the Department of Technical Operations. The Division accomplishes its task by holding conferences and symposia (Scientific Conferences Section), through the Agency Library, by publishing scientific journals, and through the International Nuclear Information System (INIS). The Computer Section of the Division, which offers services to the Agency as a whole, provides resources for the automation of data storage and retrieval. (author)

  12. Strategies for risk management using the paper markets [to minimize oil price risks

    International Nuclear Information System (INIS)

    Annesley, M.

    1993-01-01

    The severe price movement experienced within energy markets during the last few years have awakened significant interest in hedging, and other uses of the futures, options, forward and derivative markets, to minimise price risk. There are two basic strands of structure of the markets now available for risk mangement. The first of these is the Exchange markets (IPE, NYMEX, and SIMEX) providing various futures and options alternatives; the second is the forward cargo contracts. The liquidity in these forward cargo markets, is variable but the contracts do provide some hedging and price risk management opportunities, which supplement and complement the Exchange markets, particularly for the professional risk managers and market makers. A range of forward markets is potentially available serving all regions. The more recent development of widely used derivative contracts, notably the swaps and price triggering in physical sale contracts, gives further alternatives from which interested companies may choose. The derivative market, although by definition off-exchange' may use either the Exchanges, forward markets or various oil publications for establishing their prices. Therefore, Exchange futures and options, forward markets and either standard or individually tailored derivatives all provide possible solutions to the risk management needs of coping with today's volatile prices. (author)

  13. Large scale fuel oil production experiments

    Energy Technology Data Exchange (ETDEWEB)

    1943-08-04

    The effect of the coal throughput and the composition of the pasting oil, in particular the effect of different middle oil contents in the pasting oil, was previously tested in small scale experiments of hydrogenation of coal. Possibilities of increasing the throughput through the converter when producing heavy oil together with middle oil is shown in this work. The proper industrial detail for the production of heavy oil had to be developed first on a semi-commercial plant. The Upper Silesian coal was used to study the production of gasoline, middle oil, and heavy oil at 700 atm in a 1.6 m/sup 3/ converter and to relate the results with the small scale experiments (10-liter converter). Paste heat exchange was carried out successfully. The following experiments, among others, were carried out: mixed coals were hydrogenated to 100% gasoline plus middle oil, to 65% gasoline and middle oil and 35% heavy oil, as well as 50% gasoline and middle oil plus 50% heavy oil, in part with the usual iron catalyst combination and in part with the sulfurated Bayer mass together with the iron sulfate and sulfigran. The Heinity coal had been hydrogenated with the usual iron catalyst to 65% gasoline and middle oil plus 35% heavy oil. The important results were summarized in a table. Details of the experiments and processes used were given in 3 graphs and 42 tables.

  14. Oil quenched malleable iron, the strength of an old material in a “green cast” development and a new future

    Directory of Open Access Journals (Sweden)

    Cornelis J. van Ettinger

    2010-11-01

    Full Text Available Malleable iron lost the interest and the development stopped in the turbulent seventies of tremendous developments of new technologies. The personal computer, emission spectrometer, thermal analysis, cold-box core system and automatic vertical moulding were introduced into the foundry industry. Experience shows that these new technologies do not always match up with malleable iron. Solidification and mould filling simulation programs are not always capable to handle a low carbon equivalent iron like malleable iron. Recent developments show however by using these new technologies and combined with practical experience, it is possible to increase the casting yield of malleable iron to the same level as ductile iron. The mechanical properties, especially the yield strength of malleable iron according to the standard are equivalent to those of ductile iron, however the yield strength of oil quenched malleable iron is significantly higher than that of ductile iron. An extensive investigation is made between ductile iron, air quenched and oil quenched malleable irons based on the properties of more than 350 test bars produced under the same conditions. The results are compared with the existing international standards and discussed. Other properties like fatigue strength and response to surface treatments as induction hardening are also discussed. The costs of malleable iron are reviewed and compared with other ferro alloys. These recent developments in increasing the casting yield, the understanding of the strength, makes malleable iron competitive with ductile iron and cheaper than the first grade of ausferritic ductile iron, or steel qualities. It is possible to design lighter and save weight which is essential in the automotive industry. An example of “green cast” development for typical applications, used in automotive transmissions and engines are shown.

  15. Heat exchanger-accumulator

    Science.gov (United States)

    Ecker, Amir L.

    1980-01-01

    What is disclosed is a heat exchanger-accumulator for vaporizing a refrigerant or the like, characterized by an upright pressure vessel having a top, bottom and side walls; an inlet conduit eccentrically and sealingly penetrating through the top; a tubular overflow chamber disposed within the vessel and sealingly connected with the bottom so as to define an annular outer volumetric chamber for receiving refrigerant; a heat transfer coil disposed in the outer volumetric chamber for vaporizing the liquid refrigerant that accumulates there; the heat transfer coil defining a passageway for circulating an externally supplied heat exchange fluid; transferring heat efficiently from the fluid; and freely allowing vaporized refrigerant to escape upwardly from the liquid refrigerant; and a refrigerant discharge conduit penetrating sealingly through the top and traversing substantially the length of the pressurized vessel downwardly and upwardly such that its inlet is near the top of the pressurized vessel so as to provide a means for transporting refrigerant vapor from the vessel. The refrigerant discharge conduit has metering orifices, or passageways, penetrating laterally through its walls near the bottom, communicating respectively interiorly and exteriorly of the overflow chamber for controllably carrying small amounts of liquid refrigerant and oil to the effluent stream of refrigerant gas.

  16. Matchmaker Exchange.

    Science.gov (United States)

    Sobreira, Nara L M; Arachchi, Harindra; Buske, Orion J; Chong, Jessica X; Hutton, Ben; Foreman, Julia; Schiettecatte, François; Groza, Tudor; Jacobsen, Julius O B; Haendel, Melissa A; Boycott, Kym M; Hamosh, Ada; Rehm, Heidi L

    2017-10-18

    In well over half of the individuals with rare disease who undergo clinical or research next-generation sequencing, the responsible gene cannot be determined. Some reasons for this relatively low yield include unappreciated phenotypic heterogeneity; locus heterogeneity; somatic and germline mosaicism; variants of uncertain functional significance; technically inaccessible areas of the genome; incorrect mode of inheritance investigated; and inadequate communication between clinicians and basic scientists with knowledge of particular genes, proteins, or biological systems. To facilitate such communication and improve the search for patients or model organisms with similar phenotypes and variants in specific candidate genes, we have developed the Matchmaker Exchange (MME). MME was created to establish a federated network connecting databases of genomic and phenotypic data using a common application programming interface (API). To date, seven databases can exchange data using the API (GeneMatcher, PhenomeCentral, DECIPHER, MyGene2, matchbox, Australian Genomics Health Alliance Patient Archive, and Monarch Initiative; the latter included for model organism matching). This article guides usage of the MME for rare disease gene discovery. © 2017 by John Wiley & Sons, Inc. Copyright © 2017 John Wiley and Sons, Inc.

  17. International Oil Supplies and Demands

    International Nuclear Information System (INIS)

    1991-09-01

    The eleventh Energy Modeling Forum (EMF) working group met four times over the 1989--90 period to compare alternative perspectives on international oil supplies and demands through 2010 and to discuss how alternative supply and demand trends influence the world's dependence upon Middle Eastern oil. Proprietors of eleven economic models of the world oil market used their respective models to simulate a dozen scenarios using standardized assumptions. From its inception, the study was not designed to focus on the short-run impacts of disruptions on oil markets. Nor did the working group attempt to provide a forecast or just a single view of the likely future path for oil prices. The model results guided the group's thinking about many important longer-run market relationships and helped to identify differences of opinion about future oil supplies, demands, and dependence

  18. International Oil Supplies and Demands

    Energy Technology Data Exchange (ETDEWEB)

    1992-04-01

    The eleventh Energy Modeling Forum (EMF) working group met four times over the 1989--1990 period to compare alternative perspectives on international oil supplies and demands through 2010 and to discuss how alternative supply and demand trends influence the world's dependence upon Middle Eastern oil. Proprietors of eleven economic models of the world oil market used their respective models to simulate a dozen scenarios using standardized assumptions. From its inception, the study was not designed to focus on the short-run impacts of disruptions on oil markets. Nor did the working group attempt to provide a forecast or just a single view of the likely future path for oil prices. The model results guided the group's thinking about many important longer-run market relationships and helped to identify differences of opinion about future oil supplies, demands, and dependence.

  19. International Oil Supplies and Demands

    Energy Technology Data Exchange (ETDEWEB)

    1991-09-01

    The eleventh Energy Modeling Forum (EMF) working group met four times over the 1989--90 period to compare alternative perspectives on international oil supplies and demands through 2010 and to discuss how alternative supply and demand trends influence the world's dependence upon Middle Eastern oil. Proprietors of eleven economic models of the world oil market used their respective models to simulate a dozen scenarios using standardized assumptions. From its inception, the study was not designed to focus on the short-run impacts of disruptions on oil markets. Nor did the working group attempt to provide a forecast or just a single view of the likely future path for oil prices. The model results guided the group's thinking about many important longer-run market relationships and helped to identify differences of opinion about future oil supplies, demands, and dependence.

  20. International Oil Supplies and Demands

    International Nuclear Information System (INIS)

    1992-04-01

    The eleventh Energy Modeling Forum (EMF) working group met four times over the 1989--1990 period to compare alternative perspectives on international oil supplies and demands through 2010 and to discuss how alternative supply and demand trends influence the world's dependence upon Middle Eastern oil. Proprietors of eleven economic models of the world oil market used their respective models to simulate a dozen scenarios using standardized assumptions. From its inception, the study was not designed to focus on the short-run impacts of disruptions on oil markets. Nor did the working group attempt to provide a forecast or just a single view of the likely future path for oil prices. The model results guided the group's thinking about many important longer-run market relationships and helped to identify differences of opinion about future oil supplies, demands, and dependence

  1. seed oil

    African Journals Online (AJOL)

    Wara

    found to be 2.0 cm which is lower than that of Jatropha oil soap(5.4cm), Sesame oil soap(4.8cm), Cotton seed oil soap(4.5cm) and shea nut soap(4.2cm),t higher than that of Castor oil soap(1.6cm) and Castor glycerine soap(1.4cm). The soap was milk in colour and slightly soluble in distilled water. Keywords: Neem oil ...

  2. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

    We assess the oil price sensitivities and oil risk premiums of NYSE listed oil & gas firms' returns by using a two-step regression analysis under two different arbitrage pricing models. Thus, we apply the Fama and French (1992) factor returns in a study of oil stocks. In all, we find that the return

  3. Oil companies and human rights

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, Geoffrey [Amnesty International (United Kingdom)

    1997-11-01

    This article highlights the need for oil companies in the future to take into account human rights in corporate decision making. The influence oil companies can bring to bear on government violating human rights, excuses for not voicing condemnation of abuses, and the 1948 Universal Declaration of Human Rights are discussed. (UK)

  4. Segmented heat exchanger

    Science.gov (United States)

    Baldwin, Darryl Dean; Willi, Martin Leo; Fiveland, Scott Byron; Timmons, Kristine Ann

    2010-12-14

    A segmented heat exchanger system for transferring heat energy from an exhaust fluid to a working fluid. The heat exchanger system may include a first heat exchanger for receiving incoming working fluid and the exhaust fluid. The working fluid and exhaust fluid may travel through at least a portion of the first heat exchanger in a parallel flow configuration. In addition, the heat exchanger system may include a second heat exchanger for receiving working fluid from the first heat exchanger and exhaust fluid from a third heat exchanger. The working fluid and exhaust fluid may travel through at least a portion of the second heat exchanger in a counter flow configuration. Furthermore, the heat exchanger system may include a third heat exchanger for receiving working fluid from the second heat exchanger and exhaust fluid from the first heat exchanger. The working fluid and exhaust fluid may travel through at least a portion of the third heat exchanger in a parallel flow configuration.

  5. Metal working oils. Cutting oils, rolling oils, quenching oils, rust preventive oils; Kinzoku kakoyu. Sessakuyu, atsuenyu, yakiireyu, boseiyu

    Energy Technology Data Exchange (ETDEWEB)

    Koyama, S. [Idemitsu Kosan Co. Ltd., Tokyo (Japan)

    1996-04-01

    With the demand against complicating working techniques for a background, foundations of the consideration for each of the lubricants in future are outlined. 1. Cutting oils: From the standpoint of speeding up and fireproofing, share of water-soluble type has come up to 30-40%. In this type, emulsifying dispersants and preservatives are combined. 2. Rolling oils: According to thinning of the standard thickness of steel plates, pressure of contacting surfaces has come up to 300 kg/mm{sup 2}(max.) and slip speed has increased too. In stainless steel plates, in order to get rid of the heat-streak (baking streak originated from wearing-out of oil film) shifting from neat oil to emulsion type is required. 3. Quenching oils: Following two systems are recent tendencies, the mineral oil system having excellent thermostability or the water system containing polyalkylneglycol etc., but the latter is expected from the viewpoint of fireproofing. 4. Rust preventive oils: As this oils do not aim at the rust prevention for long term, degreasing property is required. 20 refs., 5 figs., 1 tab.

  6. Synthetic gasoline and diesel oil produced by Fischer-Tropsch Technology. A possibility for the future? IEA/AMF annex XXXI

    Energy Technology Data Exchange (ETDEWEB)

    Rehnlund, B., (Atrax Energy AB, Goeteborg (SE)); Blinge, M., (The Swedish Transport Research Institute, TFK (SE)); Schramm, J.; Larsen, Ulrik, (Technical Univ. of Denmark, DTU, Kgs. Lyngby (DK))

    2007-03-15

    This report is the result of an annex (annex XXXI, Fischer-Tropsch Fuels) initiated by the International Energy Agency's Implementing Agreement on Advanced Motor Fuels. The annex has been managed by Atrax Energi AB, Bjorn Rehnlund, acting as the operating agent of the annex. The work in the annex has been carried out in co-operation with the Swedish Transportation Research Institute - TFK, Magnus Blinge and the Technical University of Denmark - DTU, Jesper Schramm and Ulrik Larsen. In this report the possibilities to produce synthetic gasoline and synthetic diesel oil from biomass, and also from natural gas, by Fischer-Tropsch (FT) Technology are analysed and discussed. After an introduction of the technology as such, environmental aspects and the life cycle perspective of synthetic gasoline and diesel oil are discussed, and some possible national/regional scenarios are analysed and presented. Vehicle emission tests with synthetic gasoline carried out at DTU are described and discussed in this report as well. Based on the result of the analysis and the vehicle emission tests presented in the report, a first SWOT analysis of Fischer-Tropsch technology is then presented, and finally some main conclusions are drawn. During the execution of the annex Sasol in South Africa, Nykomb Synergetics in Sweden, Chemrec in Sweden, the Technical University of Denmark, VTT in Finland, the Varnamo gasification research project in Sweden, and the Black liquor gasification project in Pitea, Sweden have been visited. Some of the most important conclusions are that: 1) FT-Fuels such as FT-Diesel (FTD) and FT-Gasoline (FTG) produced through CoalTo-Liquid, (CTL), Gas-To-Liquid (GTL) and Biomass-To-Liquid (BTL) technologies can contribute to reducing the dependency on crude oil. 2) FTD and FTG are attractive for use in neat form and also as components in blends with low quality diesel and gasoline, to upgrade fuels to meet the ever more stringent regulations. 3) Production and use of

  7. DIVALENT ION EXCHANGE WITH ALKALI

    Energy Technology Data Exchange (ETDEWEB)

    Bunge, A.L.; Klein, G.; Radke, C.J.

    1980-05-01

    Exchange of hardness ions is important in enhanced oil recovery with chemical additives. In both micellar-polymer and caustic flooding processes, multivalent ions released from rock surfaces can interact with anionic surfactants, rendering them preferentially oil soluble and/or insoluble in water. Because hardness cations are sparingly soluble and precipitate in alkaline solutions, such solutions may be more efficient as surfactant flood preflushes than are softened brines. Multivalent ion precipitation may also occur in alkaline waterflooding. To permit design of such processes, this paper presents a chromatographic theory for simultaneous ion exchange with precipitation of divalent ions. Theoretical effluent histories and concentration profiles are presented for the cases of finite pulses and continuous injection of hydroxide ions into linear cores. Complete capture of the insoluble salt particles is assumed. Results are given for the case of instantaneous equilibration of the solution with the precipitate, as well for the case of complete nonequilibrium, in which the solid precipitate does not redissolve. The efficiency of alklaine preflushing is shown to depend on the exchange isotherm, initial divalent loading of the rock, injected pH and salinity, the solubility product of the precipitated salt, and pulse size. The effect of slug size on complete equilibrium removal of hardness ions is reduced efficiency with increasing size until a critical volume approximating continuous injection is reached. Increasing injected pH and salinity provides a more favorable response. Experimental data for Berea sandstone and an argillaceous sand compare favorably with the proposed theory.

  8. Messages, limitations and future needs of research into environmental impacts and mitigating and remediation measures of oil palm and forest land-use and land management in SE Asia

    Science.gov (United States)

    Walsh, Rory; Bidin, Kawi; Nurhidayu, Siti; Nainar, Anand; Annammala, Kogilavani; Blake, William; Higton, Sam; Wall, Katy; Darling, Isabella

    2017-04-01

    Oil palm and forest logging land-uses have expanded immensely in recent decades in SE Asia and other parts of the humid tropics - and increasingly into steeplands where adverse biophysical in situ and downstream impacts are particularly severe. With a focus on recent and current projects in Sabah (Malaysian Borneo) and Peninsular Malaysia, this paper examines the changing nature of research foci and approaches of research projects to assess impacts and develop and test mitigation strategies. Early projects focussed on comparing slope- and catchment-scale hydrology and erosion of selectively logged forest and primary forest and on ways of reducing logging impacts. The second phase of research focussed increasingly on (1) longer-term recovery from logging and (2) the likely impacts of climate change. With repeat logging and conversion of areas of forest to oil palm (and conservation of remaining primary forest was secured), the focus of attention has moved to (1) assessing impacts of oil palm conversion and land management practices, (2) testing existing (and potentially more effective) Roundtable for Sustainable Palm Oil (RSPO) guidelines and Government Regulations aimed at reducing impacts and (3) developing and testing ways of restoring and rehabilitating forest within both badly degraded logged forest areas and largely oil palm landscapes - with attention focussed on the landscape scale, the long-term, downstream as well as in situ impacts and the more vulnerable steepland areas. Two multidisciplinary umbrella projects - the SAFE (Stability of Altered Forest Ecosystems) Project and the SEnSOR Programme - have formed the backbone of this latest phase. The SAFE Project is a ten-year programme assessing the effectiveness of retention of differing widths of riparian forest buffers and different- sized forest 'islands' within converted oil palm landscapes in reducing their adverse ecological, emissions, hydrological, erosional and water pollution impacts. The SEn

  9. Development of oil for lead shielded glass windows

    International Nuclear Information System (INIS)

    Antony, M.P.; Subramaniam, S.; Vasudeva Rao, P.R.

    1997-01-01

    Oil filled glass windows are used in Hot Cells for viewing purposes. Absorption of moisture and radiation can cause degradation of the oil and the degradation products will make the oil cloudy. Hence, it is necessary to replace the oil at least once in two years. The requirements of the oil were met so far by importing it from USA, Germany and France. An attempt has been made to make the oil indigenously with a view to replenish the oil in future, and also as an alternate source for oil import. The details of the development of a radiation resistant oil, its specifications and the test procedures are discussed in this report. (author)

  10. Fundamentals of futures, options, basis and derivatives

    International Nuclear Information System (INIS)

    Jones, D.

    1997-01-01

    Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management

  11. Oil shale highlights

    International Nuclear Information System (INIS)

    1994-01-01

    The low prices of crude oil have continued to retard the commercial development of oil shale and other syn fuels. Although research funds are more difficult to find, some R and D work by industry, academia, and governmental agencies continues in the United States and in other parts of the world. Improvements in retorting technology, upgrading oil-shale feedstock, and developing high-value niche-market products from shale oil are three notable areas of research that have been prominent for the past several years. Although the future prices of conventional crude cannot be predicted, it seems evident that diminishing supplies and a burgeoning world population will force us to turn to alternate fossil fuels as well as to cleaner sources of non-fossil energy. (author)

  12. Petrochemicals from oil sands

    International Nuclear Information System (INIS)

    Du Plessis, M.P.; McCann, T.J.

    2003-01-01

    The petrochemical industry in Alberta developed rapidly during the 1980s and 1990s. However, projected diminishing gas production from the Western Canadian Sedimentary Basin has raised concerns about the future growth of the industry in Alberta. A joint industry/government study has been conducted to evaluate new feedstocks from Alberta's vast oil sands resources to supplement natural gas liquids. Having both gas and oil sands feedstock options should increase the long-term competitiveness of Alberta's petrochemical industry.This paper presents a framework for evaluating and optimizing schemes for helping Alberta develop synergies for its oil sands and petrochemical industries through cost effective integration of oil sands, upgrading, refining and petrochemical development from 2005 to 2020. The paper places emphasis on specific locations and market conditions. It demonstrates that phased integration of oil sands and petrochemical developments is technically and economically feasible to co-produce high grade fuels and petrochemicals, assuming a new pipeline is built between Edmonton and Vancouver. Alberta has the potential to become a world-scale energy and petrochemical cluster. Alberta's oil sands facilities are potentially capable of supporting new world-scale plants producing ethylene, propylene, benzene, para-xylene, and other high-value-added derivatives. The products can be produced by integrating existing and new oil sands upgrading plants, refineries and petrochemical plants within the next 5 to 10 years. 3 refs., 2 tabs., 7 figs

  13. OPEC's optimal crude oil price

    International Nuclear Information System (INIS)

    Horn, Manfred

    2004-01-01

    OPEC decided to stabilise oil prices within a range of 22-28 US Dollar/barrel of crude oil. Such an oil-price-level is far beyond the short and long run marginal costs of oil production, beyond even that in regions with particularly high costs. Nevertheless, OPEC may achieve its goal if world demand for oil increases substantially in the future and oil resources outside the OPEC are not big enough to accordingly increase production. In this case OPEC, which controls about 78% of world oil reserves, has to supply a large share of that demand increase. If we assume OPEC will behave as a partial monopolist on the oil market, which takes into consideration the reaction of the other producers to its own sales strategy, it can reach its price target. Lower prices before 2020 are probable only if the OPEC cartel breaks up. Higher prices are possible if production outside OPEC is inelastic as assumed by some geologists, but they would probably stimulate the production of unconventional oil based on oil sand or coal. Crude oil prices above 30 US Dollar/barrel are therefore probably not sustainable for a long period. (Author)

  14. Lavender oil

    Science.gov (United States)

    Lavender oil is an oil made from the flowers of lavender plants. Lavender poisoning can occur when ... further instructions. This is a free and confidential service. All local poison control centers in the United ...

  15. Petroleum Oils

    Science.gov (United States)

    Different types of crude oil and refined product, of all different chemical compositions, have distinct physical properties. These properties affect the way oil spreads and breaks down, its hazard to marine and human life, and the likelihood of threat.

  16. Striking Oil: Another Puzzle

    NARCIS (Netherlands)

    G. Driesprong (Gerben); B. Jacobsen (Ben); B. Maat (Benjamin)

    2003-01-01

    textabstractWe find that changes in oil prices strongly predict future stock market returns in many countries in the world. In our thirty year sample of monthly data for developed stock markets, we find statistically significant predictability in 12 out of the 18 countries and in a world market

  17. Oil biodegradation

    NARCIS (Netherlands)

    Rahsepar, Shokouhalsadat; Langenhoff, Alette A.M.; Smit, Martijn P.J.; Eenennaam, van Justine S.; Murk, Tinka; Rijnaarts, Huub H.M.

    2017-01-01

    During the Deepwater Horizon (DwH) oil spill, interactions between oil, clay particles and marine snow lead to the formation of aggregates. Interactions between these components play an important, but yet not well understood, role in biodegradation of oil in the ocean water. The aim of this study

  18. Deuterium exchange in sesamol

    International Nuclear Information System (INIS)

    Hill, R.K.; Vaidya, N.A.; Morton, G.H.

    1982-01-01

    Trifluoroacetic acid-catalyzed exchange of sesamol in 2 H 2 O results in rapid exchange of H-6 and slower exchange of H-2. The deuterium atoms introduced are retained during conversion to the methyl and allyl ethers. (author)

  19. Canada's crude oil resources : crude oil in our daily lives

    International Nuclear Information System (INIS)

    Bott, R.

    2001-10-01

    Created in 1975, the Petroleum Communication Foundation is a not-for-profit organization. The objective of the Foundation is to inform Canadians about the petroleum industry in Canada. It produces educational, fact-based publications and programs, employing a multi-stakeholder review process. The first section of this publication is devoted to crude oil and the benefits that are derived from it. It begins by providing a brief definition of crude oil, then moves to the many uses in our daily lives and the environmental impacts like air pollution, spills, and footprint on the land from exploration and production activities. Section 2 details the many uses of crude oil and identifies the major oil producing regions of Canada. A quick mention is made of non-conventional sources of crude oil. The search for crude oil is the topic of section 3 of the document, providing an overview of the exploration activities, the access rights that must be obtained before gaining access to the resource. The drilling of oil is discussed in section 4. Section 5 deals with issues pertaining to reservoirs within rocks, while section 6 covers the feeding of the refineries, discussing topics from the movement of oil to market to the refining of the crude oil, and the pricing issues. In section 7, the uncertain future is examined with a view of balancing the supply and demand, as crude oil is a non-renewable resource. Supplementary information is provided concerning additional publications published by various organizations and agencies. figs

  20. KAZAKHSTAN OIL REFINERY MODERNIZATION PROBLEMS

    Directory of Open Access Journals (Sweden)

    Yu. B. Astashov

    2011-01-01

    Full Text Available Kazakhstan is one of world largest oil extracting countries. Nevertheless, Kazakhstan oil refineries prefer to use Russian crude oil. This situation results from the fact that oil exported from Russia to Kazakhstan has for many years been imposed with zero export tax. Moreover, December 2010 Russia and Kazakhstan agreed not to change this regime till 2015. Hence, it is more profitable for Kazakhstan to export own oil and to import that produced in Russia. Resulting from this, as well as taking into account technical condition of domestic refineries, it seems to be unreal that any effective modernization of its oil refineries will be carried out in Kazakhstan within the nearest future. Investment amounts required for the modernization, including those stipulated in programs, three times less than actual amounts. Fuel deficiency is more preferable for government officials than abundance. Lack of modernization means that increased volumes of petrol will be imported nearest years.

  1. Totalization Data Exchange (TDEX)

    Data.gov (United States)

    Social Security Administration — The Totalization Data Exchange (TDEX) process is an exchange between SSA and its foreign country partners to identify deaths of beneficiaries residing abroad. The...

  2. Future European Union air pollution regulations for automobiles (the auto/oil package); Kommende EU-regulering om luftforurening fra motorkoeretoejer (auto/olie-pakken)

    Energy Technology Data Exchange (ETDEWEB)

    Iversen, E. [Miljoestyrelsen (Denmark)

    1997-08-01

    The total package of air pollution regulations for motor vehicles from the Commission of the European Union will consist of five directives concerning cars, vans, trucks, busses, fuels, and regular inspection. Though only a proposal for cars and fuels at present has been put forward, the levels for the other parts of the package are determined. The Commission has made calculations showing that the proposals will be sufficient to secure compliance with future air quality standards in the main parts of the European Union area in the year of 2010. For the areas where the proposed regulations will be insufficient (specially stress with heavy traffic), the Commission recommends that the EU regulations are supplemented with local measures like road taxes, better public transport, traffic restrictions, award for breaking up old cars, and reconstructing diesel busses to gas. Thus the proposals have not been prepared based on principles of the best available technology. Such a model would, according to the Commission`s opinion, lead to measures that will not be optimum, neither economically nor environmentally. (LN)

  3. Energy exchange

    International Nuclear Information System (INIS)

    Anderson, B.

    2000-01-01

    The article discusses the identification of efficiencies that can minimise transaction costs in energy trading and marketing. The article describes what is meant by 'trade management'. It is argued that a trade management system should be able to dovetail with existing or future ERP, advanced risk management, and financial management systems, to provide total enterprise integration. With the right trade management systems, traders have all the necessary information to help them manage exposure to financial risks in a world where energy trading companies are forced to accept very small margins. A trade management system can cover many aspects of a business including the winning of contracts for transportation deals, including rail, car, truck, barge and pipeline. There appears to be unprecedented opportunities for companies specialising in development and provision of trade management systems

  4. Energy exchange

    Energy Technology Data Exchange (ETDEWEB)

    Anderson, B. [SolArc, Inc. (United States)

    2000-09-01

    The article discusses the identification of efficiencies that can minimise transaction costs in energy trading and marketing. The article describes what is meant by 'trade management'. It is argued that a trade management system should be able to dovetail with existing or future ERP, advanced risk management, and financial management systems, to provide total enterprise integration. With the right trade management systems, traders have all the necessary information to help them manage exposure to financial risks in a world where energy trading companies are forced to accept very small margins. A trade management system can cover many aspects of a business including the winning of contracts for transportation deals, including rail, car, truck, barge and pipeline. There appears to be unprecedented opportunities for companies specialising in development and provision of trade management systems.

  5. Needs Assessment for Exchange Students in Taiwan

    Directory of Open Access Journals (Sweden)

    Kentei Takaya

    2016-04-01

    Full Text Available With the growing mobility of international students in Asia and the Pacific, Taiwan has become actively involved in promoting international academic exchange. This research investigates the experience of exchange students from the Philippines and mainland China and examines their needs while studying in Taiwan. Qualitative in-depth interviews were conducted with exchange students from the Philippines and mainland China. The findings suggest that while exchange students from the Philippines and mainland China both encountered difficulties during their study in Taiwan, exchange students from the Philippines were inclined to encounter more difficulties compared to those from mainland China due to language difficulties. Based on the findings of this study, suggested support services for future exchange students in Taiwan are outlined to match the needs of students from both Chinese and non-Chinese-speaking backgrounds.

  6. 17 CFR 14.4 - Violation of Commodity Exchange Act.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Violation of Commodity Exchange Act. 14.4 Section 14.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION RULES RELATING TO SUSPENSION OR DISBARMENT FROM APPEARANCE AND PRACTICE § 14.4 Violation of Commodity...

  7. Economics Aspects of Increasing the Oil Price

    Directory of Open Access Journals (Sweden)

    Grendel Peter

    2004-09-01

    Full Text Available In paper I describe mainly high price of oil, which has influence on many circumstances. The important effect on growing up the price of oil has situation in Mid-east, and everyday rising consumption of oil in China. Meaningful position have USA, which using 45% of word energy. The problem is particularly in daily mining of lode. In next part i describing aspect of this situation on stock-exchange, mainly behaviour of speculators, and OPEC, and also presure on inflation in Euro-zone. In the last chapter I discuss about reaction of the big world oil concern like CONOCO, SHELL, BP, OMV and MOL.

  8. Microbial enhancement of oil recovery: Recent advances

    Energy Technology Data Exchange (ETDEWEB)

    Premuzic, E.T.; Woodhead, A.D.; Vivirito, K.J. (eds.)

    1992-01-01

    During recent years, systematic, scientific, and engineering effort by researchers in the United States and abroad, has established the scientific basis for Microbial Enhanced Oil Recovery (MEOR) technology. The successful application of MEOR technology as an oil recovery process is a goal of the Department of Energy (DOE). Research efforts involving aspects of MEOR in the microbiological, biochemical, and engineering fields led DOE to sponsor an International Conference at Brookhaven National Laboratory in 1992, to facilitate the exchange of information and a discussion of ideas for the future research emphasis. At this, the Fourth International MEOR Conference, where international attendees from 12 countries presented a total of 35 papers, participants saw an equal distribution between research'' and field applications.'' In addition, several modeling and state-of-the-art'' presentations summed up the present status of MEOR science and engineering. Individual papers in this proceedings have been process separately for inclusion in the Energy Science and Technology Database.

  9. The outlook for US oil dependence

    International Nuclear Information System (INIS)

    Greene, D.L.; Jones, D.W.; Leiby, P.N.

    1998-01-01

    Oil dependence is defined as a dynamic problem of short- and long-run market power. The potential monopoly power of an oil cartel depends on its market share and the elasticities of oil supply and demand, while the economic vulnerability of oil-consuming states depends most directly on the quantity of oil imported and the oil cost share of gross domestic product (GDP). Of these factors, only the market share of the Organization of Petroleum Exporting Countries (OPEC) cartel and the rate of growth of world oil demand are clearly different than they were 25 years ago. OPEC still holds the majority of world oil and, in the future, will regain market share. A hypothetical 2-year supply reduction in 2005-2006, similar in size to those of 1973-1974 or 1979-1980, illustrates the potential benefits to OPEC and harm to the US economy of a future oil price shock. OPEC's revenues are estimated to increase by roughly $0.7 trillion, while the US economy loses about $0.5 trillion. Strategic petroleum reserves seem ineffective against a determined, multi-year supply curtailment. Increasing the market's price responsiveness by improving the technologies of oil supply and oil demand can greatly reduce the costs of oil dependence. Each element of this interpretation of the oil dependence problem is well supported by previous studies. This paper's contribution is to unite these elements into a coherent explanation and to point out the enormously important implications for energy policy. (Author)

  10. Value Appropriation in Business Exchange

    DEFF Research Database (Denmark)

    Ellegaard, Chris; Medlin, Christopher J.; Geersbro, Jens

    2014-01-01

    Purpose – Value appropriation is a central, yet neglected aspect in business exchange research. The purpose of the paper is to generate an overview of research on active value appropriation in business exchange and provide the foundation for further research into value appropriation, as well...... diverse understandings of the value appropriation process and emphasize different mechanisms and outcomes of value appropriation. Research limitations/implications – Based on the literature comparison and discussion, in combination with inspiration from alternative business exchange literature......, the authors propose four areas with high potential for future research into value appropriation: network position effects, appropriation acts and behaviors, buyer-seller relationship effects, and appropriation over time. Practical implications – Boundary spanning managers acting in industrial markets must...

  11. Economics and regulation of petroleum futures markets

    Energy Technology Data Exchange (ETDEWEB)

    1980-08-01

    Because the futures market in petroleum products is a relatively recent phenomenon, the implications of public policies formulated for that market have not yet been fully explored. To provide the Office of Competition of the Department of Energy (DOE) with sufficient information to assess policy alternatives, Resource Planning Associates, Inc. (RPA) was asked to analyze the development of the futures market in No. 2 oil, assess the potential for futures markets in other petroleum products, and identify policy alternatives available to DOE. To perform this analysis, the criteria for a viable futures market was established first. Then, the experience to date with the 18-month-old futures market in No. 2 oil was examined, and the potential for viable futures markets in No. 6 oil, gasoline, jet fuel, and crude oil was assessed. Finally, how existing DOE regulations and prospective actions might affect petroleum futures market development was investigated.

  12. MnDOT 2014 peer exchange : quantifying & communicating the value of research implementation for MnROAD phase-II research projects and development of MnROAD's future research.

    Science.gov (United States)

    2014-06-01

    MnDOT Research Services hosted a national peer exchange in Minneapolis, Minnesota from June 10-12, : 2014, that focused on the research and implementation efforts of the MnROAD cold region pavement : testing facility and laboratory. The goal of the p...

  13. The new oil politics

    International Nuclear Information System (INIS)

    Rodado Noriega, Carlos

    1999-01-01

    With a varied menu of adjustments, Colombia looks for to improve the range of international competitiveness and to attract the elusive private investment of risk for the future development of the oil sector. Colombia has just given to its oil sector the biggest rolling in the last decades. A series of measures of diverse class looks for to assign to the country a bigger range of competitiveness international and better exploration indicators that it assures in the time the auto supply of hydrocarbons and the export of surpluses

  14. Estimation on oil demand and oil saving potential of China's road transport sector

    International Nuclear Information System (INIS)

    Lin, Boqiang; Xie, Chunping

    2013-01-01

    China is currently in the stage of industrialization and urbanization, which is characterized by rigid energy demand and rapid growth of energy consumption. Therefore, energy conservation will become a major strategy for China in a transition to low-carbon economy. China's transport industry is of high energy consumption. In 2010, oil consumption in transport industry takes up 38.2% of the country's total oil demand, of which 23.6% is taken up by road transport sector. As a result, oil saving in China's road transport sector is vital to the whole nation. The co-integration method is developed to find a long-run relationship between oil consumption and affecting factors such as GDP, road condition, labor productivity and oil price, to estimate oil demand and to predict future oil saving potential in China's transport sector under different oil-saving scenarios. Monte Carlo simulation is further used for risk analysis. Results show that under BAU condition, oil demand of China's road transport sector will reach 278.5 million ton of oil equivalents (MTOE) in 2020. Oil saving potential will be 86 MTOE and 131 MTOE under moderate oil-saving scenario and advanced oil-saving scenario, respectively. This paper provides a reference to establishing oil saving policy for China's road transport sector. - Highlights: • We adopt the co-integration model to estimate oil demand and oil saving potential of China's road transport sector. • Monte Carlo simulation is further used for risk analysis. • GDP, ratio of classified highway, labor productivity and oil price are main factors affecting oil consumption. • Scenario analysis approach is applied to calculate oil saving potential under different energy saving scenarios. • Future policy for oil conservation in China's road transport sector is suggested

  15. Thermal energy storage systems using fluidized bed heat exchangers

    Science.gov (United States)

    Weast, T.; Shannon, L.

    1980-06-01

    A rotary cement kiln and an electric arc furnace were chosen for evaluation to determine the applicability of a fluid bed heat exchanger (FBHX) for thermal energy storage (TES). Multistage shallow bed FBHX's operating with high temperature differences were identified as the most suitable for TES applications. Analysis of the two selected conceptual systems included establishing a plant process flow configuration, an operational scenario, a preliminary FBHX/TES design, and parametric analysis. A computer model was developed to determine the effects of the number of stages, gas temperatures, gas flows, bed materials, charge and discharge time, and parasitic power required for operation. The maximum national energy conservation potential of the cement plant application with TES is 15.4 million barrels of oil or 3.9 million tons of coal per year. For the electric arc furnance application the maximum national conservation potential with TES is 4.5 million barrels of oil or 1.1 million tons of coal per year. Present time of day utility rates are near the breakeven point required for the TES system. Escalation of on-peak energy due to critical fuel shortages could make the FBHX/TES applications economically attractive in the future.

  16. Thermal energy storage systems using fluidized bed heat exchangers

    Science.gov (United States)

    Weast, T.; Shannon, L.

    1980-01-01

    A rotary cement kiln and an electric arc furnace were chosen for evaluation to determine the applicability of a fluid bed heat exchanger (FBHX) for thermal energy storage (TES). Multistage shallow bed FBHX's operating with high temperature differences were identified as the most suitable for TES applications. Analysis of the two selected conceptual systems included establishing a plant process flow configuration, an operational scenario, a preliminary FBHX/TES design, and parametric analysis. A computer model was developed to determine the effects of the number of stages, gas temperatures, gas flows, bed materials, charge and discharge time, and parasitic power required for operation. The maximum national energy conservation potential of the cement plant application with TES is 15.4 million barrels of oil or 3.9 million tons of coal per year. For the electric arc furnance application the maximum national conservation potential with TES is 4.5 million barrels of oil or 1.1 million tons of coal per year. Present time of day utility rates are near the breakeven point required for the TES system. Escalation of on-peak energy due to critical fuel shortages could make the FBHX/TES applications economically attractive in the future.

  17. Exchange market pressure

    NARCIS (Netherlands)

    Jager, H.; Klaassen, F.; Durlauf, S.N.; Blume, L.E.

    2010-01-01

    Currencies can be under severe pressure in the foreign exchange market, but in a fixed (or managed) exchange rate regime that is not fully visible via the change in the exchange rate. Exchange market pressure (EMP) is a concept developed to nevertheless measure the pressure in such cases. This

  18. World oil market simulation

    International Nuclear Information System (INIS)

    Baldwin, N.

    1992-01-01

    This paper presents a recursive simulation model of the world oil market - the World Oil Market Simulation Model (WOMS). The objective was to construct a computationally simple model which provides a transparent view of the workings of the oil market. In the event WOMS has a number of features which distinguish it from other published models: the effect of exchange rate movements is incorporated in the supply and demand functions; both demand and supply functions are dynamic; the non-OPEC supply functions account for the geological as well as the economic aspects of supply; oil prices can be determined either by OPEC setting prices (as normally included in this type of model) or by OPEC setting volumes and market forces determining the price; and consistency checks on consumers' and producers' behaviour are incorporated to confirm the plausibility of model projections. The paper commences with an outline of the model structure followed by an examination of the choice of the appropriate data. The main sections of the paper discuss the estimation of the demand and non-OPEC supply functions. Finally the modelling of OPEC's behaviour is addressed. Comparisons are made throughout with other published work. As the model was estimated using data covering 1960 to 1985, brief comments are also made comparing the events of 1986 with model determined values. (author)

  19. Cuba's oil crisis spells trouble for Castro

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports on Cuba's oil crisis which presents long term woes for the government of Fidel Castro but new opportunities for foreign petroleum investment. That's the main thesis of a study by East-West Center (EWC), Honolulu. Since the cutoff of subsidized oil supplies from the former Soviet Union at the first of the year, Cuba has endured a crippling loss of export revenues and draconian energy rationing measures at home. The Soviets had reduced oil supplies to Cuba since 1989 after decades of providing the Castro government with subsidized oil supplies. Former Soviet President Mikhail Gorbachev exempted Cuba from paying market prices for Soviet oil in 1991 while requiring that of Soviet trading partners in eastern Europe. With the collapse of Communism in the former U.S.S.R., however, oil supplies from that region are available to Cuba only at market prices and for hard currency. That has triggered a crisis in the Western Hemisphere's sole Communist regime as Cuba's gross special product - equivalent to GNP - fell by 5% in 1990 and a further 20% in 1991. The foreign exchange loss of $1.6 billion stemming from the loss of Soviet subsidized oil supplies exceeds that of total foreign exchange earnings from all other sources. If Cuba imports oil in 1989 volumes at current prices, its oil import tab alone will be $1.3 billion, EWC projects

  20. Oil crises

    International Nuclear Information System (INIS)

    Linderoth, H.

    1992-01-01

    The author's aim was to give very precise information on the many causes and effects of the oil crises that have occurred since 1900, and at the same time offer the reader the possibility to build up a basic knowledge of the oil industry and market, as he feels that the public is often subjected to misleading information. Political and economical aspects are elaborated. First-hand sources such as statistics and investigations have been used as far as possible to give information on the oil market. An oil crisis is defined by the author as a significant change in the price of oil compared to prices of other goods. Changes can be in the form of either rising or falling prices. A special chapter concentrates on Denmark in relation to the oil crises. (AB) (165 refs.)

  1. Exchange rate predictability and state-of-the-art models

    OpenAIRE

    Yeșin, Pınar

    2016-01-01

    This paper empirically evaluates the predictive performance of the International Monetary Fund's (IMF) exchange rate assessments with respect to future exchange rate movements. The assessments of real trade-weighted exchange rates were conducted from 2006 to 2011, and were based on three state-of-the-art exchange rate models with a medium-term focus which were developed by the IMF. The empirical analysis using 26 advanced and emerging market economy currencies reveals that the "diagnosis" of ...

  2. Oil pollution

    International Nuclear Information System (INIS)

    Mankabady, Samir.

    1994-08-01

    Oil enters the marine environment when it is discharged, or has escaped, during transport, drilling, shipping, accidents, dumping and offshore operations. This book serves as a reference both on the various complex international operational and legal matters of oil pollution using examples such as the Exxon Valdez, the Braer and Lord Donaldson's report. The chapters include the development of international rules on the marine environment, the prevention of marine pollution from shipping activities, liability for oil pollution damage, the conflict of the 1990 Oil Pollution Act and the 1992 protocols and finally the cooperation and response to pollution incidents. (UK)

  3. Changes in the world market in oil and oil refinements

    International Nuclear Information System (INIS)

    Ristik, Julija

    1996-01-01

    Since 1980's the world market for crude oil and oil products has faced significant changes that are going to have a grate influence on the supply and consumption of crude oil derivatives in Macedonia. The knowledge of these changes would have a grate contribution in planning the future development of this part of the energetic system of Macedonia. The purpose of this paper (which is a short version of the introductory report for the ZEMAK session with a theme 'Energetic policy and development of energetics in Macedonia') is to present the actual situation on the market for crude oil products, as well as to give the main factors that would have influence on this market in the future. (author). 4 refs., 3 ills

  4. Regulation of oil trading: a U.S. and U.K. legal update (or) Death of Transnor

    International Nuclear Information System (INIS)

    Turck, N.B.

    1992-01-01

    Current law in the USA and United Kingdom relating to commodities trading in oil and oil products is an area of uncertainty and case law is not necessarily consistent with regulation. The principal laws relating to commodities trading are reviewed and analysed as they apply to the oil market. In the case of the USA this is the Commodities Exchange Act (CEA) administered by the Commodities Future Trading Commission (CFTC). Conflicting interpretations of the CEA of the US Federal Court in a case concerning the Brent crude transactions of the Transnor company, and by the CFTC, are examined. In contrast to the USA, where transactions and the market are regulated, the United Kingdom regulation is aimed at the traders and their behaviour. In the United Kingdom, the Financial Services Act 1986 (FSA) established self-regulating professional bodies to issue rules governing the conduct of entities carrying on investment business. Rules applying to oil and product traders are issued and enforced by the Security and Futures Authority Ltd (SFA). Additionally the Securities and Investment Board (SIB), the umbrella organisation of the regulatory bodies established by the FSA, has produced an Oil Market Code of Practice which is appended to this article. (UK)

  5. Towards an understanding of the role of clay minerals in crude oil formation, migration and accumulation

    Science.gov (United States)

    Wu, Lin Mei; Zhou, Chun Hui; Keeling, John; Tong, Dong Shen; Yu, Wei Hua

    2012-12-01

    This article reviews progress in the understanding of the role of clay minerals in crude oil formation, migration and accumulation. Clay minerals are involved in the formation of kerogen, catalytic cracking of kerogen into petroleum hydrocarbon, the migration of crude oil, and the continued change to hydrocarbon composition in underground petroleum reservoirs. In kerogen formation, clay minerals act as catalysts and sorbents to immobilize organic matter through ligand exchange, hydrophobic interactions and cation bridges by the mechanisms of Maillard reactions, polyphenol theory, selective preservation and sorptive protection. Clay minerals also serve as catalysts in acid-catalyzed cracking of kerogen into petroleum hydrocarbon through Lewis and Brønsted acid sites on the clay surface. The amount and type of clay mineral affect the composition of the petroleum. Brønsted acidity of clay minerals is affected by the presence and state of interlayer water, and displacement of this water is a probable driver in crude oil migration from source rocks. During crude oil migration and accumulation in reservoirs, the composition of petroleum is continually modified by interaction with clay minerals. The clays continue to function as sorbents and catalysts even while they are being transformed by diagenetic processes. The detail of chemical interactions and reaction mechanisms between clay minerals and crude oil formation remains to be fully explained but promises to provide insights with broader application, including catalytic conversion of biomass as a source of sustainable energy into the future.

  6. Oil price fluctuations and the Nigerian economy

    International Nuclear Information System (INIS)

    Ayadi, O.F.

    2005-01-01

    The single most important issue confronting a growing number of world economies today is the price of oil and its attendant consequences on economic output. Several studies have taken the approach of Hamilton (1983) in investigating the effect of oil price shocks on levels of gross domestic product. The focus of this paper is primarily on the relationship between oil price changes and economic development via industrial production. A vector auto regression model is employed on some macroeconomic variables from 1980 through 2004. The results indicate that oil price changes affect real exchange rates, which, in turn, affect industrial production. However, this indirect effect of oil prices on industrial production is not statistically significant. Therefore, the implication of the results presented in this paper is that an increase in oil prices does not lead to an increase in industrial production in Nigeria. (author)

  7. Effects of NYMEX trading on IPE Brent Crude futures markets: a duration analysis

    International Nuclear Information System (INIS)

    Lin, S.X.; Tamvakis, M.N.

    2004-01-01

    Recent developments in the energy markets, and the surge and dip in crude oil prices over the last few years, have renewed the interest in the workings of the two main price setting markets: London's International Petroleum Exchange (IPE) and New York's Mercantile Exchange (NYMEX). The interaction of these two markets, when both of them are open (synchronous trading) and when only London is open (asynchronous trading), is important, in view of the fact that most participants take positions in both markets. This paper looks at how London is affected by New York by analysing the transaction duration of the IPE Brent futures contract, both when the NYMEX WTI futures contract is being traded and when NYMEX is closed. Using tick-by-tick data obtained from IPE, transaction durations are found to form two distinctive and inverted U-shaped patterns. Autoregressive conditional duration (ACD) model, first introduced by Engle and Russell, is applied to the data. Parameters of IPE morning and afternoon are significantly different from each other, underlining the dominant effects of NYMEX on IPE trading. The results from the current analysis reinforce previous results by the authors, which indicate that NYMEX is a leading price setter in crude oil futures prices and has a dominant effect on the IPE-traded contracts

  8. Contemporary land-use transitions: The global oil palm expansion

    DEFF Research Database (Denmark)

    Kongsager, Rico; Reenberg, Anette

    The present report aims at providing an overview of the magnitude and geographical distribution of oil palm cultivation. It also considers recent trends in the palm oil market and the future prospects for palm oil. By way of background, we briefly summarize the agroecological characteristics of oil...... palms. The main aim of the paper is, however, to present a quantitative overview of the extent of land transformations related to the global oil palm production....

  9. Understanding Oil Price Behavior through an Analysis of a Crisis

    OpenAIRE

    Leonardo Maugeri

    2009-01-01

    This article seeks to identify and explain both the fundamental and the more controversial elements that shape the dynamics of the oil market, using the recent oil crisis as the basic framework for analysis. The article suggests that the price of oil is essentially a function of the current and future spare capacity of oil. However, spare capacity alone cannot fully explain the extent and timing of oil price movements. Other important factors must be taken into account, including, above all, ...

  10. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  11. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...... of funding liquidity constraints suggesting an economic channel for the effect....

  12. European oil product supply modelling

    International Nuclear Information System (INIS)

    Saint-Antonin, V.

    1998-01-01

    Over the last few years, trends in European oil product consumption (in terms of level as structure and quality) has important implications of the refining industry. In this context, the purpose of this thesis consists in building a mathematical programming model applied to the European refineries in order to determine oil product supply prices, European refining industry investments and oil product exchanges of the European Union. The first part presents the reason for our choice for a long-term aggregate multi-refineries linear programming model, based on European refineries characteristics and the objectives of our model. Its dual properties are studied in detail and we focus particularly on the European exchange modelling. In the second part, an analysis of the European refining trends leads us to identify parameters and variables of the model that are essential to the aggregate representation of the European oil product supply. The third part is devoted to the use of this model, regarding two scenarios of increasingly stringent specifications for gasoline and diesel oil. Our interest for these products is due to their important share of the European oil product consumption and the not insignificant responsibility of the transport sector for atmospheric pollution. Finally, in order to have the use of an overall picture of the European refining industry, we build a regression model summarizing, though a few equations, the main relations between the major endogenous and exogenous variables o the LP model. Based on pseudo-data, this kind of model provides a simple and robust representation of the oil product supply. But a more specialized analysis of the refining industry operations, turning on a technical assessment of processing units, is reliant on the use of an optimization model such as the model we have built. (author)

  13. The 2014 oil bust: Causes and consequences

    International Nuclear Information System (INIS)

    Tokic, Damir

    2015-01-01

    This article suggests that the 2014 oil price collapse was possibly triggered by the falling Euro versus the US Dollar. Specifically, the USD/EUR exchange rate likely adjusted to the sudden economic growth outlook divergence between the US and the EU, as evident by the relative short term interest rate spread measures, and triggered a “strong dollar” trade, which is negative for the crude oil prices. Thus, in our view, the 2014 oil price bust is another episode of oil price inefficiency, similar to the 2008 oil bubble. The key argument presented in this article is that, as long as there are temporary economic growth divergences between the US and the EU, the resulting exchange rate volatility is likely to create the pricing inefficiencies in crude oil, which in fact are mean-reverting, as the economic growth divergences eventually dissipate. -- Highlights: •The 2014 oil price collapse was possibly triggered by the falling Euro versus the US Dollar. •The economic divergence between the US and the EU possibly caused the USD/EUR volatility. •The oil fundamentals contributed to the price collapse with the negative sentiment

  14. Oil company profitability: observations on the use of oil product price assessments and associated errors

    International Nuclear Information System (INIS)

    Jenkins, Gilbert

    2000-01-01

    Oil companies often report the exact price obtained for crude oil sales. Furthermore, crude oil prices may be linked to the price of Brent crude oil which is actively and very transparently traded on the International Petroleum Exchange. Brent crude oil prices are reported worldwide electronically and in many newspapers on a daily basis. Gas oil (No. 2 Fuel oil in the USA) is actively traded on the IPE and on NYMEX and the prices are also reported worldwide almost instantaneously. One grade of unleaded gasoline is traded on NYMEX but all other oil products do not have regulated and transparent markets. The prices of these products are assessed by price reporters following daily discussions with active oil traders. Two prices are assessed and reported, the bid (low) and offer (high) even if no trade has taken place. The oil industry itself and oil products consumers make much use of these assessed prices. The object of this paper is to provide some statistical detail on the differences between various product price assessments made through 2000. From these differences, it is possible to provide an indication of the precision of oil product price assessments However, it is doubtful if precision data based on a simple determination of the standard deviation of the differences between the assessment made by the various price reporting services would be of practical use. (Author)

  15. Modelling socio-metabolic transitions: The historical take-off, the acceleration of fossil fuel use, and the 1970s oil price shock - the first trigger of a future decline?

    Science.gov (United States)

    Wiedenhofer, Dominik; Rovenskaya, Elena; Krausmann, Fridolin; Haas, Willi; Fischer-Kowalski, Marina

    2013-04-01

    By talking about socio-metabolic transitions, we talk about changes in the energy base of socio-economic systems, leading to fundamental changes in social and environmental relations. This refers to the historical shift from a biomass-based (agrarian) economy to a fossil fuel based (industrial) economy just as much as to a future shift from fossil fuels to renewable energy carriers. In our presentation, • We will first show that this pattern of transition can be identified for most high income industrial countries: the later the transition started, the faster it proceeded, and the turning point to stabilization of metabolic rates in all of them happened in the early 1970ies. Due to the inherent non-linearity of this process, two approaches will be aplied to estimate parameters for the starting point, transition speed and saturation level: firstly a combination of an expontential and a generalized logistic function and secondly a Gompertz function. For both an iterative test procedure is applied to find the global minimum of the residual error for the whole function and all its parameters. This theory-based approach allows us to apply a robust methodology across all cases, thereby yielding results which can be generalized. • Next, we will show that this was not just a "historical" socio-ecological transition, however. Currently, a substantial number of countries comprising more than half of the world's population are following a similar transitional pathway at an ever accelerating pace. Based on empirical data on physical resource use and the above sketched methodology, we can show that these so-called emerging economies are currently in the take-off or acceleration phase of the very same transition. • Apart from these "endogenous" processes of socio-metabolic transition, we will investigate the effect of external shocks and their impact on the dynamics of energy and materials use. The first such shock we will explore is the oil crisis of 1972 that possibly

  16. High temperature alloys and ceramic heat exchanger

    International Nuclear Information System (INIS)

    Okamoto, Masaharu

    1984-04-01

    From the standpoint of energy saving, the future operating temperatures of process heat and gas turbine plants will become higher. For this purpose, ceramics is the most promissing candidate material in strength for application to high-temperature heat exchangers. This report deals with a servey of characteristics of several high-temperature metallic materials and ceramics as temperature-resistant materials; including a servey of the state-of-the-art of ceramic heat exchanger technologies developed outside of Japan, and a study of their application to the intermediate heat exchanger of VHTR (a very-high-temperature gas-cooled reactor). (author)

  17. Europlanet-2020 NA1 Exchange Program

    Science.gov (United States)

    Genzer, M.; Szego, K.; Haukka, H.; Harri, A.-M.

    2017-09-01

    The task of Exchange Program of NA1 is to support the activities of EPN2020 with experts and scientific exchange whenever it is needed. Short visits (up to 1 week) with the goal of improving infrastructure facilities and services offered to the scientific community are supported from this task. Since the start of the EPN2020 in September 2015 we have received and approved 14 applications for exchange program travel. More general and specifically targeted calls are planned for the future. The calls are announced on Europlanet-2020 NA1 web site.

  18. Laser Processed Heat Exchangers

    Data.gov (United States)

    National Aeronautics and Space Administration — The considerable mass of Heat Exchangers (HXs) and coldplates on spacecraft as well as the problematic coatings of the Condensing Heat Exchanger (CHX) are among the...

  19. Isotopically exchangeable phosphorus

    International Nuclear Information System (INIS)

    Barbaro, N.O.

    1984-01-01

    A critique revision of isotope dilution is presented. The concepts and use of exchangeable phosphorus, the phosphate adsorption, the kinetics of isotopic exchange and the equilibrium time in soils are discussed. (M.A.C.) [pt

  20. An oil demand and supply model incorporating monetary policy

    International Nuclear Information System (INIS)

    Askari, Hossein; Krichene, Noureddine

    2010-01-01

    Oil price inflation may have had a significant role in pushing the world economy into its worst post-war recession during 2008-2009. Reserve currency central banks pursued an overly expansionary monetary policy during 2001-2009, in the form of low or negative real interest rates and accompanied by a rapidly falling US dollar, while paying inadequate attention to the destabilizing effects on oil markets. In this paper, we show that monetary policy variables, namely key interest rates and the US dollar exchange rate, had a powerful effect on oil markets. World oil demand was significantly influenced by interest and dollar exchange rates, while oil supply was rigid. Oil demand and supply have very low price elasticity and this characteristic makes oil prices highly volatile and subject to wider fluctuations than the prices of other commodities. Aggressive monetary policy would stimulate oil demand, however, it would be met with rigid oil supply and would turn inflationary and disruptive to economic growth if there was little excess capacity in oil output. We argue that a measure of stability in oil markets cannot be achieved unless monetary policy is restrained and real interest rates become significantly positive. Monetary tightening during 1979-1982 might imply that monetary policy has to be restrained for a long period and with high interest rates in order to bring stability back to oil markets. (author)

  1. Future of gas

    International Nuclear Information System (INIS)

    Forbes, A.; Widdershoven, C.; Nicola, S.; Cragg, C.

    2009-01-01

    Two articles and two columns in this section on the future of natural gas. In the first article attention is paid to the possibility that large natural gas producers are setting up a cartel a la OPEC. Most experts argue that the structure of gas markets makes the gas business much less amenable to cartelisation than the oil business. If that is true, why are so many people in the gas industry afraid of a gas cartel? The second article focuses on the future role of North Africa in the supply of natural gas

  2. Forecasting Exchange Rate Volatility in the Presence of Jumps

    DEFF Research Database (Denmark)

    Busch, Thomas; Christensen, Bent Jesper; Nielsen, Morten Ørregaard

    We study measures of foreign exchange rate volatility based on high-frequency (5-minute) $/DM exchange rate returns using recent nonparametric statistical techniquesto compute realized return volatility and its separate continuous sample path and jumpcomponents, and measures based on prices...... of exchange rate futures options, allowingcalculation of option implied volatility. We find that implied volatility is an informationallyefficient but biased forecast of future realized exchange rate volatility. Furthermore,we show that log-normality is an even better distributional approximation...... for impliedvolatility than for realized volatility in this market. Finally, we show that the jump componentof future realized exchange rate volatility is to some extent predictable, and thatoption implied volatility is the dominant forecast of the future jump component....

  3. International Oil Supplies and Demands. Volume 2

    Energy Technology Data Exchange (ETDEWEB)

    1992-04-01

    The eleventh Energy Modeling Forum (EMF) working group met four times over the 1989--1990 period to compare alternative perspectives on international oil supplies and demands through 2010 and to discuss how alternative supply and demand trends influence the world`s dependence upon Middle Eastern oil. Proprietors of eleven economic models of the world oil market used their respective models to simulate a dozen scenarios using standardized assumptions. From its inception, the study was not designed to focus on the short-run impacts of disruptions on oil markets. Nor did the working group attempt to provide a forecast or just a single view of the likely future path for oil prices. The model results guided the group`s thinking about many important longer-run market relationships and helped to identify differences of opinion about future oil supplies, demands, and dependence.

  4. International Oil Supplies and Demands. Volume 1

    Energy Technology Data Exchange (ETDEWEB)

    1991-09-01

    The eleventh Energy Modeling Forum (EMF) working group met four times over the 1989--90 period to compare alternative perspectives on international oil supplies and demands through 2010 and to discuss how alternative supply and demand trends influence the world`s dependence upon Middle Eastern oil. Proprietors of eleven economic models of the world oil market used their respective models to simulate a dozen scenarios using standardized assumptions. From its inception, the study was not designed to focus on the short-run impacts of disruptions on oil markets. Nor did the working group attempt to provide a forecast or just a single view of the likely future path for oil prices. The model results guided the group`s thinking about many important longer-run market relationships and helped to identify differences of opinion about future oil supplies, demands, and dependence.

  5. Hedging strategy for crude oil trading and the factors influencing hedging effectiveness

    International Nuclear Information System (INIS)

    Yun, Won-Cheol; Jae Kim, Hyun

    2010-01-01

    This study analyzes the hedging effectiveness of different hedge type and period by Korean oil traders. Both crude oil price and exchange rate risks are considered. Theoretical models are formulated to estimate the hedge ratios by separate and complex hedge types. The hedging period covers 1-12 months. This study also performs some statistical works to investigate the relationship between the hedging effectiveness and the crude oil price sensitivity to exchange rate. In addition, the relationship between the hedging effectiveness and the volatilities of crude oil price and exchange rate is analyzed.

  6. An overview of empty fruit bunch from oil palm as feedstock for bio-oil production

    International Nuclear Information System (INIS)

    Chang, Siu Hua

    2014-01-01

    Empty fruit bunch (EFB) from oil palm is one of the potential biomass to produce biofuels like bio-oil due to its abundant supply and favorable physicochemical characteristics. Confirming the assertion, this paper presents an overview of EFB as a feedstock for bio-oil production. The fundamental characteristics of EFB in terms of proximate analysis, ultimate analysis and chemical composition, as well as the recent advances in EFB conversion processes for bio-oil production like pyrolysis and solvolysis are outlined and discussed. A comparison of properties in terms of proximate analysis, ultimate analysis and fuel properties between the bio-oil from EFB and petroleum fuel oil is included. The major challenges and future prospects towards the utilization of EFB as a useful resource for bio-oil production are also addressed. - Highlights: • Palm EFB has high heating value and low greenhouse gas emissions during combustion. • Conversion of EFB to bio-oil is mainly by fast pyrolysis without and with catalyst. • Bio-oil from EFB is lower in heating value, heavier and more acidic than fuel oil. • The viscosity of bio-oil from EFB is between those of light and heavy fuel oils. • The flash and pour points of bio-oil from EFB are close to those of light fuel oil

  7. Measuring energy security. Can the United States achieve oil independence?

    International Nuclear Information System (INIS)

    Greene, David L.

    2010-01-01

    Stochastic simulation of the direct economic costs of oil dependence in an uncertain future is proposed as a useful metric of oil dependence. The market failure from which these costs arise is imperfect competition in the world oil market, chiefly as a consequence of the use of market power by the Organization of the Petroleum Exporting Countries (OPEC) cartel. Oil dependence costs can be substantial. It is estimated that oil dependence costs to the US economy in 2008 will exceed $500 billion. Other costs, such as military expenditures or foreign policy constraints are deemed to be largely derivative of the actual or potential economic costs of oil dependence. The use of quantifiable economic costs as a security metric leads to a measurable definition of oil independence, or oil security, which can be used to test the ability of specific policies to achieve oil independence in an uncertain future. (author)

  8. The effects of Macroeconomics on the Kazakhstan Stock Exchange Market

    OpenAIRE

    Baiturganova, Albina

    2010-01-01

    This study is an attempt to empirically find the relationship between the following macro economic variables and the stock market. The variables are: Foreign Exchange Rate (ER), Exchange Reserves (ERES), Discount Rate (DR), Consumer Price Index (CPI) and Gross Domestic Product (GDP). The findings show that the DR is positively related to the stock market, GDP is negatively related to the stock market, Oil is negatively related to the stock market, ER is negatively related to the stock market,...

  9. Developing an exchange mindset.

    Science.gov (United States)

    Thackeray, Rosemary

    2010-09-01

    Exchange is a fundamental concept that underlies all social marketing efforts. In a successful exchange, both parties receive something of value and the benefits that they desire in return for a price. The purpose of this article is to describe how practitioners can develop an "exchange mindset." A practitioner's answer to five basic questions will enable him or her to see the exchange through the eyes of the customer and increase the likelihood of creating a successful exchange that will benefit both parties involved and result in positive behavior change.

  10. Communication network exchange

    International Nuclear Information System (INIS)

    Woo, Seung Sul

    1988-05-01

    This book has two parts. The first parts is comprised of five chapters, which deals with communication network constitution with design of network and types, telephone network about outline and management of network, telephone network · data network · private network, international data telephone network about service and international data network and technical standards of quality of service, communication and data. The second parts handles exchange, which is about institution of switching, a manual exchange and step-by step exchange, a crossbar exchange, electronic exchange, international switching system, design of equipment of test and measurement.

  11. OIL BOND®

    Science.gov (United States)

    Technical product bulletin: this miscellaneous oil spill control agent is a solidifier used in cleanups. It absorbs and solidifies hydrocarbon spills on freshwater and saltwater or land applications. Ring spill with booms or pillows before treatment.

  12. Peppermint Oil

    Science.gov (United States)

    ... Talley NJ, Spiegel BM, et al. Effect of fibre, antispasmodics, and peppermint oil in the treatment of irritable bowel syndrome: systematic review and meta-analysis. BMJ . 2008;337:a2313. Kligler B, Chaudhary S. Peppermint ...

  13. Mineral oil

    International Nuclear Information System (INIS)

    Schult-Bornemann, Karl-Heinz

    2015-01-01

    The dominant theme in the world energy market was the fall in oil prices in 2014. From 115 US-$/bbl in June it dropped to below 50 US-$/bbl in January 2015. Thereby the shale oil revolution has had the strong impact on the global energy situation, to this point has been predicted for three years. Although no one could predict the exact height of the fall in oil prices, but with oil as a reserve currency for all other fuels, it has not only had an impact on the gas and coal prices, but other commodities, such as copper, have also yielded. About cause and effect, there is a lot of speculation - not all of which are supported by wisdom. [de

  14. 78 FR 62791 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of Proposed Rule Change To...

    Science.gov (United States)

    2013-10-22

    ... futures to hedge against rising interest rates, currency futures to hedge against foreign exchange rates... against rising interest rates, and currency futures to hedge against foreign exchange rates. The...-U.S. currencies will be converted into U.S. dollars using exchange rates deemed appropriate by BFA...

  15. Oil boycott and the political economy

    International Nuclear Information System (INIS)

    Katouzian, H.

    1988-01-01

    The severe foreign exchange shortage caused by the loss of oil revenues forced Musaddiq's government to adopt the strategy of non-oil economics. This was not a coherent and comprehensive policy framework, but its different strands tended to complement and reinforce each other. Hence by August 1953 the balance of payments was on a steady course, and the domestic economy was under control. This paper gives a brief review of the background of the oil boycott and a discussion of the search for a solution

  16. Management of Oil Revenues: Has That of Azerbaijan Been Prudent?

    Directory of Open Access Journals (Sweden)

    Sarvar Gurbanov

    2017-06-01

    Full Text Available To help explain the common failure of oil or other natural resource exporting countries to diversify into industry, it has been common to trace this failure to real exchange rate appreciation. This has also been done in Azerbaijan. However, because Azerbaijan has devoted so much of its oil revenues to government investment, Azerbaijan provides a suitable case for examining an alternative link through government investment. This study applies the ARDL cointegration method to quarterly time series data on oil prices, government capital formation, non-oil exports and non-oil GDP to estimate the long run relationships linking oil prices to government investment expenditures and further to generation of non-oil GDP. The results show that despite the massive government investment expenditures, extremely little non-oil production of the tradable type has been generated, calling attention to the need for policy reform.

  17. Crescimento, produção de óleo essencial e trocas gasosas em orégano influenciados por diferentes lâminas de irrigação Growth, essential oil production and gas exchange in oregano affected by different irrigation depth

    Directory of Open Access Journals (Sweden)

    Patricia Angélica Alves Marques

    2009-09-01

    Full Text Available O orégano é uma planta aromática da família Lamiaceae muito comum na região do mediterrâneo. Ele é rico em óleo essencial e muito usado como tempero na preparação de alimentos. Conhecer o comportamento da espécie em relação às características climáticas da região de plantio é essencial para o sucesso do cultivo. Assim, um experimento foi conduzido com o objetivo de analisar o efeito de cinco lâminas de irrigação em condições de campo, na produção de óleo essencial e nas trocas gasosas da planta de orégano. As lâminas calculadas com base na ECA (Evaporação do Tanque Classe A foram 0 (sem reposição de água; 25; 50; 75 e 100% ECA. O experimento foi instalado em Presidente Prudente, em São Paulo (SP, no período de fevereiro a maio de 2006. Observou-se uma relação linear positiva com o incremento das lâminas de irrigação para as variáveis matéria fresca da parte aérea, matéria seca da parte aérea e da raiz; relação raiz/parte aérea, teor e rendimento do óleo essencial. O uso da lâmina de 100% ECA apresentou os melhores resultados de crescimento das plantas de orégano e de produção de óleo essencial. As diferentes lâminas de irrigação não afetaram as trocas gasosas da planta.The oregano is an aromatic plant of the Lamiaceae family, very common in the Mediterranean region, rich in essential oil and very used as spice in food preparation. Knowledge about the species behavior with respect to the region climatic characteristics of planting is essential to the cultivation success. Thus, one experiment was carried out to analyze the effect of five different depth irrigations under field conditions in the production of essential oil and gas exchange in the oregano plant. The water depths were estimated based on the CPE (Class A pan evaporation: 0 (without water replacement; 25; 50; 75 and 100% CPE. The experiment was carried out in Presidente Prudente, SP, Brazil, from February to May 2006. A linear

  18. The NYMEX electricity futures contract

    International Nuclear Information System (INIS)

    Palmer-Huggins, D.

    1998-01-01

    Members of the New York Mercantile Exchange (NYMEX) include bankers, industry (such as refiners, producers, and electricity marketers) brokerage houses, and individuals. NYMEX is the largest physical commodity futures exchange in the world. The primary economic role of the commodity exchange industry was discussed, with special emphasis on open interest, volume, and liquidity. Hedge dynamics were also reviewed. A hedge was described as a financial instrument used to lock in prices, costs, and profit margins. Futures contracts in general, and electricity futures contracts in particular were defined ('a firm commitment to deliver or to receive a specified quantity or grade of commodity at a specific location within a designated month'). Results expected from hedging, - cost control, predictable margins, securing a certain market share, price stabilization - , the nature of options trading, and its benefits were also reviewed. 1 tab., 4 figs

  19. Effects of predicted future and current atmospheric temperature and [CO2] and high and low soil moisture on gas exchange and growth of Pinus taeda seedlings at cool and warm sites in the species range.

    Science.gov (United States)

    Wertin, Timothy M; McGuire, Mary Anne; Teskey, Robert O

    2012-07-01

    Predicted future changes in air temperature and atmospheric CO(2) concentration ([CO(2)]), coupled with altered precipitation, are expected to substantially affect tree growth. Effects on growth may vary considerably across a species range, as temperatures vary from sub-optimal to supra-optimal for growth. We performed an experiment simultaneously at two locations in the current range of loblolly pine, a cool site and a warm site, to examine the effect of future climate conditions on growth of loblolly pine seedlings in contrasting regions of the species range. At both sites 1-year-old loblolly pine seedlings were grown in current (local ambient temperature and [CO(2)]) and predicted future atmospheric conditions (ambient +2 °C temperature and 700 μmol mol(-1) [CO(2)]). Additionally, high and low soil moisture treatments were applied within each atmospheric treatment at each site by altering the amount of water provided to the seedlings. Averaged across water treatments, photosynthesis (A(net)) was 31% greater at the cool site and 34% greater at the warm site in elevated temperature and [CO(2)] compared with ambient temperature. Biomass accumulation was also stimulated by 38% at the cool site and by 24% at the warm site in that treatment. These results suggest that a temperature increase of 2 °C coupled with an increase in [CO(2)] (predicted future climate) will create conditions favorable for growth of this species. Reduced soil moisture decreased growth in both current and predicted atmospheric conditions. Biomass accumulation and A(net) were reduced by ∼39 and 17%, respectively, in the low water treatment. These results suggest that any benefit of future atmospheric conditions may be negated if soil moisture is reduced by altered precipitation patterns.

  20. Oil outlook to 2020

    International Nuclear Information System (INIS)

    Shihab-Eldin, A.; Hamel, M.; Brennand, G.

    2003-01-01

    OPEC's World Energy Model, OWEM, is used to develop the outlook for oil demand and supply to 2020. The reference case assumes world economic growth averaging 3.3 per cent per annum, while OPEC's Reference Basket of seven crudes remains mainly in the target range of US $22-28 a barrel, in nominal terms. With no additional assumed policy measures, for example, to reduce CO 2 emissions, the reference case sees world oil demand rising from 76 million barrels a day in 2000 to 89 mb/d in 2010 and 107 mb/d in 2020. More than three-quarters of this increase comes from developing countries. The most important sector for a demand increase is transportation, accounting for 60 per cent of the rise globally. On the supply side, the oil resource base is not considered a constraint to satisfying this increase in demand. Non-OPEC production is expected to continue to grow during the current decade, and to stabilise at a level of 53-55 mb/d beyond 2010. OPEC production is projected to reach 36 mb/d by 2010 and 52 mb/d in 2020. It is important, however, to recognise the uncertainties pervading such an assessment. For example, it is not clear how future economic growth, energy policies and technology will develop over this time horizon, and this inevitably clouds any assessment of future oil demand and supply. In an attempt to quantify one aspect of such uncertainty, other feasible economic growth rates have been assumed, the results of which suggest that OPEC output by 2010 could be 4-5 mb/d higher or lower than in the reference case, while the range is clearly even greater in the years to 2020. Moreover, policy reactions to such developments could compound the uncertainty. On the other hand, such alternative economic growth could place pressure upon oil prices to move outside OPEC's price band of $22-28/b. These uncertainties illustrate the scope of the challenges confronting the oil industry, especially given the long lead-time nature of oil industry investment, in making

  1. Declines in oil-rates of stranded birds in the North Sea highlight spatial patterns in reductions of chronic oil pollution.

    Science.gov (United States)

    Camphuysen, Kees C J

    2010-08-01

    Strandings of oiled seabirds are used to signal the problem of chronic oil pollution. Species-specific oil rates reflect the risk for marine birds to become oiled at sea. High oil rates were characteristic for seabirds common in areas with frequent oil spills; low oil rates for birds wintering away from the busiest shipping lanes. Declining trends in oil-rates were found, reflecting a reduction in the amount of oil intentionally discharged over the past 50years. Spatial patterns in the risk to become oiled could be identified, when the winter distribution patterns of the affected birds were incorporated in the analysis. Declines in oil rates were most pronounced in coastal birds. These trends were consistent with tendencies to police nearshore waters more effectively than offshore waters. While levels of chronic oil pollution are much reduced, future emphasis should be to reduce chronic oiling more effectively in offshore waters. Copyright 2010 Elsevier Ltd. All rights reserved.

  2. Exploratory studies on fast pyrolysis oil upgrading

    NARCIS (Netherlands)

    Mahfud, Farchad Husein

    2007-01-01

    Pyrolysis oil is a dark brown liquid which can be produced in high yield from different kind of biomass sources by means of fast pyrolysis. Pyrolysis oil is considered as a promising second generation energy carrier and may play an important role in the future of "biobased economies". The energy

  3. Status of development of plate type heat exchangers for heavy duty applications

    Energy Technology Data Exchange (ETDEWEB)

    Dinulescu, Mircea [APEX International Holding (Netherlands)

    2011-07-01

    Plate-type heat exchangers with enhanced heat transfer geometries have been used for over 60 years in industry. Over the last 30 years, exchangers with flat, smooth surfaces have proven their merits and have undergone exponential growth in major fields of application, such as the oil and gas and power industries, and in DENOX installations. The flat-smooth concept has several strong points. The of temperature and velocity fields are uniform, making it possible to maximize the metal temperature at the cold end. The metal temperature remains above condensation point, preventing plugging and corrosion. Flow layout close to pure countercurrent, strong benefit from CFD flow distribution simulations, and optimization of the metallic structures by FEM also become possible. Future directions for this flat-smooth geometry include the development of very large glass-coated exchangers and high effectiveness units making use of the near-pure countercurrent plug-flow pattern, and applications in new fields like environmental projects, bio-mass energy projects, and subterranean CO2 storage.

  4. Foreign Exchange Risk in International Transactions

    Directory of Open Access Journals (Sweden)

    Florentina-Olivia Balu

    2007-03-01

    Full Text Available Every international business is affected by the ever-changing value of the currencies implied in contracts. While many of us consider this unpredictability a nuisance, the volatility of currencies around the world can mean the difference between success and failure for many exporters/importers. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it. Old standbys and recent breakthroughs in the area of financial risk management can remove much of the risk from currency rate movements. The range of such products is huge, with increasingly sophisticated techniques constantly being added. Among the most modern methods for managing exchange risk there are four major classes of derivative products like: forwards, futures, options, and swaps. Beyond the four main types of risk management instruments, there are a number of other products including "swaptions" (options on swaps; avenging options; yield curve swaps; futures on spreads; and options on portfolios. Sophisticated mathematical tools and high-speed computers are needed to calculate the price of these instruments and to determine their overall effect on the company. In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they're traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to

  5. Recent and future developments of the oil industry in Russian Federation and more particularly in the Republic of Baskortostan; Evolution recente et perspectives d'evolution de l'industrie petroliere en federation de Russie et plus specialement dans la Republique du Bachkortostan

    Energy Technology Data Exchange (ETDEWEB)

    Garifullin, R

    2001-09-01

    The objective of the thesis is to analyse the actual situation in the Russian oil industry and to envisage basic ways if its future development. The first chapter evaluates the place of the former USSR and Russia in the world and particularly European systems of energy supply. The three next chapters analyse the currents situation in the sectors of oil exploration and production, logistics and refining in Russia. The fifth chapter aims to figure out the perspectives of the refining industry taking into account the evolution of demand for basic petroleum products and the production capacities. Optimisation of refining and production volumes between the Russian refineries is done by minimising the transportation cost between the refineries and consuming regions by using linear programming. The last chapter analyses the regional impacts of the oil industry taking the Republic of Baskortostan as example. The contribution of the oil industry to regional development is evaluated in the framework of the export base theory using the Input-Output analysis as mathematical tool. (author)

  6. Information Exchange of the Atomic Energy Society of Japan with Nuclear Societies Worldwide

    International Nuclear Information System (INIS)

    Masao Hori; Yasushi Tomita

    2000-01-01

    This paper describes committees of the Atomic Energy Society of Japan (AESJ) related to information exchange, AESJ publications, AESJ Internet applications, and means for future information exchange between nuclear societies

  7. Automated exchange transfusion and exchange rate.

    Science.gov (United States)

    Funato, M; Shimada, S; Tamai, H; Taki, H; Yoshioka, Y

    1989-10-01

    An automated blood exchange transfusion (BET) with a two-site technique has been devised by Goldmann et al and by us, using an infusion pump. With this method, we successfully performed exchange transfusions 189 times in the past four years on 110 infants with birth weights ranging from 530 g to 4,000 g. The exchange rate by the automated method was compared with the rate by Diamond's method. Serum bilirubin (SB) levels before and after BET and the maximal SB rebound within 24 hours after BET were: 21.6 +/- 2.4, 11.5 +/- 2.2, and 15.0 +/- 1.5 mg/dl in the automated method, and 22.0 +/- 2.9, 11.2 +/- 2.5, and 17.7 +/- 3.2 mg/dl in Diamond's method, respectively. The result showed that the maximal rebound of the SB level within 24 hours after BET was significantly lower in the automated method than in Diamond's method (p less than 0.01), though SB levels before and after BET were not significantly different between the two methods. The exchange rate was also measured by means of staining the fetal red cells (F cells) both in the automated method and in Diamond's method, and comparing them. The exchange rate of F cells in Diamond's method went down along the theoretical exchange curve proposed by Diamond, while the rate in the automated method was significantly better than in Diamond's, especially in the early stage of BET (p less than 0.01). We believe that the use of this automated method may give better results than Diamond's method in the rate of exchange, because this method is performed with a two-site technique using a peripheral artery and vein.

  8. Real Exchange Rates in Advanced Transition Economies

    Directory of Open Access Journals (Sweden)

    Sanja Grubacic

    2015-10-01

    Full Text Available The recent evidence from Eastern Europe suggests that one of the major obstacles towards the adoption of euro may lie in the impact that the recession of 2008 exerted on the trajectory of real exchange rates in new member countries (European Commission, 2015.  This paper aims to establish and explain the relationship between the external shocks derived from the global financial crisis and recession of 2008 and equilibrium real exchange rate in advanced transition economies of Eastern Europe. The interplay between the external and internal balances is explained by developing an inter-temporal optimizing model of the real exchange rate determination in a small open economy with structural distortions. The results of our model suggest that, in the aftermath of recession, if the Eastern European economies attempt to restore and maintain the balance between the consumption, saving, and investment, the equilibrium real exchange rate will tend to reverse its trajectory from appreciation to depreciation over time in order to encourage a greater production in the future. The equilibrium real exchange rate depreciation in the future may obtain either as a result of an increase in the direct subsidies on investment or as a result of reduced subsidies on the "net-of-investment" income.  The deprecation of countries’ real exchange rate, however, may continue to act as an effective constraint against the adoption of euro.

  9. Entropy Generation of Shell and Double Concentric Tubes Heat Exchanger

    Directory of Open Access Journals (Sweden)

    basma abbas abdulmajeed

    2016-06-01

    Full Text Available Entropy generation was studied for new type of heat exchanger (shell and double concentric tubes heat exchanger. Parameters of hot oil flow rate, temperature of inlet hot oil and pressure drop were investigated with the concept of entropy generation. The results showed that the value of entropy generation increased with increasing the flow rate of hot oil and when cold water flow rate was doubled from 20 to 40 l/min, these values were larger. On the other hand, entropy generation increased with increasing the hot oil inlet temperature at a certain flow rate of hot oil. Furthermore, at a certain hot oil inlet temperature, the entropy generation increased with the pressure drop at different hot oil inlet flow rates. Finally, in order to keep up with modern technology, infrared thermography camera was used in order to measure the temperatures. The entropy generation was determined with lower values when infrared thermography camera was used to measure the temperatures, compared with the values obtained by using thermocouples.

  10. Efficient way of importing crude oil from oil producing countries - A review on diversification policy of crude oil import

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Dal Sok [Korea Energy Economics Institute, Euiwang (Korea)

    1999-03-01

    Since the second oil crisis, the government has operated the import diversification support program to reduce the risk of crude oil import from Middle-East region and to raise the ability of dealing with the risk. This study tried to seek policy trends in future through reviewing the market environment related to the crude oil import diversification policy and the goal, instrument and effect of the policy. The supply and demand of crude oil and the price are influenced by market system in the world oil market and there are various types of crude oil trading available to both sellers and buyers. There is a probability that the suspension of supply in a certain area could be led to the price issue rather than the physical use of crude oil. In addition, the advantage of price with long-term contract of crude oil was abolished since the price of crude oil imported by term contract has been linked to spot prices. As a result, it is shown that the potential benefit from crude oil import diversification policy is reduced although political and social insecurity still exists in Middle-East region. Therefore, it is desirable to maintain the existing support program until the amount of stored oil reaches the optimum level and to help private enterprises determine the import considering economical efficiency and risk. (author). 36 refs., 5 figs., 23 tabs.

  11. Unconventional uses for unconventional oil

    International Nuclear Information System (INIS)

    Ehlig-Economides, C.A.; Barrufet, M.; Longbottom, J.R.; Velu, B.P.

    2005-01-01

    The transportation sector in the United States is 95 per cent dependent on oil, which is the only primary fuel that is being imported to the country in great quantities. It has been proposed that energy independence may come by supplying electric power with renewable energy sources. It was also suggested that the best solution for future transportation may be to develop electrified guideways that would provide energy to automatically convey personal cars and driverless freight through the roadways. Advantages include zero vehicle emissions, greater safety and decreased road congestion. This paper examined the option of using heavy oil for power generation instead of the current expensive refining practices designed to produce liquid transportation fuels from heavy oil. It compared coal gasification with heavy oil for power generation. The cost to consumers and environmental impacts were considered. The comparison of conventional versus electrified transportation options was based on on a well-to-mine-to-wheels cycle. It was shown that electrified transportation is attractive from a cost, environmental and energy security perspective. If the United States were to import Canadian heavy oil only for transportation, the consumer cost will increase by approximately 25 per cent based on 2003 data. If the United States were to transform transportation from conventional to electrified transportation, the cost of using Canadian heavy oil will be less, even including carbon dioxide capture. It was concluded that all primary fuel sources would seek new equilibrium prices that may affect comparisons between heavy oil and coal. 14 refs., 4 tabs., 10 figs

  12. Prices for fuel oil on the product market

    Energy Technology Data Exchange (ETDEWEB)

    1981-04-01

    Prices quoted during the last few weeks for fuel oil and gas oil on the ARA market, on the New York future market, by the Berlin price supervision authority, fob Tw from German storage or refinery, and on the German commodity markets for fuel oil are listed.

  13. Edible oils from microalgae: insights in TAG accumulation

    NARCIS (Netherlands)

    Klok, A.J.; Lamers, P.P.; Martens, D.E.; Draaisma, R.B.; Wijffels, R.H.

    2014-01-01

    Microalgae are a promising future source for sustainable edible oils. To make microalgal oil a cost-effective alternative for common vegetable oils, increasing TAG productivity and TAG content are of high importance. Fulfilling these targets requires proper understanding of lipid metabolism in

  14. Laser Processed Heat Exchangers

    Science.gov (United States)

    Hansen, Scott

    2017-01-01

    The Laser Processed Heat Exchanger project will investigate the use of laser processed surfaces to reduce mass and volume in liquid/liquid heat exchangers as well as the replacement of the harmful and problematic coatings of the Condensing Heat Exchangers (CHX). For this project, two scale unit test articles will be designed, manufactured, and tested. These two units are a high efficiency liquid/liquid HX and a high reliability CHX.

  15. Microsoft Exchange 2013 cookbook

    CERN Document Server

    Van Horenbeeck, Michael

    2013-01-01

    This book is a practical, hands-on guide that provides the reader with a number of clear, step-by-step exercises.""Microsoft Exchange 2013 Cookbook"" is targeted at network administrators who deal with the Exchange server in their day-to-day jobs. It assumes you have some practical experience with previous versions of Exchange (although this is not a requirement), without being a subject matter expert.

  16. The future of petroleum fuels

    International Nuclear Information System (INIS)

    Laredo, J.

    1997-01-01

    The world relies greatly on hydrocarbons for its energy. The three main problems associated with this dependence on fossil fuels are that (1) most consuming countries depend on oil supplied from high-risk producing countries, (2) oil reserves will eventually deplete, and (3) the burning of fossil fuels creates greenhouse gases that are harmful to the environment and human health. In response to some of these concerns, governments have set emissions standards and have encouraged the development of alternative energy sources. This trend will have a significant impact on the transportation sector, oil companies and car manufacturers. This monograph attempts to evaluate qualitatively the potential of various alternative technologies, especially on the transportation sector. Alternative technology research in the United States and Europe by the automobile and electrical industries was examined. Preparation by the oil companies for the changes that they will have to confront in the not-too-distant future were also reviewed. 82 refs., 7 tabs., 20 figs

  17. An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1997

    OpenAIRE

    José Manuel Campa; P.H. Kevin Chang; James F. Refalo

    1999-01-01

    This paper uses currency option data from the BMF, the Commodities and Futures exchange in Sao Paulo, Brazil, to investigate market expectations on the Brazilian Real-U.S. dollar exchange rate from October 1994 through July 1997. Using options data, we derive implied probability density functions (PDF) for expected future exchange rates and thus measures of the credibility of the crawling peg' and target zone ( maxiband') regimes governing the exchange rate. Since we do not impose an exchange...

  18. Effects of Oil Price Shocks on the Ghanaian Economy

    Directory of Open Access Journals (Sweden)

    Dennis Nchor

    2016-01-01

    Full Text Available The economy of Ghana is highly vulnerable to fluctuations in the international price of crude oil. This is due to the fact that oil as a commodity plays a central role in the economic activities of the nation. The objective of this paper is to investigate the dynamic relationship between oil price shocks and macroeconomic variables in the Ghanaian economy. This is achieved through the use of Vector Autoregressive (VAR and Vector Error Correction (VECM models. The variables considered in the study include: real oil price, real government expenditure, real industry value added, real imports, inflation and the real effective exchange rate. The study points out the asymmetric effects of oil price shocks; for instance, positive as well as negative oil price shocks on the macroeconomic variables used. The empirical findings of this study suggest that both linear and nonlinear oil price shocks have adverse impact on macroeconomic variables in Ghana. Positive oil price shocks are stronger than negative shocks with respect to government expenditure, inflation and the real effective exchange rate. Industry value added and imports have stronger responses to negative oil price shocks. Positive oil price shocks account for about 30% of fluctuations in government expenditure, 5% of imports, 6% of industry value added, 17% of inflation and 2% of the real effective exchange rate in the long run. Negative oil price shocks account for about 8% of fluctuations in government spending, 20% of imports, 8% of inflation and 2% of the real effective exchange rate in the long run. The data was obtained from the United States Energy Information Administration and the World Bank’s World Development Indicators.

  19. A New Era of Oil Abundance?

    International Nuclear Information System (INIS)

    Aoun, Marie-Claire

    2015-09-01

    From 2014 to 2015, the price of oil fell. The price drop is explained by several factors: a significant increase of oil production in the United States, the resumption of Libyan and Iraqi exports, the possible lifting of sanctions against Iran, and slowing growth in developing countries. The situation is having negative effects on oil-producing countries, but the Organization of the Petroleum Exporting Countries (OPEC) remains divided as to its stance on the situation, making it all the more difficult to predict future trends in oil prices. Reprint of an article published in 'Politique Etrangere', vol. 80, no.4, Winter 2015. (author)

  20. 77 FR 62177 - Retail Foreign Exchange Transactions

    Science.gov (United States)

    2012-10-12

    ... \\5\\ (a retail foreign exchange (forex) rule). Transactions described in section 2(c)(2)(B)(i)(I...'s retail forex rule must treat similarly all such futures and options and all agreements, contracts... forex rules must prescribe appropriate requirements with respect to disclosure, recordkeeping, capital...

  1. Oil cooling system for a gas turbine engine

    Science.gov (United States)

    Coffinberry, G. A.; Kast, H. B. (Inventor)

    1977-01-01

    A gas turbine engine fuel delivery and control system is provided with means to recirculate all fuel in excess of fuel control requirements back to aircraft fuel tank, thereby increasing the fuel pump heat sink and decreasing the pump temperature rise without the addition of valving other than that normally employed. A fuel/oil heat exchanger and associated circuitry is provided to maintain the hot engine oil in heat exchange relationship with the cool engine fuel. Where anti-icing of the fuel filter is required, means are provided to maintain the fuel temperature entering the filter at or above a minimum level to prevent freezing thereof. Fluid circuitry is provided to route hot engine oil through a plurality of heat exchangers disposed within the system to provide for selective cooling of the oil.

  2. Modeling the macroeconomic impact of oil: Mexico, 1970-1987

    International Nuclear Information System (INIS)

    Smith Villavicencio, W.J.

    1991-01-01

    A saddle-point stable-demand-determined model is theoretically developed to understand the impact of changes in oil revenues with emphasis on the financial aspects. The model includes explicitly a balance of payments and a government budget constraint and features credit as the main transmission mechanism between the financial and the real sector. It is shown that some of the consequences usually proposed by the so-called Dutch Disease literature are dependent on conditions of full employment and that they may not hold when this assumption is dropped. It is found that fiscal policy can be effective in ameliorating the disruptive effects of an oil boom on exchange rate expectations and the foreign-exchange market, but that it can also be destabilizing. It is also shown that an oil boom and an oil bust are not necessarily symmetric and they may share similar effects like an initial depreciation of the exchange rate

  3. A critical review of IEA's oil demand forecast for China

    International Nuclear Information System (INIS)

    Nel, Willem P.; Cooper, Christopher J.

    2008-01-01

    China has a rapidly growing economy with a rapidly increasing demand for oil. The International Energy Agency (IEA) investigated possible future oil demand scenarios for China in the 2006 World Energy Outlook. The debate on whether oil supplies will be constrained in the near future, because of limited new discoveries, raises the concern that the oil industry may not be able to produce sufficient oil to meet this demand. This paper examines the historical relationship between economic growth and oil consumption in a number of countries. Logistic curve characteristics are observed in the relationship between per capita economic activity and oil consumption. This research has determined that the minimum statistical (lower-bound) annual oil consumption for developed countries is 11 barrels per capita. Despite the increase reported in total energy efficiency, no developed country has been able to reduce oil consumption below this lower limit. Indeed, the IEA projections to 2030 for the OECD countries show no reduction in oil demand on a per capita basis. If this lower limit is applied to China, it is clear that the IEA projections for China are under-estimating the growth in demand for oil. This research has determined that this under-estimation could be as high as 10 million barrels per day by 2025. If proponents of Peak Oil such as Laherrere, Campbell and Deffeyes are correct about the predicted peak in oil production before 2020 then the implications of this reassessment of China's oil demand will have profound implications for mankind

  4. Oil, oil dispersants and related substances in the marine environment

    Science.gov (United States)

    Gunkel, W.; Gassmann, G.

    1980-03-01

    . Such oil pollution neither endangers nor considerably impairs the future of mankind. In future research, more than anything else, objective critical evaluation and careful quantification are needed.

  5. 78 FR 38416 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and...

    Science.gov (United States)

    2013-06-26

    ..., without limitation, options, equities, futures, derivatives, indexes, exchange traded funds, exchange...., equity and ETF, index, derivatives, futures, foreign currency, and even commodities products... low as $0.05).\\13\\ \\13\\ As an example, per the CME Web site, strike prices for options on futures may...

  6. The oil industry in 2007

    International Nuclear Information System (INIS)

    2008-01-01

    The various contributions present and comment many data about the evolutions of different parts of the oil industry until 2007: world oil and gas markets, worldwide oil exploration and production, oil exploration and production in France, oil and oil-related industry in France, hydrocarbon supplies, oil refining in France, fuel quality, substitution fuels, inner transportation of oil products, storage of oil products, consumption of oil products, taxing of oils products, price of oil products, distribution of oil products

  7. Climate control of terrestrial carbon exchange across biomes and continents

    Science.gov (United States)

    Chuixiang Yi; Daniel Ricciuto; Runze Li; John Wolbeck; Xiyan Xu; Mats Nilsson; John Frank; William J. Massman

    2010-01-01

    Understanding the relationships between climate and carbon exchange by terrestrial ecosystems is critical to predict future levels of atmospheric carbon dioxide because of the potential accelerating effects of positive climate-carbon cycle feedbacks. However, directly observed relationships between climate and terrestrial CO2 exchange with the atmosphere across biomes...

  8. Rupture Loop Annex (RLA) ion exchange vault entry and characterization

    International Nuclear Information System (INIS)

    Ham, J.E.

    1996-01-01

    This engineering report documents the entry and characterization of the Rupture Loop Annex Ion Exchange (RLAIX) Vault located near the 309 Building's Plutonium Recycle Test Reactor (PRTR). Twelve ion exchange columns were found in the vault. Some of which contained transuranics, Cs 137, and Co 60. The characterization information is necessary for future vault cleanout and column disposal

  9. An Econometric Approach to Exchange Control Liberalization and ...

    African Journals Online (AJOL)

    This study assesses the impact of exchange control liberalisation on economic growth in. Botswana. ... the economies. Samarasiri (2008) defines exchange controls as the regulations which are forced on payments ..... of the innovations or error terms on current and future values on the endogenous variables. (Gujarati and ...

  10. Price discovery on the Johannesburg Stock Exchange: Examining ...

    African Journals Online (AJOL)

    This study is the first to examine the price discovery process on the South African Johannesburg Stock Exchange since several significant market changes occurred, including the introduction of Exchange Traded Funds (ETFs). This paper examines the FTSE/JSE Top 40 Index, the Top 40 Index Futures and the SATRIX Top ...

  11. Risk factors in stock returns of Canadian oil and gas companies

    International Nuclear Information System (INIS)

    Sadorsky, P.

    2001-01-01

    This paper uses a multifactor market model to estimate the expected returns to Canadian oil and gas industry stock prices. Results are presented to show that exchange rates, crude oil prices and interest rates each have large and significant impacts on stock price returns in the Canadian oil and gas industry. In particular, an increase in the market or oil price factor increases the return to Canadian oil and gas stock prices while an increase in exchange rates or the term premium decreases the return to Canadian oil and gas stock prices. Furthermore, the oil and gas sector is less risky than the market and its moves are pro-cyclical. This suggests that Canadian oil and gas stocks may not be a good hedge against inflation

  12. Bio-oils and other bio fuels used in heat- and power generation; Flytande biobraenslen foer el- och vaermeproduktion

    Energy Technology Data Exchange (ETDEWEB)

    Sandgren, Annamaria; Ekdahl, Emma; Sernhed, Kerstin; Lindstroem, Erica

    2010-05-15

    The purpose of this study was to assemble and disseminate knowledge about bio-oils and other bio fuels which are used for heat- and power generation or liquid bio fuels/oils that may become interesting in the future. One aim of this study was to give an updated picture of the Swedish market for bio-oils and to provide an overview of practical experience on the usage of bio-oils in the Swedish heat and power industry. In order to show a green profile, bio-oils can be used in the heat and power generation. However, not all bio-oils can be viewed as climate friendly. Some production of bio-oils may actually - if a lifecycle perspective is considered - lead to increased emissions of greenhouse gases, and there are also ethical issues that need to be considered. The data collection was carried out in three different fields. The objective of the first part was to create an overview of the Swedish market for liquid bio fuels/oils for heat and power production. The second part of the study aimed to clarify the issues surrounding environmental and ethical issues associated with the use of different bio-oils. A selection of oil crops for a closer study was made based on production volume (soybean, palm oil and rapeseed) and expected future potential (jatropha). This part of the study was based on a literature review. In the third part of the study technical and practical experiences from using bio-oils in heat and power production were studied. The interviews made with purchasing managers in the second part gave valuable information on which utilities would be the most interesting to interview for the study of technical and practical experiences, where interviews were carried out with persons familiar with the daily operation of the plant. The use of liquid bio fuels was about 4.3 % of total fuel use in Swedish district heating production in 2007 (1.2 % pine oil and 3.0 % other bio-oil). In other words, it is mainly bio-oils that have been used and not other types of liquid

  13. Macroeconomic impacts of oil price shocks in Asian economies

    International Nuclear Information System (INIS)

    Cunado, Juncal; Jo, Soojin; Perez de Gracia, Fernando

    2015-01-01

    This paper analyzes the macroeconomic impact of structural oil shocks in four of the top oil-consuming Asian economies, using a VAR model. We identify three different structural oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock. The main results suggest that economic activity and prices respond very differently to oil price shocks depending on their types. In particular, an oil supply shock has a limited impact, while a demand shock driven by global economic activity has a significant positive effect in all four Asian countries examined. Our finding also includes that policy tools such as interest rates and exchange rates help mitigating the effects of supply shocks in Japan and Korea; however, they can be more actively used in response to demands shocks. - Highlights: • We analyze the effects of three structural oil price shocks on Asian economies. • Supply shocks have limited impact on the economic activity of Asian economies examined. • Demand shocks due to economic activity boosts GDP of all economies. • CPIs in India and Indonesia were only marginally affected by oil price shocks. • Monetary and exchange rate tools help mitigating supply shocks in Korea and Japan.

  14. Climate control of terrestrial carbon exchange across biomes and continents

    NARCIS (Netherlands)

    Yi, C.; Ricciuto, D.; Li, R.; Hendriks, D.M.D.; Moors, E.J.; Valentini, R.

    2010-01-01

    Understanding the relationships between climate and carbon exchange by terrestrial ecosystems is critical to predict future levels of atmospheric carbon dioxide because of the potential accelerating effects of positive climate-carbon cycle feedbacks. However, directly observed relationships between

  15. Climate control of terrestrial carbon exchange across biomes and continents

    NARCIS (Netherlands)

    Yi, C.; Jacobs, C.M.J.; Moors, E.J.; Elbers, J.A.

    2010-01-01

    Understanding the relationships between climate and carbon exchange by terrestrial ecosystems is critical to predict future levels of atmospheric carbon dioxide because of the potential accelerating effects of positive climate–carbon cycle feedbacks. However, directly observed relationships between

  16. Application of pressurized ion exchange to separations of transplutonium elements

    International Nuclear Information System (INIS)

    Campbell, D.O.

    1980-01-01

    High-pressure ion exchange chromatography, used first for nucleic acid separations, was applied to the production of the heavier actinides, particularly the transcurium elements. Its use at the TRU plant is described. Future developments are considered briefly

  17. Oil spills

    International Nuclear Information System (INIS)

    Spaulding, M.L.; Reed, M.

    1990-01-01

    Public awareness and concern for the potential short and long term impacts of oil spills on the marine environment has generally been high, particularly for regions of special ecological importance or where significant numbers of marine mammals and birds are present. This awareness was further heightened by the extraordinary number of recent large spills in coastal U.S. water: Exxon Valdez, Alaska; World Prodigy, Rhode Island; Presidente Rivera, Delaware; Rachel-B, Texas and American Trader, California. The occurrence of so many spills in a one year period is unprecedented in U.S. spill history. The legislative response to these spills has been immediate. New legislative initiative are rapidly being developed. Improved ways to organize spill response efforts are being devised and implemented. Funds are being allocated to further develop and improve spill response equipment and damage assessment methodologies. These spill events will have a significant impact in both the short and long term on oil exploration, development and transport in marine waters. They will result in major changes in management and operation of oil exploration and development. The purpose of this conference was to provide a forum for discussion of the changes which are currently taking place in oil spill legislation, management, and response strategies

  18. Oil spills

    Energy Technology Data Exchange (ETDEWEB)

    Spaulding, M.L.; Reed, M.

    1990-01-01

    Public awareness and concern for the potential short and long term impacts of oil spills on the marine environment has generally been high, particularly for regions of special ecological importance or where significant numbers of marine mammals and birds are present. This awareness was further heightened by the extraordinary number of recent large spills in coastal U.S. water: Exxon Valdez, Alaska; World Prodigy, Rhode Island; Presidente Rivera, Delaware; Rachel-B, Texas and American Trader, California. The occurrence of so many spills in a one year period is unprecedented in U.S. spill history. The legislative response to these spills has been immediate. New legislative initiative are rapidly being developed. Improved ways to organize spill response efforts are being devised and implemented. Funds are being allocated to further develop and improve spill response equipment and damage assessment methodologies. These spill events will have a significant impact in both the short and long term on oil exploration, development and transport in marine waters. They will result in major changes in management and operation of oil exploration and development. The purpose of this conference was to provide a forum for discussion of the changes which are currently taking place in oil spill legislation, management, and response strategies.

  19. Cracking oils

    Energy Technology Data Exchange (ETDEWEB)

    Lelgemann, W.

    1933-12-19

    A volatile spirit suitable for use as petrol and containing aromatic and aliphatic constituents is obtained by cracking crude oils, asphalts, and creosotes, in presence of catalysts comprising a halogenated oxygen compound of nitrogen, e.g. nitrosyl chloride, and calcium oxide. The method of carrying out the process and the apparatus used are the same as described in Specification 430,748.

  20. Cracking oils

    Energy Technology Data Exchange (ETDEWEB)

    Lelgemann, W.

    1933-12-19

    A volatile spirit suitable for use as petrol and containing aromatic and aliphatic constituents is obtained by cracking crude oils, asphalts, and creosotes, in presence of catalysts comprising a halogenated oxygen compound of nitrogen and a mixture of iron and aluminum chlorides. The method of carrying out the process and the apparatus used are the same as described in Specification 430,748.

  1. Optimization of Heat Exchangers

    International Nuclear Information System (INIS)

    Catton, Ivan

    2010-01-01

    The objective of this research is to develop tools to design and optimize heat exchangers (HE) and compact heat exchangers (CHE) for intermediate loop heat transport systems found in the very high temperature reator (VHTR) and other Generation IV designs by addressing heat transfer surface augmentation and conjugate modeling. To optimize heat exchanger, a fast running model must be created that will allow for multiple designs to be compared quickly. To model a heat exchanger, volume averaging theory, VAT, is used. VAT allows for the conservation of mass, momentum and energy to be solved for point by point in a 3 dimensional computer model of a heat exchanger. The end product of this project is a computer code that can predict an optimal configuration for a heat exchanger given only a few constraints (input fluids, size, cost, etc.). As VAT computer code can be used to model characteristics (pumping power, temperatures, and cost) of heat exchangers more quickly than traditional CFD or experiment, optimization of every geometric parameter simultaneously can be made. Using design of experiment, DOE and genetric algorithms, GE, to optimize the results of the computer code will improve heat exchanger design.

  2. Higher Education Exchange, 2012

    Science.gov (United States)

    Brown, David W., Ed.; Witte, Deborah, Ed.

    2012-01-01

    "Higher Education Exchange" publishes case studies, analyses, news, and ideas about efforts within higher education to develop more democratic societies. Contributors to this issue of the "Higher Education Exchange" examine whether institutions of higher learning are doing anything to increase the capacity of citizens to shape…

  3. Higher Education Exchange, 2011

    Science.gov (United States)

    Brown, David W., Ed.; Witte, Deborah, Ed.

    2011-01-01

    "Higher Education Exchange" publishes case studies, analyses, news, and ideas about efforts within higher education to develop more democratic societies. Contributors to this issue of the "Higher Education Exchange" examine whether institutions of higher learning are doing anything to increase the capacity of citizens to shape…

  4. French chemical exchange process

    International Nuclear Information System (INIS)

    Frejacques, C.; Lerat, J.-M.; Plurien, P.

    1979-01-01

    A new chemical exchange reaction between two forms of uranium compounds with a high elementary separation coefficient and good kinetics has been discovered at the French Energy Commission ten years ago and developed to the industrial stage. We give here some general characteristics of the process and discuss some parameters of the kinetics exchange

  5. Direct fired heat exchanger

    Science.gov (United States)

    Reimann, Robert C.; Root, Richard A.

    1986-01-01

    A gas-to-liquid heat exchanger system which transfers heat from a gas, generally the combustion gas of a direct-fired generator of an absorption machine, to a liquid, generally an absorbent solution. The heat exchanger system is in a counterflow fluid arrangement which creates a more efficient heat transfer.

  6. Optimization of Heat Exchangers

    Energy Technology Data Exchange (ETDEWEB)

    Ivan Catton

    2010-10-01

    The objective of this research is to develop tools to design and optimize heat exchangers (HE) and compact heat exchangers (CHE) for intermediate loop heat transport systems found in the very high temperature reator (VHTR) and other Generation IV designs by addressing heat transfer surface augmentation and conjugate modeling. To optimize heat exchanger, a fast running model must be created that will allow for multiple designs to be compared quickly. To model a heat exchanger, volume averaging theory, VAT, is used. VAT allows for the conservation of mass, momentum and energy to be solved for point by point in a 3 dimensional computer model of a heat exchanger. The end product of this project is a computer code that can predict an optimal configuration for a heat exchanger given only a few constraints (input fluids, size, cost, etc.). As VAT computer code can be used to model characteristics )pumping power, temperatures, and cost) of heat exchangers more quickly than traditional CFD or experiment, optimization of every geometric parameter simultaneously can be made. Using design of experiment, DOE and genetric algorithms, GE, to optimize the results of the computer code will improve heat exchanger disign.

  7. Motivation for International Exchange.

    Science.gov (United States)

    Brewer, Elizabeth

    An objective analysis of students' initial motivation for studying overseas was attempted by surveying students before they embarked on their exchange programs. Eighty-eight students who were planning to study in France, Great Britain, Germany, and the People's Republic of China were surveyed. The exchange program was sponsored by the University…

  8. Economic Diversification in the GCC; Past, Present, and Future

    OpenAIRE

    Tim Callen; Reda Cherif; Fuad Hasanov; Amgad Hegazy; Padamja Khandelwal

    2014-01-01

    Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thoug...

  9. Standardizing exchange formats

    International Nuclear Information System (INIS)

    Lemmel, H.D.; Schmidt, J.J.

    1992-01-01

    An international network of co-operating data centres is described who maintain identical data bases which are simultaneously updated by an agreed data exchange procedure. The agreement covers ''data exchange formats'' which are compatible to the centres' internal data storage and retrieval systems which remain different, optimized at each centre to the available computer facilities and to the needs of the data users. Essential condition for the data exchange is an agreement on common procedures for the data exchange is an agreement on common procedures for the data compilation, including critical data analysis and validation. The systems described (''EXFOR'', ''ENDF'', ''CINDA'') are used for ''nuclear reaction data'', but the principles used for data compilation and exchange should be valid also for other data types. (author). 24 refs, 4 figs

  10. Palm oil and the heart: A review.

    Science.gov (United States)

    Odia, Osaretin J; Ofori, Sandra; Maduka, Omosivie

    2015-03-26

    Palm oil consumption and its effects on serum lipid levels and cardiovascular disease in humans is still a subject of debate. Advocacy groups with varying agenda fuel the controversy. This update intends to identify evidence-based evaluations of the influence of palm oil on serum lipid profile and cardiovascular disease. Furthermore, it suggests a direction for future research. The sources of information were based on a PubMed, Google Scholar, African Journal online and Medline search using key words including: palm oil, palmitic acid, saturated fatty acids and heart disease. Published animal and human experiments on the association of palm oil and its constituents on the serum lipid profile and cardiovascular disease were also explored for relevant information. These papers are reviewed and the available evidence is discussed. Most of the information in mainstream literature is targeted at consumers and food companies with a view to discourage the consumption of palm oil. The main argument against the use of palm oil as an edible oil is the fact that it contains palmitic acid, which is a saturated fatty acid and by extrapolation should give rise to elevated total cholesterol and low-density lipoprotein cholesterol levels. However, there are many scientific studies, both in animals and humans that clearly show that palm oil consumption does not give rise to elevated serum cholesterol levels and that palm oil is not atherogenic. Apart from palmitic acid, palm oil consists of oleic and linoleic acids which are monounsaturated and polyunsaturated respectively. Palm oil also consists of vitamins A and E, which are powerful antioxidants. Palm oil has been scientifically shown to protect the heart and blood vessels from plaques and ischemic injuries. Palm oil consumed as a dietary fat as a part of a healthy balanced diet does not have incremental risk for cardiovascular disease. Little or no additional benefit will be obtained by replacing it with other oils rich in mono

  11. Analysis of chemical composition of high viscous oils

    Directory of Open Access Journals (Sweden)

    Irina Germanovna Yashchenko

    2014-07-01

    Full Text Available The spatial distribution of viscous oils which are considered as an important reserve for oil-production in future were studied on base of information from global database on oil physical and chemical properties. Changes in chemical composition of viscous oils in different basins and continents were analyzed as well. It is shown, on average, viscous oils are sulfur-bearing, low paraffin, highly resinous oils with an average content of asphaltenes and low content of the fraction boiling at 200 C. Study results of viscous oils peculiarities of Canada, Russia and Venezuela are given. The analysis results can be used to determine the optimal layouts and conditions of oil transportation, to improve the search methods of geochemical exploration, and to solve other problems in the oil chemistry.

  12. Growth and Oil Price Fluctuation in Nigeria: A Variance Decomposition Evidence

    Directory of Open Access Journals (Sweden)

    David Umoru

    2017-09-01

    Full Text Available This study examines the impact of oil price shocks on economic growth rate in Nigeria using the impulse response functions and forecast error variance decomposition on quarterly data from 2000 to 2016. This study finds that fluctuations in oil prices cause swings in GDP growth rate in Nigeria. The fluctuation in oil prices also depreciates Naira exchange rate. The country should branch out its revenue sources to shield the dangle effect of the fluctuation in prices of oil.

  13. Design of heat exchanger for Ericsson-Brayton piston engine.

    Science.gov (United States)

    Durcansky, Peter; Papucik, Stefan; Jandacka, Jozef; Holubcik, Michal; Nosek, Radovan

    2014-01-01

    Combined power generation or cogeneration is a highly effective technology that produces heat and electricity in one device more efficiently than separate production. Overall effectiveness is growing by use of combined technologies of energy extraction, taking heat from flue gases and coolants of machines. Another problem is the dependence of such devices on fossil fuels as fuel. For the combustion turbine is mostly used as fuel natural gas, kerosene and as fuel for heating power plants is mostly used coal. It is therefore necessary to seek for compensation today, which confirms the assumption in the future. At first glance, the obvious efforts are to restrict the use of largely oil and change the type of energy used in transport. Another significant change is the increase in renewable energy--energy that is produced from renewable sources. Among machines gaining energy by unconventional way belong mainly the steam engine, Stirling engine, and Ericsson engine. In these machines, the energy is obtained by external combustion and engine performs work in a medium that receives and transmits energy from combustion or flue gases indirectly. The paper deals with the principle of hot-air engines, and their use in combined heat and electricity production from biomass and with heat exchangers as primary energy transforming element.

  14. Design of Heat Exchanger for Ericsson-Brayton Piston Engine

    Directory of Open Access Journals (Sweden)

    Peter Durcansky

    2014-01-01

    Full Text Available Combined power generation or cogeneration is a highly effective technology that produces heat and electricity in one device more efficiently than separate production. Overall effectiveness is growing by use of combined technologies of energy extraction, taking heat from flue gases and coolants of machines. Another problem is the dependence of such devices on fossil fuels as fuel. For the combustion turbine is mostly used as fuel natural gas, kerosene and as fuel for heating power plants is mostly used coal. It is therefore necessary to seek for compensation today, which confirms the assumption in the future. At first glance, the obvious efforts are to restrict the use of largely oil and change the type of energy used in transport. Another significant change is the increase in renewable energy—energy that is produced from renewable sources. Among machines gaining energy by unconventional way belong mainly the steam engine, Stirling engine, and Ericsson engine. In these machines, the energy is obtained by external combustion and engine performs work in a medium that receives and transmits energy from combustion or flue gases indirectly. The paper deals with the principle of hot-air engines, and their use in combined heat and electricity production from biomass and with heat exchangers as primary energy transforming element.

  15. The future of energy

    CERN Document Server

    Towler, Brian F

    2014-01-01

    Using the principle that extracting energy from the environment always involves some type of impact on the environment, The Future of Energy discusses the sources, technologies, and tradeoffs involved in meeting the world's energy needs. A historical, scientific, and technical background set the stage for discussions on a wide range of energy sources, including conventional fossil fuels like oil, gas, and coal, as well as emerging renewable sources like solar, wind, geothermal, and biofuels. Readers will learn that there are no truly ""green"" energy sources-all energy usage involves some trad

  16. Partnership for the future

    Energy Technology Data Exchange (ETDEWEB)

    Wilson, R.I. [Mobil Exploration & Producing, Houston, TX (United States)

    1993-12-31

    The benefits of partnerships in the profitable exploration, development, and management of the world`s hydrocarbon resources are discussed. A unique period in history is being experienced in the oil and gas industry. Over the next decade, all of the participants will be faced with a number of opportunities and challenges. No longer will having technical expertise or control of vast resources alone create wealth for a company or country. Long-term profitability will result from decisions and policies made by the owners of these assets. Prudent, efficient, and profitable management of resources through partnership will benefit both parties and enrich the standard of living for future generations.

  17. Partnership for the future

    International Nuclear Information System (INIS)

    Wilson, R.I.

    1993-01-01

    The benefits of partnerships in the profitable exploration, development, and management of the world's hydrocarbon resources are discussed. A unique period in history is being experienced in the oil and gas industry. Over the next decade, all of the participants will be faced with a number of opportunities and challenges. No longer will having technical expertise or control of vast resources alone create wealth for a company or country. Long-term profitability will result from decisions and policies made by the owners of these assets. Prudent, efficient, and profitable management of resources through partnership will benefit both parties and enrich the standard of living for future generations

  18. Liquid-Liquid Heat Exchanger With Zero Interpath Leakage, Phase I

    Data.gov (United States)

    National Aeronautics and Space Administration — Future manned spacecraft will require thermal management systems that effectively and safely control the temperature in inhabited modules. Interface heat exchangers...

  19. Clean and Secure Energy from Domestic Oil Shale and Oil Sands Resources

    Energy Technology Data Exchange (ETDEWEB)

    Spinti, Jennifer [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Birgenheier, Lauren [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Deo, Milind [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Facelli, Julio [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Hradisky, Michal [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Kelly, Kerry [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Miller, Jan [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); McLennan, John [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Ring, Terry [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Ruple, John [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States); Uchitel, Kirsten [Inst. for Clean and Secure Energy, Salt Lake City, UT (United States)

    2015-09-30

    This report summarizes the significant findings from the Clean and Secure Energy from Domestic Oil Shale and Oil Sands Resources program sponsored by the Department of Energy through the National Energy Technology Laboratory. There were four principle areas of research; Environmental, legal, and policy issues related to development of oil shale and oil sands resources; Economic and environmental assessment of domestic unconventional fuels industry; Basin-scale assessment of conventional and unconventional fuel development impacts; and Liquid fuel production by in situ thermal processing of oil shale Multiple research projects were conducted in each area and the results have been communicated via sponsored conferences, conference presentations, invited talks, interviews with the media, numerous topical reports, journal publications, and a book that summarizes much of the oil shale research relating to Utah’s Uinta Basin. In addition, a repository of materials related to oil shale and oil sands has been created within the University of Utah’s Institutional Repository, including the materials generated during this research program. Below is a listing of all topical and progress reports generated by this project and submitted to the Office of Science and Technical Information (OSTI). A listing of all peer-reviewed publications generated as a result of this project is included at the end of this report; Geomechanical and Fluid Transport Properties 1 (December, 2015); Validation Results for Core-Scale Oil Shale Pyrolysis (February, 2015); and Rates and Mechanisms of Oil Shale Pyrolysis: A Chemical Structure Approach (November, 2014); Policy Issues Associated With Using Simulation to Assess Environmental Impacts (November, 2014); Policy Analysis of the Canadian Oil Sands Experience (September, 2013); V-UQ of Generation 1 Simulator with AMSO Experimental Data (August, 2013); Lands with Wilderness Characteristics, Resource Management Plan Constraints, and Land Exchanges

  20. Medium-Term Oil Market Report 2006

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    How much oil will the world consume in 2011? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? The International Energy Agencys (IEA) Medium-Term Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEAs monthly Oil Market Report. Drawing on current futures curves and the investment threshold for upstream projects, the Medium-Term Oil Market Report analyses how global demand and supply balances may develop in the next five years. The forecasts look in detail at product demand and the supply potential from all the firmly planned individual upstream and downstream projects around the world. The results provide invaluable insights on vital issues such as surplus production capacity and product supply. The rapid pace of change in the oil market means that forecasts can become outdated very quickly. This interim update provides the opportunity to rebase the data and forecasts in the annual Medium-Term Oil Market Report and to discuss and analyse new issues affecting the oil industry. Policymakers, market analysts, energy experts and anyone interested in understanding and following trends in the oil market should find this report extremely useful.

  1. Heavy oil in Saskatchewan: Building on strengths

    International Nuclear Information System (INIS)

    1994-02-01

    Saskatchewan has reserves of 17.6 billion bbl of heavy oil located in the west-central part of the province. The first oil well was drilled in 1945 and production of heavy oil has increased gradually, reaching 79,000 bbl/d in 1992. In recent years, the production pattern has not matched trends in investment; since 1982/83, the relative proportion of heavy oil drilling has declined significantly. A study is presented which analyzes trends in heavy oil investment, production, economics, and markets, with a focus on determining the causes for lack of investment in the heavy oil sector and evaluating the opportunities and constraints for long-term sustainability of this industry. Industry background is provided, with presentation of the key resource characteristics, reserve potential, and production and investment trends. Markets both in Canada and the USA are analyzed in detail, possible future trends are suggested. The effect of development of refinery capacity on heavy oil developments is examined. The logistics of shipping heavy oil to markets are detailed. The economics of Saskatchewan heavy oil production are established, taking into account all relevant cost components including taxes, royalties, and netbacks to producers. Issues of relevance affecting the heavy oil industry are discussed, including the need for environmental safeguards. 25 figs., 24 tabs

  2. The Optimum Selection and Drawing Output Program Development of Shell and Tube Type Oil Cooler

    International Nuclear Information System (INIS)

    Lee, Y. B.; Kim, T. S.; Ko, J. M

    2007-01-01

    Shell and Tube type Oil Cooler is widely used for hydraulic presses, die casting machines, generation equipments, machine tools and construction heavy machinery. Temperature of oil in the hydraulic system changes viscosity and thickness of oil film. They have a bad effect to performance and lubrication of hydraulic machinery, so it is important to know exactly the heat exchanging efficiency of oil cooler for controlling oil temperature. But most Korean manufacturers do not have test equipment for oil cooler, so they cannot carry out the efficiency test of oil cooler and it is impossible to verify its performance. This paper includes information of construction of necessary utilities for oil cooler test and design and manufacture of test equipment. One can select the optimum product by obtaining performance data through tests of various kinds of oil coolers. And also the paper developed a program which can be easily used for design of 2D and 3D drawings of oil cooler

  3. Future Contingents

    DEFF Research Database (Denmark)

    Øhrstrøm, Peter; Hasle., Per F. V.

    2011-01-01

    Future contingents are contingent statements about the future — such as future events, actions, states etc. To qualify as contingent the predicted event, state, action or whatever is at stake must neither be impossible nor inevitable. Statements such as “My mother shall go to London” or “There...... will be a sea-battle tomorrow” could serve as standard examples. What could be called the problem of future contingents concerns how to ascribe truth-values to such statements. If there are several possible decisions out of which one is going to be made freely tomorrow, can there be a truth now about which one......, ‘future contingents’ could also refer to future contingent objects. A statement like “The first astronaut to go to Mars will have a unique experience” could be analyzed as referring to an object not yet existing, supposing that one day in the distant future some person will indeed travel to Mars...

  4. Future Contingents

    DEFF Research Database (Denmark)

    Øhrstrøm, Peter; Hasle., Per F. V.

    2015-01-01

    Future contingents are contingent statements about the future — such as future events, actions, states etc. To qualify as contingent the predicted event, state, action or whatever is at stake must neither be impossible nor inevitable. Statements such as “My mother shall go to London” or “There...... will be a sea-battle tomorrow” could serve as standard examples. What could be called the problem of future contingents concerns how to ascribe truth-values to such statements. If there are several possible decisions out of which one is going to be made freely tomorrow, can there be a truth now about which one......, ‘future contingents’ could also refer to future contingent objects. A statement like “The first astronaut to go to Mars will have a unique experience” could be analyzed as referring to an object not yet existing, supposing that one day in the distant future some person will indeed travel to Mars...

  5. Competitiveness in the Brazilian oil industry. The Brazilian 'oil diamond'

    International Nuclear Information System (INIS)

    Zamith, R.; Moutinho Dos Santos, E.

    2000-01-01

    It is recognized the economic benefits that might follow the opening process of the Brazilian oil and natural gas industry, which shall experience a fast expansion with the arrival of national and international private investors. However, we should not neglect the broader impact of this process on the future development of all that cluster of national agents that lived around and served the former national oil monopoly, managed by the Brazilian National Oil Company, Petrobras. This work focuses on this larger perspective, discussing about the capacity of Brazil to sustain and expand its competitiveness in the oil business as well as to obtain the maximum economic development from the exploration of its oil and gas reserves. We adopt the work of Michael Porter, from the University of Harvard, about the Competitive Advantage of Nations, as a theoretical model to analyze the Competitive Advantage of Brazil in the global oil industry. By introducing the concept of ''oil diamond'', adapted from the notion introduced by this author, we develop a new understanding of national competitiveness in the oil sector. In this paper, we present the general model as well as a brief characterization of the results found for Brazil Subsequently, we focus on just one leg of the model, for which we discuss, with more detail, about the competitive condition of the country in the opening-up scenario. This leg regards the so-called supporting and supplementary industries that constitute what is denominated in the French tradition the ''para petroleum'' industry. We analyze the conditions for the Brazilian domestic ''para petroleum industry'' to survive and grow in the new competitive environment. (authors)

  6. Saving oil in a hurry

    Energy Technology Data Exchange (ETDEWEB)

    none

    2005-07-01

    During 2004, oil prices reached levels unprecedented in recent years. Though world oil markets remain adequately supplied, high oil prices do reflect increasingly uncertain conditions. Many IEA member countries and non-member countries alike are looking for ways to improve their capability to handle market volatility and possible supply disruptions in the future. This book aims to provide assistance. It provides a new, quantitative assessment of the potential oil savings and costs of rapid oil demand restraint measures for transport. Some measures may make sense under any circumstances; others are primarily useful in emergency situations. All can be implemented on short notice ? if governments are prepared. The book examines potential approaches for rapid uptake of telecommuting, ?ecodriving?, and car-pooling, among other measures. It also provides methodologies and data that policymakers can use to decide which measures would be best adapted to their national circumstances. This ?tool box? may help countries to complement other measures for coping with supply disruptions, such as use of strategic oil stocks.

  7. Fuellish trends and wise choices : options for the future

    International Nuclear Information System (INIS)

    1992-01-01

    It is pointed out that India has no coherent energy policy. The demand for energy is always growing. If the present business as usual (BAU) approach is continued, the energy demand in the year 2009-10 will be about 600 mtoe (million tonnes of oil equivalent) as against the present level of 200 mtoe. This demand in the BAU approach will be met by oil import and exploitation of coal reserves. The rising import bills will put a heavy strain on the country's foreign exchange position. The Tata Energy Research Institute has developed Energy Economy Simulation and Evaluation (TEESE) model to evaluate energy policies within a quantitative framework. Using this model, low and high energy conservation scenarios for India in the year 2009-10 are presented. If as suggested in these scenarios, energy conservation measures are taken, operational efficiency of power stations is improved, renewable sources of energy are used on an increasing scale to generate power and cogeneration technology is used, future development based on increased energy consumption as predicted by TEESE can be sustained. It is pointed out that for this achievement, necessary investments for alternative energy sources should be forthcoming. (M.G.B.)

  8. Analytical and Numerical Design Analysis of Concentric Tube Heat Exchangers – A Review

    Science.gov (United States)

    Silaipillayarputhur, Karthik; Mughanam, Tawfiq Al; Mojil, Abdulaziz Al; Dhmoush, Mohammed Al

    2017-12-01

    This paper considers an analytical and a numerical approach in the design of a concentric tube heat exchanger. Sensible heat transfer is considered in the analysis and the heat exchanger is developed for actual operating conditions in a chemical plant. The heat exchanger is a concentric tube heat exchanger where hot oil exchanges heat with hot water. Hot oil is in the inner pipe and the heating medium, hot water, is in the outer pipe (annular side) of the heat exchanger. An analytical model employing effectiveness-number of transfer units (ε-NTU) approach and log mean temperature difference (LMTD) approach were employed in the design of the concentric tube heat exchanger. In the design process, performance charts were developed for concentric tube heat exchanger. Performance charts describe the performance of the heat exchanger in terms of crucial dimensionless parameters. Performance charts help to select the right number of transfer units (NTU) for the given heat exchanger. Both parallel and counter flow configurations were considered for the design analysis. Likewise, a numerical model was also considered in the design of the heat exchanger. The results from the analysis are presented and compared. From the results it can be seen that both numerical and analytical approaches produce the exact same results. The designer certainly has the flexibility to choose an appropriate design methodology based on the available inputs and requirements.

  9. Investing today in energy for tomorrow. U.S. civilian nuclear industry: high-level oversight. Oil prices: getting close to the psychological threshold. The future of biofuels in question; Investir aujourd'hui pour l'energie de demain. Le nucleaire civil sous haute surveillance. Prix du petrole: le seuil psychologique approche. L'avenir des biocarburants en question

    Energy Technology Data Exchange (ETDEWEB)

    Anon

    2008-07-01

    This issue of Alternatives newsletter features 4 main articles dealing with: 1 - Investing today in energy for tomorrow: Whether to increase or to replace generating capacity, the amount of investment needed in energy infrastructure to meet rising demand has been identified, but many obstacles must be overcome before they become a reality. A status report and personal perspective from Pierre Gadonneix, CEO of EDF, in the 'Expert opinion' section. 2 - U.S. civilian nuclear industry - high-level oversight: The approaches are clearly different, but the licensing processes for nuclear reactor development and operation in France and the United States are both strictly regulated. Alternatives delves further. 3 - Oil prices - getting close to the psychological threshold: Are we going to stop using oil sooner rather than later if crude prices keep going up? European commodities expert Philippe Chalmin shares his opinion. 4 - The future of biofuels in question In many countries, biofuels are seen as an alternative to oil. Still, farmland is not expandable forever and the economics of biofuels deserve some scrutiny.

  10. Are electricity prices affected by the US dollar to Euro exchange rate? The Spanish case

    International Nuclear Information System (INIS)

    Munoz, M. Pilar; Dickey, David A.

    2009-01-01

    The objective of this paper is to investigate the relationships between Spanish electricity spot prices and the US dollar/Euro (USD/Euro) exchange rate during the period 2005-2007, taking into account the study of the association between dollar and oil prices, in order to better understand the evolution of the former over time. The first finding in this study is that Spanish electricity spots prices, the USD/Euro exchange rate and oil prices are cointegrated; therefore there is a long-run equilibrium relationship between the three variables. Short-run relationships have been detected between oil prices and Spanish electricity prices and USD/Euro exchange rate in the sense that Spanish electricity prices and USD/Euro exchange rate are affected by oil prices in the short run. There is a transmission of volatility between USD/Euro exchange rate and oil prices to Spanish electricity prices; so although Spanish electricity prices are not affected in level by the movements of USD/Euro exchange rate, they are in volatility. In this kind of scenario the conclusions confirm that for countries so dependent on external causes as Spain, one possible solution for guarantying the energy security would be the promotion of the renewable energies. Therefore we cannot ignore the impact in the internal expenses of the cost of installation and generation of green energies so there must be a balance between the increase in renewables and the reasonable market price of the electricity. (author)

  11. Wound tube heat exchanger

    Science.gov (United States)

    Ecker, Amir L.

    1983-01-01

    What is disclosed is a wound tube heat exchanger in which a plurality of tubes having flattened areas are held contiguous adjacent flattened areas of tubes by a plurality of windings to give a double walled heat exchanger. The plurality of windings serve as a plurality of effective force vectors holding the conduits contiguous heat conducting walls of another conduit and result in highly efficient heat transfer. The resulting heat exchange bundle is economical and can be coiled into the desired shape. Also disclosed are specific embodiments such as the one in which the tubes are expanded against their windings after being coiled to insure highly efficient heat transfer.

  12. Heat and mass exchanger

    Science.gov (United States)

    Lowenstein, Andrew; Sibilia, Marc J.; Miller, Jeffrey A.; Tonon, Thomas

    2007-09-18

    A mass and heat exchanger includes at least one first substrate with a surface for supporting a continuous flow of a liquid thereon that either absorbs, desorbs, evaporates or condenses one or more gaseous species from or to a surrounding gas; and at least one second substrate operatively associated with the first substrate. The second substrate includes a surface for supporting the continuous flow of the liquid thereon and is adapted to carry a heat exchange fluid therethrough, wherein heat transfer occurs between the liquid and the heat exchange fluid.

  13. Rasio Utang Memediasi Pengaruh Kemampulabaan Dan Ukuran Aktiva Terhadap Kebijakan Dividen: Studi Empiris Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia [Debt Ratio to Mediate Effect of Profitability and Asset Size on Dividend Policy: An Empirical Study on Oil Palm Plantation Companies Listed with the Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rudolf Lumbantobing

    2017-06-01

    Full Text Available This research explores the influence of the debt policy, profitability, and size of asset toward company's dividend policy on oil palm plantation companies listed with the Indonesia Stock Exchange for the years 2011-2015. The secondary data used in this research were obtained directly from the company website and the Indonesia Stock Exchange (IDX. The data collection was conducted by direct observation upon the research object. The data were analyzed using path analysis and logistical regression model. The result showed that profitability has a significant and negative effect on the debt ratio. Size of asset does not have a significant and positive effect on the debt ratio. Profitability and size of assets have significant and positive effects on dividend policy, which proves that the larger profitability and the size of assets, the greater the probabilty of paying dividends. Debt ratio does not have a significant and positive effect on dividend policy. Debt ratio has a significant positively partial mediating effect toward the influence of profitability on dividend policy. Otherwise, debt ratio does not have a significant negatively mediating effect toward the positive effect of size of asset on dividend policy.  BAHASA INDONESIA ABSTRAK: Penelitian ini mengeksplorasi engaruh kebijakan utang, kemampulabaan dan ukuran aktiva terhadap kebijakan dividen perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2015. Data yang digunakan adalah data sekunder yang diperoleh secara langsung dari website perusahaan dan Bursa Efek Indonesia. Pengumpulan data dilakukan dengan observasi tidak langsung terhadap objek penelitian yaitu perusahaan kelapa sawit. Data dianalisis dengan menggunakan path analysis dan model regresi logistik. Temuan penelitian ini menunjukkan bukti bahwa kemampulabaan signifikan berpengaruh negatif terhadap rasio utang. Ukuran aktiva tidak signifikan berpengaruh positif terhadap rasio

  14. World resources of oil products

    International Nuclear Information System (INIS)

    Bonnaterre, Raymond

    2014-01-01

    In a first part, the author outlines that the issue of density of an oil product raises the question of the validity of a counting approach based on volumes. As oil industries produce always less heavy products and always more light products, this means that always less oil is needed to produce a gallon or a litre of fuel out of a refinery. The author comments the evolution of crude oil extraction. In a second part, he outlines that hydrocarbon productions become always more complex with respect to their origin. Thus, during gas extraction, humid gases are recovered which contain an important part of hydrocarbons similar to light oil. These aspects and the development of shale gas exploitation will make the USA the first oil producer in the world whereas they still have to import heavy oil to feed their refineries. He discusses the level of reserves and production costs with respect to the product type or its extraction location. He discusses the evolution of the estimates of world ultimately recoverable resources (synthesis processes excluded). He comments the level of condensate extraction ratio of the main shale gas fields in the USA and outlines the cost of natural gas imports for France. He outlines the importance of GTL (gas to liquid) processes, the increasing importance of bio-fuels (notably isobutanol biosynthesis and terpene biosynthesis). In the third part, the author states that the barrel price should keep on increasing and, in the fourth part, proposes a list of issues which will impact the future of the oil market

  15. China Oil and Gas Market Assessment

    International Nuclear Information System (INIS)

    Qiu, Yu

    2004-08-01

    China, with one-fifth of the world's population and one of the fastest rates of economic growth, is experiencing a boom in its energy requirements. China has been identified as a high priority market for the oil and gas sector. This priority has resulted in the high level of investment and many large-scale projects related to the oil and gas industry. Oil production from existing fields is expected to increase, new oil and gas fields will be developed, and the country's oil and gas transmission infrastructure will be extended to meet domestic demands. In addition, total domestic investment needs for the next three decades till 2030 are estimated at around $119 billion, and upstream exploration and development will account for about $69 billion. China's oil and gas exploitation business has been the biggest beneficiary of the bearish crude oil prices, national oil stockpile and the need of infrastructure. In the first six-month period of 2005, this industry has gained a profit of USD16.5 billion, up 73.4 per cent year-on-year. The country is becoming increasingly open to international oil companies, contractors and equipment suppliers, who can bring advanced technology, equipment, and management experience. In this context, considerable opportunities in the supply and service sectors are open to Dutch companies. This report analyses the present situation and market prospect of China upstream oil and gas industry, including: Current status of Chinese oil and gas industry analysis and future development forecast; Potential customers analysis, such as three stated-owned oil companies and their foreign partners;Domestic and foreign competitors analysis; Potential opportunities and challenges analysis; Providing contacts and information on main ongoing oil exploration and development projects, and business practices

  16. Data Exchange Inventory System (DEXI)

    Data.gov (United States)

    Social Security Administration — Enterprise tool used to identify data exchanges occurring between SSA and our trading partners. DEXI contains information on both incoming and outgoing exchanges and...

  17. NASA Earth Exchange (NEX)

    Data.gov (United States)

    National Aeronautics and Space Administration — The NASA Earth Exchange (NEX) represents a new platform for the Earth science community that provides a mechanism for scientific collaboration and knowledge sharing....

  18. Research peer exchange, 2014.

    Science.gov (United States)

    2017-08-01

    The WSDOT Research Peer Exchange was held in Olympia, Washington on May 13 and 14, 2014 and addressed Research Program and Project Management as described in the following paragraphs: Program Management There are numerous funding programs, standing c...

  19. Cation Exchange Water Softeners

    Science.gov (United States)

    WaterSense released a notice of intent to develop a specification for cation exchange water softeners. The program has made the decision not to move forward with a spec at this time, but is making this information available.

  20. Active microchannel heat exchanger

    Science.gov (United States)

    Tonkovich, Anna Lee Y [Pasco, WA; Roberts, Gary L [West Richland, WA; Call, Charles J [Pasco, WA; Wegeng, Robert S [Richland, WA; Wang, Yong [Richland, WA

    2001-01-01

    The present invention is an active microchannel heat exchanger with an active heat source and with microchannel architecture. The microchannel heat exchanger has (a) an exothermic reaction chamber; (b) an exhaust chamber; and (c) a heat exchanger chamber in thermal contact with the exhaust chamber, wherein (d) heat from the exothermic reaction chamber is convected by an exothermic reaction exhaust through the exhaust chamber and by conduction through a containment wall to the working fluid in the heat exchanger chamber thereby raising a temperature of the working fluid. The invention is particularly useful as a liquid fuel vaporizer and/or a steam generator for fuel cell power systems, and as a heat source for sustaining endothermic chemical reactions and initiating exothermic reactions.