Oil Price Forecasting Using Crack Spread Futures and Oil Exchange Traded Funds

Directory of Open Access Journals (Sweden)

Hankyeung Choi

2015-04-01

Full Text Available Given the emerging consensus from previous studies that crude oil and refined product (as well as crack spread prices are cointegrated, this study examines the link between the crude oil spot and crack spread derivatives markets. Specifically, the usefulness of the two crack spread derivatives products (namely, crack spread futures and the ETF crack spread for modeling and forecasting daily OPEC crude oil spot prices is evaluated. Based on the results of a structural break test, the sample is divided into pre-crisis, crisis, and post-crisis periods. We find a unidirectional relationship from the two crack spread derivatives markets to the crude oil spot market during the post-crisis period. In terms of forecasting performance, the forecasting models based on crack spread futures and the ETF crack spread outperform the Random Walk Model (RWM, both in-sample and out-of-sample. In addition, on average, the results suggest that information from the ETF crack spread market contributes more to the forecasting models than information from the crack spread futures market.

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.

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)

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)

OPEC charts course for future oil market

International Nuclear Information System (INIS)

Subroto, H.E.

1992-01-01

The author says OPEC is an economic organization with a simple mission: to provide a stable and reliable supply of oil to its customers and assure a fair return to its producers. When OPEC was formed in 1960, he recalls multinational oil companies dominated the oil market. Their operations were highly integrated from well to pump, and they kept oil prices low to fuel economic growth in prosperous industrialized countries. Host nations were rarely consulted in operations, and they reaped only minimal return for their black gold. OPEC changed all that. Today, OPEC's 13 member countries control their own oil industries, and some even own sizeable investments in the downstream sectors of consuming countries. To meet its commitment for supplying the petroleum needs of industrialized nations by the turn of the century, the author estimates OPEC will need to increase production capacity by about 40% at a cost well above what member countries can afford alone

Future oil supply to the Northeast United States

Energy Technology Data Exchange (ETDEWEB)

Bronheim, H.

1976-06-01

The Northeast consumed some 4.6 million bbls/day of petroleum products in 1972. Nearly 63 percent of that supply was of foreign origin, making the Northeast the single largest oil-importing region in the nation. The remainder of its supply originated mainly in states on the Gulf of Mexico. The phasing out of coal as a major utility boiler fuel and curtailment of natural gas sales to the Northeast have led to the rapid increase in the use of petroleum products. Nationwide oil production reached a peak of 11.3 million bbls/day in 1970 and has been declining yearly ever since. The Northeast in particular has led the movement to foreign imports because of its coastal location, its distance from domestic sources, the competitive pricing of foreign oils, and because of environmental considerations. Under various assumptions of total U.S. reserves of oil (discovered and undiscovered) coupled to alternate schedules of national resource development, projections of crude oil production were made for the years 1985 and 2000. The projections indicate that even under optimistic conditions crude oil production will be declining in the post-1985 period, if not earlier. The scenarios consistently indicate that the Northeast's regional share will be heavily constrained by 1985, and rapidly declining thereafter. On the other hand, production of oil worldwide will concentrate further in the hands of the Arab OPEC nations who are likely to exercise growing control over pricing and the international supply of crude oil.

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.

Strategies of African national oil companies

International Nuclear Information System (INIS)

Auge, Benjamin

2017-09-01

The study and comparison of different National Oil Companies (NOC) help understanding the political history of Algeria, Nigeria and Angola. The NOC's role and activities depend on several economic and political aspects. For example, Angolan Sonangol has been the coffer for the Popular Movement of Liberation of Angola (MPLA) party to fund its struggle against the National Union for the Independence of Angola (UNITA) party during civil war. Hence the key role played by this NOC in the past and its continuing key influence today. In Nigeria, The Nigerian National Petroleum Corporation (NNPC) became more and more bureaucratic, its efficiency is questionable as the company became the epicentre of the corruption in the country (several cases regarding billions of dollars have emerged recently). By contrast, Algeria's Sonatrach has accumulated a real know how in exploring and producing oil and gas but several successive laws discouraged private sector investments. Algeria doesn't have the necessary technology for unconventional oil and gas exploration (notably shale oil and gas), neither the funds to develop all its huge geological potential

The Cushing OK Crude Oil Futures Price Pass - Through to New York Harbor Reformulated RBOB Regular Gasoline Futures Price

Directory of Open Access Journals (Sweden)

Chu V. Nguyen

2017-04-01

Full Text Available This study utilizes an Autoregressive Distributed Lag model to investigate the nature of crude oil futures price pass-through since 2006. The empirical results reveal a very high but incomplete short-run pass-through rate from the crude oil futures price to the gasoline futures price of 0.849298 with a corresponding negative long-run pass-through rate of -0.2440894. These empirical findings suggest that traders in the U.S. oil and gasoline futures markets overreact to fluctuations in the crude oil futures price as evidenced by subsequent corrections made over the sample period. The result of the bounds test for a long-term relationship between these two futures prices is inconclusive. The empirical findings further suggest that U.S. futures market traders considered futures prices of gasoline three weeks earlier in determining the current trading price while taking only one week to respond completely to the shock in the crude oil futures price.  The empirical findings of this investigation may address the core elements of the price dynamics of the crude oil and gasoline futures markets and advance inquiry into assessment tools that could manage a very complex market challenge, especially for policy makers in countries with transitional economies in Eastern Europe, Caucasus and Central Asia.

European oil refining: strategies for a competitive future

International Nuclear Information System (INIS)

MacDonald, James.

1997-07-01

European Oil Refining investigates how the industry came to be in crisis and what the future holds. As well as an extensive analysis of past and present market shifts, the report predicts likely future developments and their consequences for investors. The report reviews the European oil sector in a global context, calculates the cost to refiners of key environmental legislation, assesses the problems caused by changing product demand and crude supply, examines possible solutions to the problems of low margins and overcapacity, evaluates the key players' main strategies to increase their competitiveness, analyses the western European oil refining industry by country, details the refinery operations of the major countries of central and eastern Europe, profiles 15 of the major oil companies and estimates the increase in investment required as a result of legislative and demand changes. (author)

Evidence of efficiency in United States futures oil prices

International Nuclear Information System (INIS)

Duchock, C.J. Jr.

1991-01-01

The purpose of this study was to use the Perpetual Contract Data for West Texas Intermediate Crude Oil futures contracts in studies of the US crude oil futures market prices to determine whether the market was efficient. Analysis was done to determine whether the Perpetual Contract Data exhibited the characteristics of a random walk. Daily data on US crude oil perpetual futures contract prices were analyzed using standard statistical techniques and spectral analysis techniques. Spectral analysis was used on the first differences of daily data to determine whether the price change data contained cyclicality. Results showed no significant cycles or autocorrelation in the data, concluding there was evidence to indicate the Perpetual Contract Data for futures prices is a random walk. This is similar to the conclusion by Howard (1988) that spot West Texas Intermediate Crude prices follow a random walk. Thus, both the futures and spot markets efficiently capture current information in prices

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

78 FR 60721 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2013-10-02

...] National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the... final Notice of Deletion of the Ludlow Sand & Gravel Superfund Site (Site), located in the Town of Paris..., as amended, is an appendix of the National Oil and Hazardous Substances Pollution Contingency Plan...

Oil futures prices and stock management: a cointegration analysis

International Nuclear Information System (INIS)

Balabanoff, Stefan

1995-01-01

Futures markets are considered important to hedgers and speculators. Therefore, they are relevant to stock management. This issue is tested empirically by applying the methodology of cointegration analysis and causality testing to the monthly average of commercial (non-strategic) primary oil stocks and monthly averages of West Texas Intermediate (WTI) spot and futures prices for one month and three-months delivery, over the period January 1985 to June 1993. Long-and short-run relations are presented. The results support the view of a relationships between futures prices and oil stocks. (author)

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

The Cushing OK Crude Oil Futures Price Pass - Through to New York Harbor Reformulated RBOB Regular Gasoline Futures Price

OpenAIRE

Chu V. Nguyen

2017-01-01

This study utilizes an Autoregressive Distributed Lag model to investigate the nature of crude oil futures price pass-through since 2006. The empirical results reveal a very high but incomplete short-run pass-through rate from the crude oil futures price to the gasoline futures price of 0.849298 with a corresponding negative long-run pass-through rate of -0.2440894. These empirical findings suggest that traders in the U.S. oil and gasoline futures markets overreact to fluctuations in the crud...

The oil policies of the Gulf Arab Nations

Energy Technology Data Exchange (ETDEWEB)

Ripple, R.D.; Hagen, R.E.

1995-03-01

At its heart, Arab oil policy is inseparable from Arab economic and social policy. This holds whether we are talking about the Arab nations as a group or each separately. The seven Arab nations covered in this report-Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--participate in several organizations focusing on regional cooperation regarding economic development, social programs, and Islamic unity, as well as organizations concerned with oil policies. This report focuses on the oil-related activities of the countries that may reveal the de facto oil policies of the seven Persian Gulf nations. Nevertheless it should be kept in mind that the decision makers participating in the oil policy organizations are also involved with the collaborative efforts of these other organizations. Oil policies of five of the seven Arab nations are expressed within the forums of the Organization of Petroleum Exporting Countries (OPEC) and the Organization of Arab Petroleum Exporting Countries (OAPEC). Only Oman, among the seven, is not a member of either OAPEC or OPEC; Bahrain is a member of OAPEC but not of OPEC. OPEC and OAPEC provide forums for compromise and cooperation among their members. Nevertheless, each member state maintains its own sovereignty and follows its own policies. Each country deviates from the group prescription from time to time, depending upon individual circumstances.

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)

Analyzing Oil Futures with a Dynamic Nelson-Siegel Model

DEFF Research Database (Denmark)

Hansen, Niels Strange; Lunde, Asger

In this paper we are interested in the term structure of futures contracts on oil. The objective is to specify a relatively parsimonious model which explains data well and performs well in a real time out of sample forecasting. The dynamic Nelson-Siegel model is normally used to analyze and forec......In this paper we are interested in the term structure of futures contracts on oil. The objective is to specify a relatively parsimonious model which explains data well and performs well in a real time out of sample forecasting. The dynamic Nelson-Siegel model is normally used to analyze...... and forecast interest rates of different maturities. The structure of oil futures resembles the structure of interest rates and this motivates the use of this model for our purposes. The data set is vast and the dynamic Nelson-Siegel model allows for a significant dimension reduction by introducing three...

An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market

Institute of Scientific and Technical Information of China (English)

Wang Zhen; Liu Zhenhai; Chen Chao

2007-01-01

This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response function and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function.

National oil companies of South East Asia

International Nuclear Information System (INIS)

Singh, Gurdip

1998-12-01

Contains Executive Summary and Chapters on: Pertamina; Petronas; Petroleum Authority of Thailand; Philippines National Oil Company; Petro Vietnam; Myanmar Oil and Gas Enterprise; Singapore; Asean Free Trade Agreement, and Appendix on Petroleum tax legislation in the main south east Asian countries. (Author)

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

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

Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

NARCIS (Netherlands)

H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

2010-01-01

textabstractThis paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both

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)

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)

China: a black hole for future oil?

International Nuclear Information System (INIS)

Cragg, Chris.

1997-01-01

Whenever two or three oil price forecasters are gathered together, the conversation generally gets round to the position of China. For China holds a great many of the keys to the future structure of global oil demand. Its astonishing rates of growth projected forward suggest a rapid transition towards high import dependency in the early years of the next century. After all, if the Chinese had the same passion for per capita oil consumption as people in the UK, they would use 22 million barrels a day (mbd), not the 3 mbd they currently consume. Yet to the puzzlement of many, China never quite behaves the way its exponential flight path suggests it will. (author)

Significance of abolishing British National Oil Corporation

Energy Technology Data Exchange (ETDEWEB)

Mabro, R

1985-04-01

The decision to abolish British National Oil Corporation has greater significance than any commentator, so far, has cared to admit. Mr. Mabro says the Government has done much more than get rid of an institution it had previously weakened and emasculated; in effect, it had abdicated its responsibilities for the pricing of North Sea oil. He further observes that these moves may be consistent with the tenets of a simplistic free-market ideology: they betray, however, a lack of understanding of the economics of oil, and of the UK economic interest in oil.

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

Market efficiency of oil spot and futures: A mean-variance and stochastic dominance approach

Energy Technology Data Exchange (ETDEWEB)

Lean, Hooi Hooi [Economics Program, School of Social Sciences, Universiti Sains Malaysia (Malaysia); McAleer, Michael [Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, and, Tinbergen Institute (Netherlands); Wong, Wing-Keung, E-mail: awong@hkbu.edu.h [Department of Economics, Hong Kong Baptist University (Hong Kong)

2010-09-15

This paper examines the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas Intermediate crude oil data for the sample period 1989-2008, we find no evidence of any MV and SD relationships between oil spot and futures indices. This infers that there is no arbitrage opportunity between these two markets, spot and futures do not dominate one another, investors are indifferent to investing spot or futures, and the spot and futures oil markets are efficient and rational. The empirical findings are robust to each sub-period before and after the crises for different crises, and also to portfolio diversification.

Market efficiency of oil spot and futures. A mean-variance and stochastic dominance approach

Energy Technology Data Exchange (ETDEWEB)

Lean, Hooi Hooi [Economics Program, School of Social Sciences, Universiti Sains Malaysia (Malaysia); McAleer, Michael [Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam (Netherlands); Wong, Wing-Keung [Department of Economics, Hong Kong Baptist University (China); Tinbergen Institute (Netherlands)

2010-09-15

This paper examines the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas Intermediate crude oil data for the sample period 1989-2008, we find no evidence of any MV and SD relationships between oil spot and futures indices. This infers that there is no arbitrage opportunity between these two markets, spot and futures do not dominate one another, investors are indifferent to investing spot or futures, and the spot and futures oil markets are efficient and rational. The empirical findings are robust to each sub-period before and after the crises for different crises, and also to portfolio diversification. (author)

Market efficiency of oil spot and futures: A mean-variance and stochastic dominance approach

International Nuclear Information System (INIS)

Lean, Hooi Hooi; McAleer, Michael; Wong, Wing-Keung

2010-01-01

This paper examines the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas Intermediate crude oil data for the sample period 1989-2008, we find no evidence of any MV and SD relationships between oil spot and futures indices. This infers that there is no arbitrage opportunity between these two markets, spot and futures do not dominate one another, investors are indifferent to investing spot or futures, and the spot and futures oil markets are efficient and rational. The empirical findings are robust to each sub-period before and after the crises for different crises, and also to portfolio diversification.

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....

National oil companies' presence to hike US refining competition

International Nuclear Information System (INIS)

Anon.

1992-01-01

This paper reports that the downstream segment of the U.S. petroleum business is virtually certain to become more competitive because of the growing presence of national oil companies in the country's refining industry. That's a forecast by New York investment firm Kidder Peabody. It cites a plan by Mexico's Petroleos Mexicanos (Pemex) to form a joint venture with Shell Oil Co. covering Shell's 225,000 b/d Deer Park, Tex., refinery as the latest example of national oil companies' movement into U.S. refining

Oil fiscal regimes and national oil companies: A comparison between Pemex and Petrobras

International Nuclear Information System (INIS)

Ramírez-Cendrero, Juan M.; Paz, María J.

2017-01-01

Analysis of the determinants of the performance of national oil companies (NOCs) is and has always been among the most discussed topics in specialized literature. In this context, the uneven path experienced by two major Latin American NOCs – Petrobras and Pemex – is striking. Our work seeks to explain the uneven performance, focusing on the productive aspects. In particular, we analyze the oil fiscal regimes in Brazil and Mexico as a very crucial aspect – though not the only one – within oil-rich countries that may shed light on the disparities between Petrobras and Pemex. The contribution of our work to the existing literature derives from the relationship that we establish between the characteristics of the respective oil fiscal regimes and the productive performance of the two NOCs, with special consideration paid to the ways in which a fiscal regime contributes, or not, to promoting and guiding the investment efforts of companies. We compare investment, production, and reserve indicators of Pemex and Petrobras and conclude that the Mexican and Brazilian oil fiscal regimes can largely explain the productive and investor performance of both NOCs. - Highlights: • We analyze the oil fiscal regimes in Brazil and Mexico. • We outline the major features in both national oil companies, Petrobras and Pemex. • We compare investment, production, and reserve indicators of Pemex and Petrobras. • We conclude that the OFRs largely explain the productive performance of the NOCs.

Oil sands: Strategies for future development - An overview

International Nuclear Information System (INIS)

Yildirim, E.

1995-01-01

The Alberta Chamber of Resources developed a Task Force in 1993 to promote oil sands development, and to identify and publicize the social and economic benefits of oil sands operations. Formation, mission of the National Task Force, impediments and opportunities for development were summarized. Attributes of oil sands, benefits of their development, impediments to development, strategic development and potential growth scenarios were discussed. Cooperation between government and industry was deemed essential. Recommendations included development of a bitumen pipeline network, provision of incentives to encourage development, encouragement of risk and reward sharing between bitumen producers and up graders, and diversification of products and by-products. 7 figs., 12 refs

Coconut oil and palm oil's role in nutrition, health and national development: A review.

Science.gov (United States)

Boateng, Laurene; Ansong, Richard; Owusu, William B; Steiner-Asiedu, Matilda

2016-09-01

Coconut and palm oils which were the major sources of dietary fats for centuries in most of West Africa have been branded as unhealthy highly saturated fats. Their consumption has been peddled to supposedly raise the level of blood cholesterol, thereby increasing the risk of coronary heart disease. This adverse view has led to a reduction in their consumption in West Africa and they have been substituted for imported vegetable oils. Recent information however, indicates some beneficial effects of these oils particularly their roles in nutrition, health and national development. There is the need for a better understanding of their effects on health, nutritional status and national development. This paper therefore attempts to review the roles which coconut and palm oils play in these respects in developing countries, as a means of advocating for a return to their use in local diets. None declared.

Testing market efficiency of crude palm oil futures to European participants

OpenAIRE

Liu, Xing

2009-01-01

Palm oil is the most consumed and traded vegetable oils in the EU and the world. Increasing non-food uses for vegetable oils in especially feedstock of biofuels in recent years have caused the price volatility to rise in both EU and global market. The most efficient pricing of crude palm oil (CPO) is to found on Bursa Malaysia (BMD), and it provides by far the world’s most liquid palm oil contract. The goal of this study is to investigate CPO futures market efficiency of BMD for the European ...

Unbiasedness and time varying risk premia in the crude oil futures market

International Nuclear Information System (INIS)

Moosa, I.A.; Al-Loughani, N.E.

1994-01-01

This paper presents some empirical evidence on market efficiency and unbiasedness in the crude oil futures market and some related issues. On the basis of monthly observations on spot and futures prices of the West Texas Intermediate (WTI) crude oil, several tests are carried out on the relevant hypotheses. The evidence suggests that futures prices are neither unbiased nor efficient forecasters of spot prices. Furthermore, a GARCH-M(1,1) model reveals the existence of a time varying risk premium. (author)

Why do leaders nationalize the oil industry? The politics of resource expropriation

International Nuclear Information System (INIS)

Mahdavi, Paasha

2014-01-01

Why do leaders nationalize the oil industry? In line with a general utility-maximizing theory, I argue that leaders nationalize to maximize state revenues while minimizing costs. The latter includes international retaliation and domestic political constraints. Using a novel longitudinal dataset on the establishment of national oil companies (NOCs), the empirical evidence presented in this paper lends support to four primary findings. States are most likely to establish NOCs (1) in periods of high oil prices, when the risks of expropriation are outweighed by the financial benefits; (2) in non-democratic systems, where executive constraints are limited; (3) in “waves”, that is, after other countries have nationalized, reflecting reduced likelihood of international retaliation; and, though with weaker empirical support, (4) in political settings marked by resource nationalism. This last factor is proxied by OPEC membership in large-N analysis and, in a two-case comparison, by the difference in retained profits between the host and foreign governments. The theory and empirics presented here offer some clues for policy makers and multinational companies alike as to when to expect leaders to opt for nationalization. - Highlights: • I model determinants of oil nationalizations for 65 producing countries 1945–2005. • I offer a new measure of nationalization using the establishment of NOCs. • Oil prices, political institutions, cross-country diffusion predict nationalization. • Nationalization is also likely when revenue is perceived to be shared unfairly. • Operator-led contract renegotiation can reduce likelihood of nationalization

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

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.

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

National Oil Companies: the view from Venezuela

International Nuclear Information System (INIS)

Rodriguez, M.

1994-01-01

National oil companies were key elements in the initial OPEC strategy and they brought a de-integration of oil industry. These companies have tried to move from crude marketing to product marketing through new investments at home and abroad in order to get higher value added and more secure markets for crude. Low prices bring new challenges. Venezuela's answers are strategic associations, operating contract for marginal fields and profit sharing agreements. (Author)

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)

Profiler : Canadian oil and gas : the First Nations : building successful partnerships

Energy Technology Data Exchange (ETDEWEB)

Anon.

2010-05-15

Canada's petroleum and natural gas is often produced in remote areas where the majority of the population is Aboriginal. Many First Nations and Metis communities are now playing an active role in Canada's oil and gas industry. Aboriginal-owned companies have earned more than $2.6 billion in the oil sands region since 1999. In 2007, the value of contracts between Alberta oil sands companies and Aboriginal companies was estimated at $606 million. This special supplement discussed First Nations partnerships in the oil and gas industry. Articles in the supplement presented new employment, training and partnership activities in the oil and gas industry as well as activities related to emerging unconventional resources. Educational programs and training facilities were described. The employment and procurement practices of leading oil and gas operators were discussed. The supplement featured presentations by several leading oil and gas companies. tabs., figs.

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

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.

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)

Fueling the dragon: Alternative Chinese oil futures and their implications for the United States

Science.gov (United States)

Eberling, George G.

This study examines how Chinese oil energy will likely shape future Sino-American relations under conditions of dependency and non-dependency. The study will list and describe three possible Chinese oil energy futures or scenarios (Competitive Dependency, Competitive Surplus and Cooperative Surplus) using Scenario Analysis to subsequently estimate their associated likelihoods using the PRINCE forecasting system and discuss and evaluate their strategic implications for the United States. Further, this study will determine the most likely oil energy future or scenario. Finally, the study will list and describe the most likely United States political, economic and/or military policy responses for each future or scenario. The study contributes to the literature on Chinese and United States energy security, foreign policy, political economy and political risk analysis by showing how China will most likely address its growing oil energy dependence and by determining what will be the most likely U.S. foreign policy consequences based on the most current literature available on energy security and foreign policy.

Overseas Investments by Chinese National Oil Companies

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-07-01

This report examines inaccuracies in some commonly held views of China's National Oil Companies (NOCs). Until now, there has been little analysis to test the widely held presumption that these companies act under the instructions and in close co-ordination with the Chinese government. Nor have critics been challenged on the validity of their concerns about investments made by these NOCs, and how they could be blocking supplies of oil for other importing countries. The IEA analysis, however, finds that contrary to these views, the NOCs actually operate with a high degree of independence from the Chinese government, and their investments have in fact largely boosted global supplies of oil and gas, which other importers rely on.

The future of the oil and gas industry

International Nuclear Information System (INIS)

Morrison, G.

1998-01-01

A review of the state of the Canadian oil and gas industry for 1997 was presented. In 1997, capital investment levels were at $19 billion with oil, gas and gas by-products production valued at $31 billion. Exports were strong and set to grow further. As far as the Yukon is concerned, the availability of increased incentives and the announcement of a common royalty regime for the Territory have helped to increase interest by outside capital. Ongoing efforts are being made to include First Nations communities in the public consultation processes, and to ensure significant benefits to First Nation people from any development. The industry's initiatives and approaches to exploration, development and production were outlined. Environmental initiatives to protect the wilderness, and the existing ecosystem were described with examples from Alberta (Special Places 2000) and from British Columbia (BC Northern Rockies (Muskwa-Kechika; marine protected areas). 1 fig

National Energy Plan II

Energy Technology Data Exchange (ETDEWEB)

None

1979-01-01

This volume contains the Administration's second National Energy Plan, as required by section 801 of the Department of Energy Organization Act (Public Law 95-91). A second volume will contain an assessment of the environmental trends associated with the energy futures reported here. Detailed appendices to the Plan will be published separately. The eight chapters and their subtitles are: Crisis and Uncertainty in the World Energy Future (The Immediate Crisis and the Continuing Problem, The Emergence of the Energy Problem, The Uncertainties of the World Energy Future, World Oil Prices, Consequences for the U.S.); The U.S. Energy Future: The Implications for Policy (The Near-, Mid-, and Long-Term, The Strategy in Perspective); Conservation (Historical Changes in Energy Use, Post-Embargo Changes - In Detail, Conservation Policies and Programs, The Role of Conservation); Oil and Gas (Oil, Natural Gas); Coal and Nuclear (Coal, Nuclear, Policy for Coal and Nuclear Power); Solar and Other Inexhaustible Energy Sources (Solar Energy, Geothermal, Fusion, A Strategy for Inexhaustible Resources); Making Decisions Promptly and Fairly (Managing Future Energy Crises: Emergency Planning, Managing the Current Shortfall: The Iranian Response Plan, Managing the Long-Term Energy Problem: The Institutional Framework, Fairness in Energy Policy, Public Participation in the Development of Energy Policy); and NEP-II and the Future (The Second National Energy Plan and the Nation's Energy Future, The Second National Energy Plan and the Economy, Employment and Energy Policy, The Second National Energy Plan and Individuals, The Second National Energy Plan and Capital Markets, and The Second National Energy Plan and the Environment). (ERA citation 04:041097)

Shanghai and Hong Kong Join Efforts for Oil Futures Exchanges

Institute of Scientific and Technical Information of China (English)

无

2003-01-01

@@ Shanghai Futures Exchange (SHFE) and Hong Kong Exchanges and Clearing Limited (HKEx) announced in midApril they will jointly introduce crude oil futures. The two exchanges will jointly develop an energy derivatives market that serves both Chinese and international investors,according to a memorandum of understanding (MOU) signed between the two exchanges.

Testing the weak-form efficiency of the WTI crude oil futures market

Science.gov (United States)

Jiang, Zhi-Qiang; Xie, Wen-Jie; Zhou, Wei-Xing

2014-07-01

The weak-form efficiency of energy futures markets has long been studied and empirical evidence suggests controversial conclusions. In this work, nonparametric methods are adopted to estimate the Hurst indexes of the WTI crude oil futures prices (1983-2012) and a strict statistical test in the spirit of bootstrapping is put forward to verify the weak-form market efficiency hypothesis. The results show that the crude oil futures market is efficient when the whole period is considered. When the whole series is divided into three sub-series separated by the outbreaks of the Gulf War and the Iraq War, it is found that the Gulf War reduced the efficiency of the market. If the sample is split into two sub-series based on the signing date of the North American Free Trade Agreement, the market is found to be inefficient in the sub-periods during which the Gulf War broke out. The same analysis on short-time series in moving windows shows that the market is inefficient only when some turbulent events occur, such as the oil price crash in 1985, the Gulf war, and the oil price crash in 2008.

Future Oil and Gas Resources of the World: A Coming Supply Crisis?

Science.gov (United States)

Ahlbrandt, T. S.

2002-05-01

Is the world running out of oil? Where will future oil and gas supplies come from? To help answer these questions, the U.S. Geological Survey completed in 2000 a new assessment of the undiscovered conventional oil and gas resources and potential additions to reserves from field growth. One hundred and twenty-eight provinces were assessed in a 100 man-year effort from 1995-2000. The assessed provinces included 76 priority provinces containing 95 percent of the world's discovered oil and gas and an additional 52 "boutique" provinces, many of which may be highly prospective. Total Petroleum Systems (TPS) were identified and described for each of these provinces along with associated Assessment Units (AU) that are the basic units for assessing undiscovered petroleum. The assessment process coupled geologic analysis with a probabilistic methodology to estimate remaining potential. Within the 128 assessed provinces, were 159 TPS and 274 AU. For these provinces, the endowment of recoverable oil, which includes cumulative production, remaining reserves, reserve growth, and undiscovered resources is estimated at about 3 trillion barrels of oil (TBO). The natural gas endowment is estimated at 2.6 trillion barrels of oil equivalent (TBOE). Oil reserves are currently 1.1 TBO; world consumption is about .028 TBO per year. Natural gas reserves are about .8 TBOE; world consumption is about .014 TBOE. Thus, without any additional discoveries of oil, gas or natural gas liquids, we have about 2 TBOE of proved petroleum reserves. Of the oil and gas endowment of about 5.6 TBOE, we estimate that the world has consumed about 1 TBOE, or 18 percent leaving about 82 percent of endowment to be utilized or found. Half of the world's undiscovered potential is offshore. Arctic basins with about 25 percent of undiscovered petroleum resources make up the next great frontier. An additional 279 provinces contain some oil and gas and, if considered, would increase the oil and gas endowment

Oil price assumptions in macroeconomic forecasts: should we follow future market expectations?

International Nuclear Information System (INIS)

Coimbra, C.; Esteves, P.S.

2004-01-01

In macroeconomic forecasting, in spite of its important role in price and activity developments, oil prices are usually taken as an exogenous variable, for which assumptions have to be made. This paper evaluates the forecasting performance of futures market prices against the other popular technical procedure, the carry-over assumption. The results suggest that there is almost no difference between opting for futures market prices or using the carry-over assumption for short-term forecasting horizons (up to 12 months), while, for longer-term horizons, they favour the use of futures market prices. However, as futures market prices reflect market expectations for world economic activity, futures oil prices should be adjusted whenever market expectations for world economic growth are different to the values underlying the macroeconomic scenarios, in order to fully ensure the internal consistency of those scenarios. (Author)

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…

Identification of key oil refining technologies for China National Petroleum Co. (CNPC)

International Nuclear Information System (INIS)

Liu Haiyan; Yu Jianning; Xu Jian; Fan Yu; Bao Xiaojun

2007-01-01

This paper summarizes the results from the project 'Vision of the Key Petroleum Refining Technologies for China National Petroleum Co. (CNPC) in the Early 21st Century' undertaken by the Department of R and D Administration, CNPC, and its affiliate key laboratory, The Key Laboratory of Catalysis operated by China University of Petroleum, Beijing. The objective of the project was to identify the challenges and opportunities of CNPC's petroleum refining business given increasing economy globalization and stricter environmental regulations. Using the modified Delphi method, four key technologies for CNPC's oil refining industry were identified. They are: integrated fluid catalytic cracking (FCC), hydroprocessing, residue hydrocracking, and high-grade lubricant production. The most significant technology will be the integrated FCC technology that can economically increase the yield of light fractions as well as upgrade transportation fuels. In China, FCC units produce about 80% and 30% commercial gasoline and diesel, respectively. To ensure compliance with future environmental legislation, hydroprocessing technologies, including those related to petroleum product hydrorefining and distillate hydrocracking, should be developed. By combining residue hydrocracking and FCC technologies, poorer quality residua can be processed. Supplying high-grade lube oils is one of the main tasks for CNPC's oil refining industry. Development of hydrodewaxing technologies to manufacture API group II/III base oil is the main direction for CNPC's lubricant production business

78 FR 73449 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2013-12-06

... Substances Pollution Contingency Plan (NCP). This partial deletion pertains to the soil of 1,154 residential...] National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List: Partial Deletion of the Omaha Lead Superfund Site AGENCY: Environmental Protection Agency (EPA). ACTION: Final rule...

78 FR 69360 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2013-11-19

...] National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List: Partial... and Hazardous Substances Pollution Contingency Plan (NCP). The EPA and the State of California... Corp Air Station Superfund Site without prior Notice of Intent for Partial Deletion because EPA views...

75 FR 43115 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2010-07-23

... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Intent to Partially..., as amended, is an appendix of the National Oil and Hazardous Substances Pollution Contingency Plan... Intent for Partial Deletion because EPA views this as a noncontroversial revision and anticipates no...

Corn content of French fry oil from national chain vs. small business restaurants.

Science.gov (United States)

Jahren, A Hope; Schubert, Brian A

2010-02-02

Several issues, ranging from sustainability to health, may interest the consumers in the corn content of their food. However, because restaurants are excluded from the Nutrition Labeling and Education Act of 1990, national chain restaurants provide nonspecific ingredient information and small businesses supply none. We measured the carbon isotope composition of fry oil in French fries purchased from 68 (67%) of the 101 national chain fast food restaurants on Oahu (i.e., McDonald's, Burger King, Wendy's, Arby's, and Jack in the Box), and paired this with a similar number of small businesses (n = 66) to calculate minimum percent contribution of corn to total fry oil. We found that the majority (69%) of the national chain restaurants served fries containing corn oil, whereas this was true for only a minority (20%) of the small businesses. Corn oil is more expensive than soybean oil (for example) when purchased from a small business supplier, suggesting that large-scale corporate agreements are necessary to make corn oil frying cost-effective. When considering French fry oil along with corn-fed beef and chicken, as well as high-fructose corn syrup-sweetened soda, we see the pervasive influence of corn as an ingredient in national chain fast food.

Forecasting volatility and spillovers in crude oil spot, forward and future markets

NARCIS (Netherlands)

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

2009-01-01

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

A general improved methodology to forecasting future oil production: Application to the UK and Norway

International Nuclear Information System (INIS)

Fiévet, L.; Forró, Z.; Cauwels, P.; Sornette, D.

2015-01-01

We present a new Monte-Carlo methodology to forecast the crude oil production of Norway and the U.K. based on a two-step process, (i) the nonlinear extrapolation of the current/past performances of individual oil fields and (ii) a stochastic model of the frequency of future oil field discoveries. Compared with the standard methodology that tends to underestimate remaining oil reserves, our method gives a better description of future oil production, as validated by our back-tests starting in 2008. Specifically, we predict remaining reserves extractable until 2030 to be 5.7 ± 0.3 billion barrels for Norway and 3.0 ± 0.3 billion barrels for the UK, which are respectively 45% and 66% above the predictions using an extrapolation of aggregate production. - Highlights: • Two step methodology to forecast a countries oil production. • Nonlinear extrapolation of the performance of individual fields. • Stochastic model of the frequency of future discoveries. • Backtest starting in 2008 of the methodology. • Improvement upon standard extrapolation of aggregate production

76 FR 45484 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2011-07-29

... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Notice of Intent for..., as amended, is an appendix of the National Oil and Hazardous Substances Pollution Contingency Plan... PBL Superfund Site without prior Notice of Intent for Deletion because EPA views this as a...

76 FR 18136 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2011-04-01

... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the Norwood... amended, is an appendix of the National Oil and Hazardous Substances Pollution Contingency Plan (NCP). The... we view this as a noncontroversial revision and anticipate no adverse comment. We have explained our...

76 FR 81904 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2011-12-29

... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the Hipps..., as amended, is an appendix of the National Oil and Hazardous Substances Pollution Contingency Plan... of Intent to Delete because we view this as a noncontroversial revision and anticipate no adverse...

75 FR 33747 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2010-06-15

... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Notice of Intent for... Notice of Intent to Delete the soils of Operable Unit 1 and the underlying ground water of the... National Oil and Hazardous Substances Pollution Contingency Plan (NCP). The EPA and the State of Texas...

78 FR 66325 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2013-11-05

...] National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the... Substances Pollution Contingency Plan (NCP). The EPA and the State of South Carolina, through the South... because we view this as a noncontroversial revision and anticipate no adverse comment. We have explained...

Can Latin American Oil Companies Free Themselves from the Legacy of Nationalization? (Can Latin American Oil and Gas Companies Break Free of Their Nationalized Past?) - CERI Studies No. 183

International Nuclear Information System (INIS)

Rousseau, Isabelle

2012-01-01

Latin America's national oil companies, created at various times during the twentieth century, have each evolved in a different way. The two main companies - Petroleos de Mexico (Pemex) and Petroleos de Venezuela (PDVSA) - provide excellent illustrations of the rich diversity of organizational and industrial development. Many factors - such as the importance of earth quakes - explain the diversity. Nevertheless, the role of governments during the period of nationalizations is key. It was then that the relationships between the owners of natural resources, public operators, regulators, the finance ministries, and international operators were defined. This process shaped the companies' institutional structures (path dependency) and set the parameters for future entrepreneurial dynamism. The path by which each of these enterprises developed continues to affect their culture as evidenced by the recent reforms which attempted to restructure Pemex and PDVSA. (author)

Energy technologies at Sandia National Laboratories: Past, Present, Future

Energy Technology Data Exchange (ETDEWEB)

1989-08-01

We at Sandia first became involved with developing energy technology when the nation initiated its push toward energy independence in the early 1970s. That involvement continues to be strong. In shaping Sandia's energy programs for the 1990s, we will build on our track record from the 70s and 80s, a record outlined in this publication. It contains reprints of three issues of Sandia's Lab News that were devoted to our non-nuclear energy programs. Together, they summarize the history, current activities, and future of Sandia's diverse energy concerns; hence my desire to see them in one volume. Written in the fall of 1988, the articles cover Sandia's extremely broad range of energy technologies -- coal, oil and gas, geothermal, solar thermal, photovoltaics, wind, rechargeable batteries, and combustion.

The refining industry and the future of the fuel oils

International Nuclear Information System (INIS)

Soleille, S.

2004-01-01

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.)

An evaluation of known remaining oil resources in the state of Kansas: Project on advanced oil recovery and the states. Volume 4

Energy Technology Data Exchange (ETDEWEB)

NONE

1993-11-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of die IOGCC`s effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD&D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the state of Kansas. Individual reports for seven other oil producing states and a national report have been separately published by the IOGCC. Several major technical insights for state and Federal policymakers and regulators can be reached from this analysis. Overall, well abandonments and more stringent environmental regulations could limit economic access to the nation`s known, remaining oil resource. The high risk of near-term abandonment and the significant benefits of future application of improved oil recovery technoloy, clearly point to a need for more aggressive transfer of currently available technologies to domestic oil producers. Development and application of advanced oil recovery technologies could leave even greater benefits to the nation. A collaborative, focused RD&D effort, integrating the resources and expertise of industry, state and local governments, and the Federal government, is clearly warranted. With effective RD&D and a program of aggressive technology transfer to widely disseminate its results, Kansas oil production could be maximized. The resulting increase in production rates, employment, operator profits, state and Federal tax revenues, energy security will benefit the state of Kansas and the nation as a whole.

An evaluation of known remaining oil resources in the state of Louisiana: Project on advanced oil recovery and the states. Volume 5

Energy Technology Data Exchange (ETDEWEB)

NONE

1993-11-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of die IOGCC`s effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD&D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the state of Louisiana. Individual reports for seven other oil producing states and a national report have been separately published by the IOGCC. Several major technical insights for state and Federal policymakers and regulators can be reached from this analysis. Overall, well abandonments and more stringent environmental regulations could limit economic access to the nation`s known, remaining oil resource. The high risk of near-term abandonment and the significant benefits of future application of improved oil recovery technoloy, clearly point to a need for more aggressive transfer of currently available technologies to domestic oil producers. Development and application of advanced oil recovery technologies could leave even greater benefits to the nation. A collaborative, focused RD&D effort, integrating the resources and expertise of industry, state and local governments, and the Federal government, is clearly warranted. With effective RD&D and a program of aggressive technology transfer to widely disseminate its results, Louisiana oil production could be maximized. The resulting increase and improvement in production rates, employment, operator profits, state and Federal tax revenues, energy security will benefit both the state of Louisiana and the nation as a whole.

78 FR 48844 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2013-08-12

... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the Mosley... National Oil and Hazardous Substances Pollution Contingency Plan (NCP). The EPA and the State of Oklahoma... Deletion of the MRSL Superfund Site without prior Notice of Intent to Delete because we view this as a...

78 FR 60809 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2013-10-02

...] National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the... Substances Pollution Contingency Plan (NCP). EPA and the State of New York, through the New York State... Deletion of the Site without prior Notice of Intent to Delete because EPA views this as a noncontroversial...

National Oil Companies and their role in international market

International Nuclear Information System (INIS)

2007-01-01

Thirteen of the top 20 international helders of oil and gas reserves are either traditional national oil company (NOC) or newly privatised NOC. The growing importance of NOC in the international energy markets raises questions about emerging policies, objectives and priorities of these organizations since, historically, geopolitical and strategic aims in addition to purely commercial considerations are factored into their foreign investment decisions [it

Future markets and the two dimensions of instability in commodity markets: The oil experience

International Nuclear Information System (INIS)

Calabre, S.

1991-01-01

Public opinion and the media often suggest that futures markets have made the price of oil more unstable than it otherwise should be. It is argued that short-term price instability, associated with the functioning commodity futures markets, must be distinguished from medium-term instability, associated with the processes that adjust supply and consumption. Futures markets appear to be price destabilizing at times, although they also facilitate the management of trade in oil. In the medium term, however, stability and instability are determined by the mechanisms that adjust production and consumption. 39 refs., 4 figs

Rethinking "energy nationalism": a study of the relationship between nation states and companies in the oil industry

Directory of Open Access Journals (Sweden)

NOELE DE FREITAS PEIGO

2015-09-01

Full Text Available ABSTRACTThe term "energy nationalism" is frequently used by academic literature and media, but usually without adequate conceptual accuracy. Despite this, a set of papers deepens the discussion on the relationship between nation states and the energy industry, especially the oil sector. These papers allow identifying fundamental elements to understand the energy nationalism, either complementary or divergent between each other. Thus, this study aims at presenting an interpretation of the concept that fills the gaps left by the above mentioned literature based on a global analysis of the oil industry structure and its historical evolution since the mid-19thcentury.

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.

The future of national research institutions

International Nuclear Information System (INIS)

Popp, M.

1992-01-01

In Germany, the national research centers have prepared, accompanied and stabilized the development of nuclear technology. In the present, political, situation, they are no longer able to make a comparably constructive contribution to the future perspective of nuclear technology. The accompanying scientific services rendered nuclear technology by the national research centers also in the future include the cultivation of qualified expertise. In this way, the link between national research centers and nuclear technology is maintained, albeit at a different level. Cases in point are nuclear fusion or the development of new, advanced reactor lines. (orig.) [de

A study on the future of unconventional oil development under different oil price scenarios: A system dynamics approach

International Nuclear Information System (INIS)

Hosseini, Seyed Hossein; Shakouri, Hamed G.

2016-01-01

Fluctuations in the oil global market has been a critical topic for the world economy so that analyzing and forecasting the conventional oil production rate has been examined by many researchers thoroughly. However, the dynamics of the market has not been studied systematically with regard to the new emerging competitors, namely unconventional oil. In this paper, the future trend of conventional and unconventional oil production and capacity expansion rates are analyzed using system dynamics approach. To do so, a supply-side modeling approach is utilized while main effective loops are modeled mathematically as follows: technological learning and progress, long and short-term profitability of oil capacity expansion and production, and oil proved reserve limitations. The proposed model is used to analyze conventional and unconventional oil production shares, up to 2025, under different oil price scenarios. The results show that conventional oil production rate ranges from 79.995 to 87.044 MB/day, which is 75–80 percent of total oil production rate, while unconventional oil production rate ranges from 19.615 to 28.584 MB/day. Simulation results reveal that unconventional oil can gain a considerable market share in the short run, although conventional oil will remain as the major source for the market in the long run. - Highlights: • Variables and loops affecting oil production are formulated mathematically. • Shares of conventional and unconventional oil in the global oil market is analyzed. • Oil production rate under different oil price scenarios up to 2025 is simulated. • Unconventional oil would obtain a considerable share in market in the short-term. • A late peak for the conventional oil resources would occur.

Nationalization of the Oil Industry in Iran and the Fadaiean of Islam

Directory of Open Access Journals (Sweden)

Rahim Mostafazadeh

2017-02-01

Full Text Available Nationalization of oil industry is a name given to the escalation period of the Iranian people’ struggle for the nationalization of the oil industry. In its realization, a lot of groups were involved as well The Fadaiean of Islam. Findings of this research, which has been gathered using descriptive-analytic method, show that in the process of this national movement, The Fadaiean of Islam, provided grounds for the victory using both peaceful struggle strategies – cooperation with other religious groups and the National Front–and non-reconciling strategies including assassination of Hazhir and Razmara.

75 FR 54821 - National Oil and Hazardous Substance Pollution Contingency Plan; National Priorities List; Intent...

Science.gov (United States)

2010-09-09

... and Hazardous Substance Pollution Contingency Plan; National Priorities List; Intent for Partial... amended, is an Appendix of the National Oil and Hazardous Substances Pollution Contingency Plan (NCP). The... Superfund Site without prior Notice of Intent for Partial Deletion because EPA views this as a...

Risk-averse and Risk-seeking Investor Preferences for Oil Spot and Futures

NARCIS (Netherlands)

H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

2013-01-01

textabstractThis paper examines risk-averse and risk-seeking investor preferences for oil spot and futures prices by using the mean-variance (MV) criterion and stochastic dominance (SD) approach. The MV findings cannot distinguish between the preferences of spot and futures markets. However, the SD

76 FR 70105 - National Oil and Hazardous Substance Pollution Contingency Plan National Priorities List: Partial...

Science.gov (United States)

2011-11-10

... and Hazardous Substance Pollution Contingency Plan National Priorities List: Partial Deletion of the... appendix of the National Oil and Hazardous Substances Pollution Contingency Plan (NCP). EPA and the State... property PINs listed above. The deletion of these two parcels from the Site affects all surface soils...

75 FR 47521 - National Oil and Hazardous Substance Pollution Contingency Plan; National Priorities List: Intent...

Science.gov (United States)

2010-08-06

... and Hazardous Substance Pollution Contingency Plan; National Priorities List: Intent To Delete the... appendix of the National Oil and Hazardous Substances Pollution Contingency Plan (NCP). The EPA and the... Corporation (Markhams) Superfund Site without prior notice of intent to delete because we view this as a...

Waste oil management at the Oak Ridge National Laboratory

International Nuclear Information System (INIS)

Oakes, T.W.; Bird, J.C.; Shank, K.E.; Kelley, B.A.; Harrison, L.L.; Clark, B.R.; Rogers, W.F.

1980-01-01

It is the policy of the Oak Ridge National Laboratory (ORNL) to require that oily substances be handled and disposed of in a manner that protects the environment and personnel from harm. Federal regulations prohibit the discharge of oil into navigable waters, with stiff penalties possible to violators. A strict waste oil management program has been developed and implemented because of the potential for oil problems resulting from the large and varied uses of oil at the Laboratory. Also, past records of improper discharges of oil have mandated immediate corrective actions. In order to resolve the problems of waste oil at the Laboratory, the ORNL Waste Oil Investigation Committee was formed on March 14, 1979. The work of the committee included a survey of every building and area of the Laboratory to locate the presence of oil and the pathways of oil discharges to the environment. The committee also provided a basis for the development of oil spill procedures and waste oil disposal. The Department of Environmental Management (DEM) of the Industrial Safety and Applied Health Physics Division at ORNL has the responsibility of developing environmental protection procedures for the handling and disposal of oil. It approves storage and collection facilities, disposal methods, and disposal sites for oil-containing wastes. The DEM has developed and implemented an ORNL Environmental Protection Procedure for oils and an oil spill prevention and countermeasure plan. In order to familiarize ORNL personnel with the problems and procedures of waste oil, the DEM has held seminars on the subject. This report reviews the findings of the Waste Oil Investigation Committee and the actions of the laboratory management and the DEM in dealing with the waste oil problem at ORNL

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

The Impact of United States Monetary Policy in the Crude Oil futures market

Science.gov (United States)

Padilla-Padilla, Fernando M.

This research examines the empirical impact the United States monetary policy, through the federal fund interest rate, has on the volatility in the crude oil price in the futures market. Prior research has shown how macroeconomic events and variables have impacted different financial markets within short and long--term movements. After testing and decomposing the variables, the two stationary time series were analyzed using a Vector Autoregressive Model (VAR). The empirical evidence shows, with statistical significance, a direct relationship when explaining crude oil prices as function of fed fund rates (t-1) and an indirect relationship when explained as a function of fed fund rates (t-2). These results partially address the literature review lacunas within the topic of the existing implication monetary policy has within the crude oil futures market.

Effective communications system for a national oil spill contingency plan in Nigeria

International Nuclear Information System (INIS)

Adeyemi-Wilson, O.A.

1991-01-01

This paper describes what constitute an Effective Communications System for a National Oil Spill Contingency Plan. It discusses the system available in Nigeria for the oil exploration and producing companies, the Nigerian National Petroleum Corporation (NNPC) and the only oil spill response cooperative, the Clean Nigeria Associates (CNA). The Emergency Communications System which the companies had in place for some time, but is no longer functioning because of bureaucratic problems, is mentioned. The paper also mentioned the need to integrate the various separate systems already in use to provide effective communication for proper oil spill response. It recognizes the need for support from the Ministry of Communications and the two government agencies, NITEL and NET which provide telephone services in Nigeria. A proposed Effective Communications System for Nigeria is described

Estimating national water use associated with unconventional oil and gas development

Science.gov (United States)

Carter, Janet M.; Macek-Rowland, Kathleen M.; Thamke, Joanna N.; Delzer, Gregory C.

2016-05-18

The U.S. Geological Survey’s (USGS) Water Availability and Use Science Program (WAUSP) goals are to provide a more accurate assessment of the status of the water resources of the United States and assist in the determination of the quantity and quality of water that is available for beneficial uses. These assessments would identify long-term trends or changes in water availability since the 1950s in the United States and help to develop the basis for an improved ability to forecast water avail- ability for future economic, energy-production, and environmental uses. The National Water Census (http://water.usgs.gov/watercensus/), a research program of the WAUSP, supports studies to develop new water accounting tools and assess water availability at the regional and national scales. Studies supported by this program target focus areas with identified water availability concerns and topical science themes related to the use of water within a specific type of environmental setting. The topical study described in this fact sheet will focus on understanding the relation between production of unconventional oil and gas (UOG) for energy and the water needed to produce and sustain this type of energy development. This relation applies to the life-cycle of renewable and nonrenewable forms of UOG energy and includes extraction, production, refinement, delivery, and disposal of waste byproducts. Water-use data and models derived from this topical study will be applied to other similar oil and gas plays within the United States to help resource managers assess and account for water used or needed in these areas. Additionally, the results from this topical study will be used to further refine the methods used in compiling water-use data for selected categories (for example, mining, domestic self-supplied, public supply, and wastewater) in the USGS’s 5-year national water-use estimates reports (http://water.usgs.gov/watuse/).

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

Gulf War tested U.S. oil policies

International Nuclear Information System (INIS)

Stuntz, L.G.; Smith, H.H.

1992-01-01

Success of the major oil-consuming nations dealing with the Gulf War oil shock should not breed complacency warn the authors. They note that the ability of the US and other major oil importers to eliminate the possibility of significant oil-supply disruptions is limited. Rapid replacement of disrupted supplies through use of excess production capacity was the most important event during the War, they say. However, such excess capacity cannot be counted on in future supply disruptions, they emphasize. Therefore, they conclude the US should: build its Strategic Petroleum Reserve, continue close coordination with its International Energy Agency partners, encourage diversification of world oil supply, develop portions of the Outer Continental Shelf and the Alaskan National Wildlife Refuge, push advanced oil recovery research and development, lower consumption, and increase flexibility in its use of other fuels

National and multinational oil companies. Strategy and performance

International Nuclear Information System (INIS)

Baddout, J.

2009-01-01

This article seeks to analyse the competition that has developed since the 1970's between the Majors and national oil companies o OPEC (NOCs) for the control of the global oil market. The excess production capacity strategy that the NOCs long followed was based on the exploitation of huge and low production cost oil reserves (static advantage) while that of the Majors has been based on the R and D of new technologies (dynamic advantage). The choice of NOCs did not turn out to be very effective as, apart from being static, excess capacity was not used by the NOCs as a strategically competitive weapon to dissuade Majors om staying in the market, but only to maximize their short-term profits. ts. On the other hand, the Majors' strategy turned out to be more effective, as not only did it allow them to regain their pre-1970 dominant position and to postpone the date of exhaustion of the resource by finding new reserves, and moreover, it dampened oil prices for a considerable period, thus depriving NOCs of part of their economic rent. (author)

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)

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

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

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.

75 FR 44920 - National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List...

Science.gov (United States)

2010-07-30

... State Registry of Inactive Hazardous Waste Disposal Sites as a ``Class 2 Inactive Hazardous Waste Site..., Chemicals, Hazardous waste, Hazardous substances, Intergovernmental relations, Natural resources, Oil... and Hazardous Substances Pollution Contingency Plan; National Priorities List: Deletion of the SMS...

Oil and gas in China: The door opens wider to international oil companies

International Nuclear Information System (INIS)

Tao, Wang

1993-01-01

This paper reviews new incentives offered by the China National Petroleum Corporation to help develop China's oil and gas fields. The initial offer for bids by foreign investors is for exploration and joint development contracts for western China's Tarim basin. However, the expansion to other basins and areas of China is well underway. It also discusses a pipeline project which will be connect the western China oil and gas fields with the eastern markets, approximately 2,200 miles. A historical review of the oil and gas production and utilization of China is presented along with forecasts of future production. It also provides estimates of gas and oil reserves and information on enhanced recovery techniques used to maintain a stable production level. The second half of the paper is an interview with Dr. Wang Tao, a PhD graduate of Moscow's Petroleum Institute, and president of the China National Petroleum Corporation. He reviews the government policies with regards to foreign investment in his country

1991 Virginia oil spill reporting - national and state data base comparison

International Nuclear Information System (INIS)

Stalcup, D.; O'Connor, L.; Kallen, E.

1993-01-01

The purpose of this presentation is to give an overview of federal and Virginia state statutes governing the reporting of oil spills through the analysis of oil spill data from a national source (the emergency response notification system, ERNS) and oil spill data from the state level (the Virginia Water Control Board, VWCB). Using data from calendar year 1991, an analysis of the 499 oil spill notifications made to ERNS and the 1,155 oil spill reports made to the VWCB was conducted. The requirements for reporting releases of oil are governed by both underground storage tank (UST) and water pollution control regulations. An analysis was carried out to determine if statutory reporting requirements are being met on the state and federal level. Although these requirements are promulgated on both levels, there is an apparent lack of knowledge in the regulated community

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)

The future for heavy crude oil

International Nuclear Information System (INIS)

Horsnell, P.

1995-01-01

The expectation, still held in 1993, that the light oil-heavy crude oil differential would go on increasing in favour of light oil has not been fulfilled. Current perceptions are that heavy oil will continue to be relatively strong and there is no inevitable upward trend in light-heavy crude differentials. Non-OPEC production has grown significantly lighter overall in recent years and is likely to continue so for several more years. This is due to expanded light oil production in the North Sea, Latin America and the Far East, and contractions in heavy oil production in Russia and the USA. OPEC production has also become lighter with, in particular, an expansion in light oil and contraction in heavy grades from Saudi Arabia. At the same time, the nature of the demand from refineries has changed with the introduction of new units designed to process the residium from heavy oil distillation. Thus the supply of light oil has expanded while demand for it has contracted with the reverse being true for heavy oil. (2 figures, 1 table) (UK)

The national oil companies and the modernization of tax regimes in oil exporting countries

International Nuclear Information System (INIS)

Rodriguez-Padilla, V.

1994-01-01

The analysis of tax regimes for oil national companies leads through three conclusions : i) current tax regimes are economically inefficient but they may be corrected without changing the institutional framework ; ii) there is no optimal tax regime but certain principles such as equity, adaptability and neutrality have to be respected; iii) contracts and concessions might be appropriated tools while maintaining the monopoly of the national company but such a choice poses political and ideological problems. (Author). 26 refs., 1 fig., 1 tab

The adaptation of national companies to a new oil environment

International Nuclear Information System (INIS)

Boussena, S.

1994-01-01

The national oil companies of exporting countries are facing a changing economic world, a remaining low oil price and many other economic and political changes. They have to adapt to this new environment. To do this they have to define a better balance between their corporate targets and the function which is given to them through state ownership. They need an actual modernization which does not necessarily imply privatization. (Author). 3 figs., 5 tabs

"Forecasting Volatility and Spillovers in Crude Oil Spot, Forward and Futures Markets"

OpenAIRE

Chia-Lin Chang; Michael McAleer; Roengchai Tansuchat

2009-01-01

Crude 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 Intermediate (USA), Brent (North Sea), Dubai/Oman (Middle East), and Tapis (Asia- Pacific), which are likely to be highly correlated. This paper analyses the volatility spillover effects across and within the four mar...

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)

Hong Kong faces uncertain future as oil supply centre

International Nuclear Information System (INIS)

McDonald, Paul

1997-01-01

Hong Kong's first day under Chinese rule, 1 July 1997, was not exactly auspicious. A celebratory parade organized by the Chinese was washed out by torrential rain, and the grand finale of a firework display, described as 'a bold statement..... embodying confidence in the future of Hong Kong' fizzled out when one of the firework barges caught fire. The omens are not necessarily good for the territory's oil industry either. (author)

Insulating oil, electrical for transformers and switches : a national standard of Canada

International Nuclear Information System (INIS)

Paniri, S.; Burford, G.; Martin, A.; Adragna, M.

1997-01-01

Standard specifications for insulating oil used in power transformers, instrument transformers, bushings, bulk oil circuit breakers, oil circuit reclosers, and switches were provided. The specifications are divided into Class A and Class B depending on the requirement for kinematic viscosity at -40 degrees C. A Class S oil is also introduced for oil circuit breakers. The standards were prepared by the Technical Committee on Transformer and Switch Oils under the jurisdiction of the Steering Committee on Electrical Engineering, and has been formally approved by these committees. It has been also approved as a National Standard of Canada by the Standards Council of Canada. The document provides a list of reference publications, describes the samples and test procedures, properties and delivery requirements. 1 tab

World oil and gas exploration trends: A comparative study of national and U.S. private oil companies

International Nuclear Information System (INIS)

Ghouri, S.S.K.

1991-01-01

This study hypothesizes that private oil companies and state-owned, national oil companies (NOCs) have different objectives and priorities and thus that different behavioral models are needed to explain changes over time in the level of exploration by these two groups of companies. More specifically, exploration by private companies is expected to be more sensitive to changing oil prices than exploration by NOCs. The study develops three different sets of expected determinants of change over time in the level of exploration (for private companies, and two groups of NOCs-oil importers and non-OPEC oil exporters). In the private-sector model, exploration is driven by expected determinants of profitability, such as oil prices and exploration costs. The NOC models also include national-priority variables, such as import dependency. The study then tests these behavioral models by specifying and estimating econometric models for the period 1970-1988 for 11 companies from the three company groups. Three econometric models are used: static, Koyck distributed lag, and Almon polynomial distributed lag models. The study concludes on the basis of three comparisons that different behavioral models are needed to understand changes in the level of exploration by private companies and NOCs. First, the private-sector model is estimated for all companies. For private companies, the private-sector model works well, whereas for the NOCs it does not, presumably because important determinants of NOC exploration are excluded from the model. Second, when these excluded variables are included in the specification, regression results for the NOCs improve significantly. Third, the private companies have higher elasticities of exploration in both the short run and long run than the NOCs

An evaluation of known remaining oil resources in the state of California. Volume 2, Project on Advanced Oil Recovery and the States

International Nuclear Information System (INIS)

1994-10-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of the IOGCC's effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD ampersand D) and technology transfer on future oil recovery in the United States. As a part of this larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the state of California. Individual reports for seven other oil producing states and a national report have been separately published by the IOGCC. The analysis presented in this report is based on the databases and models available in the Tertiary Oil Recovery Information System (TORIS). Overall, well abandonments and more stringent environmental regulations could limit economic access to California's known, remaining oil resource. The high risk of near-term abandonment and the significant benefits of future application of improved oil recovery technology, clearly point to a need for more aggressive transfer of currently available technologies to oil producers. Development and application of advanced oil recovery technologies could have even greater benefits to the state and the nation. A collaborative, focused RD ampersand D effort, integrating the resources and expertise of industry, state and local governments, and the Federal government, is clearly warranted. With effective RD ampersand D and a program of aggressive technology transfer to widely disseminate its results, California oil production could be maximized. The resulting increase in production rates, employment, operator profits, state and Federal tax revenues, and energy security will benefit both the state of California and the nation as a whole

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

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

Monitoring the impact of the Gordon C. Leitch oil spill on the breeding bird populations of the Mingan Archipelago National Park Reserve, (QC) Canada

International Nuclear Information System (INIS)

Roberge, B.; Chapdelaine, G.

2000-01-01

Results of a monitoring study of the impact of a 1999 oil spill on the breeding bird population in the Mingan Archipelago National Park Reserve in the Gulf of St. Lawrence, Quebec, are discussed. The common eider, the black guillemot and the bald eagle were the three species studied by observing and comparing the status of these bird populations on islands located inside and outside of the contaminated area. Data from before and after the oil spill were compared. Results show that an estimated 211 to 777 breeding birds have died as a result of the oil spill, however, the overall impact on the reproductive potential of the breeding bird population was insignificant. Various protective measures to mitigate the effects of future oil spills are proposed. 38 refs., 7 tabs., 1 fig

Oil atlas: National Petroleum Technology Office activities across the United States

Energy Technology Data Exchange (ETDEWEB)

Tiedemann, H.A.

1998-03-01

Petroleum imports account for the largest share of the US trade deficit. Over one-third of the 1996 merchandise trade deficit is attributed to imported oil. The good news is that substantial domestic oil resources, both existing and yet-to-be-discovered, can be recovered using advanced petroleum technologies. The Energy Information Agency estimates that advanced technologies can yield 10 billion additional barrels, equal to $240 billion in import offsets. The US Department of Energy`s National Petroleum Technology Office works with industry to develop advanced petroleum technologies and to transfer successful technologies to domestic oil producers. This publication shows the locations of these important technology development efforts and lists DOE`s partners in this critical venture. The National Petroleum Technology Office has 369 active technology development projects grouped into six product lines: Advanced Diagnostics and Imaging Systems; Advanced Drilling, Completion, and Stimulation; Reservoir Life Extension and Management; Emerging Processing Technology Applications; Effective Environmental Protection; and Crosscutting Program Areas.

Three different applications of genetic algorithm (GA) search techniques on oil demand estimation

International Nuclear Information System (INIS)

Canyurt, Olcay Ersel; Oztuerk, Harun Kemal

2006-01-01

This present study develops three scenarios to analyze oil consumption and make future projections based on the Genetic algorithm (GA) notion, and examines the effect of the design parameters on the oil utilization values. The models developed in the non-linear form are applied to the oil demand of Turkey. The GA Oil Demand Estimation Model (GAODEM) is developed to estimate the future oil demand values based on Gross National Product (GNP), population, import, export, oil production, oil import and car, truck and bus sales figures. Among these models, the GA-PGOiTI model, which uses population, GNP, oil import, truck sales and import as design parameters/indicators, was found to provide the best fit solution with the observed data. It may be concluded that the proposed models can be used as alternative solution and estimation techniques for the future oil utilization values of any country

Hong Kong faces uncertain future as oil supply centre

Energy Technology Data Exchange (ETDEWEB)

McDonald, Paul [Pearl Oil Ltd. (Hong Kong)

1997-09-01

Hong Kong`s first day under Chinese rule, 1 July 1997, was not exactly auspicious. A celebratory parade organized by the Chinese was washed out by torrential rain, and the grand finale of a firework display, described as `a bold statement..... embodying confidence in the future of Hong Kong` fizzled out when one of the firework barges caught fire. The omens are not necessarily good for the territory`s oil industry either. (author)

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

Energy Technology Data Exchange (ETDEWEB)

Leggett, J

1996-12-31

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.

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.

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)

Causality in variance and the type of traders in crude oil futures

International Nuclear Information System (INIS)

Bhar, Ramaprasad; Hamori, Shigeyuki

2005-01-01

This article examines the causal relationship and, in particular, informational dependence between crude oil futures return and the trading volume using daily data over a ten-year period using a recent econometric methodology. The two-step procedure developed by Cheung and Ng (1996) [Cheung, Y.W., Ng, L.K., 1996. A causality-in-variance test and its applications to financial market prices, Journal of Econometrics 72, 33-48.] is robust to distributional assumption and does not depend on simultaneous modeling of the two variables. We find only causality at higher order lags running from return to volume in the mean as well as in conditional variance. Our result is not in complete agreement with several earlier studies in this area. However, the result does indicate mild support for noise traders' hypothesis in the crude oil futures market. (Author)

Impact of innovations on future energy supply - chemical enhanced oil recovery (CEOR).

Science.gov (United States)

Bittner, Christian

2013-01-01

The International Energy Agency (IEA) expects an increase of global energy demand by one-third during next 20 years together with a change in the global energy mix. A key-influencing factor is a strong expected increase in oil and gas production in the United States driven by 'new' technologies such as hydraulic fracturing. Chemical enhanced oil recovery (CEOR) is another strong growing technology with the potential of a step change innovation, which will help to secure future oil supply by turning resources into reserves. While conventional production methods give access to on average only one-third of original oil in place, the use of surfactants and polymers allows for recovery of up to another third of this oil. In the case of polymer flooding with poly acrylamide, the number of full field implementations has increased in recent years. In the meantime new polymers have been developed to cover previously unmet needs - such polymers can be applied in fields of high salinity and high temperature. Use of surfactants is in an earlier stage, but pilot tests show promising results.

Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

NARCIS (Netherlands)

H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

2010-01-01

textabstractThis paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside

Stakeholder relations in the oil sands : managing uncertainty

Energy Technology Data Exchange (ETDEWEB)

NONE

2009-05-15

Alberta's oil sands are now at the crossroads of a series of significant and complex global issues that will require careful negotiation by all stakeholders involved in the oil sands industry. This paper discussed methods of managing uncertainty and risk related to the oil sands industry's agenda for the future. Oil sands developers must continue to secure permission from communities and other key stakeholders in order to develop oil sand projects. Stakeholder relations between oil sands operators, First Nations, and Metis Nation communities must ensure that respect is maintained while environmental impacts are minimized and long-term economic benefits are secured for all parties. Environmental non-governmental organizations (ENGOs) must ensure that oil sands resources are developed responsibly, and that environmental standards are maintained. Seven key shifts in stakeholder relations resulting from the recent economic crisis were identified. These included (1) withdrawal from the multi-stakeholder process, (2) increased focus on government to demonstrate policy leadership, (3) a stronger push from ENGOs to express environmental concerns, (4) global lobby and public relations efforts from ENGOs, (5) companies retreating to local community stakeholders, (6) more active demands from First Nations and Metis Nations groups, and (7) companies challenging ENGO campaigns. The study concluded by suggesting that government leadership is needed to clear policy and regulatory frameworks for Canada's oil sands.

Guide to oil spill exercise planning

International Nuclear Information System (INIS)

1996-01-01

The International Convention on Oil Pollution Preparedness, Response and Cooperation (OPRC Convention) foresees a future in which all at risk states have national oil spill preparedness and response plans. The Convention also encourages the idea that national plans be developed in cooperation with oil and shipping industries. The ultimate test of any contingency plan is measured by performance in a real emergency. It is vital, therefore, that any programme for developing a national contingency plan must include an ongoing programme to test the plan through realistic exercises. An exercise programme must progressively prepare the Oil Spill Energy Response Team to perform effectively in realistic representations of the risks that the contingency plan has been designed to meet. This report has been designed to guide all those in government or industry who are faced with the responsibility of developing and managing oil spill response exercises at all levels. It carries with it the authority that derives from peer review by many centres of oil spill response excellence around the world. It is well-illustrated with brief case histories of exercises that have been carried out by many IPIECA member companies. Each of those companies has indicated its preparedness to share more information by providing contact name and address details within this report. (author)

Structuring oil and gas joint venture agreements on First Nations lands (south of the 60. parallel)

International Nuclear Information System (INIS)

Rae, LD.

1998-01-01

The advantages that arise from the unique legal regimes that apply to oil and gas exploration and production on First Nations lands were discussed. A significant portion of Canada's Aboriginal communities are located close to areas that will experience intense oil and gas exploration activities in the coming years. In southern Canada, there are 57 First Nations that have oil and gas exploration and/or production on their lands. A total of 179 oil and gas companies have interests on these lands. By law, First Nations do not have the right to develop and exploit the oil and gas resources on their reserve lands if this requires disposition of any portion of these lands to third parties. As a result, they must rely on the Crown's trust and fiduciary obligations to them to administer these resources. As the law now stands, Indian Oil and Gas Canada (IOGC) is obligated to consult with the First Nation community, but it is not obligated to necessarily act in accordance with the community's wishes. As can be expected, under these circumstances the opportunities for stalemates are significant. The difficulties experienced by industry on dealing with the IOGC are described, and alternatives to the current situation are proposed. Suggestions are also offered as to how title uncertainties may be overcome and how First Nations may achieve healthy economic growth right now, even prior to achieving self-government

A Markov switching model of the conditional volatility of crude oil futures prices

International Nuclear Information System (INIS)

Fong, Wai Mun; See, Kim Hock

2002-01-01

This paper examines the temporal behaviour of volatility of daily returns on crude oil futures using a generalised regime switching model that allows for abrupt changes in mean and variance, GARCH dynamics, basis-driven time-varying transition probabilities and conditional leptokurtosis. This flexible model enables us to capture many complex features of conditional volatility within a relatively parsimonious set-up. We show that regime shifts are clearly present in the data and dominate GARCH effects. Within the high volatility state, a negative basis is more likely to increase regime persistence than a positive basis, a finding which is consistent with previous empirical research on the theory of storage. The volatility regimes identified by our model correlate well with major events affecting supply and demand for oil. Out-of-sample tests indicate that the regime switching model performs noticeably better than non-switching models regardless of evaluation criteria. We conclude that regime switching models provide a useful framework for the financial historian interested in studying factors behind the evolution of volatility and to oil futures traders interested short-term volatility forecasts

75 FR 29397 - National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling

Science.gov (United States)

2010-05-26

... National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling By the authority vested in... Deepwater Horizon Oil Spill and Offshore Drilling (the ``Commission''). Sec. 2. Membership. (a) The... impact of, oil spills associated with offshore drilling, taking into consideration the environmental...

An evaluation of known remaining oil resources in the state of Kansas and Oklahoma. Volume 5, Project on Advanced Oil Recovery and the States

International Nuclear Information System (INIS)

1994-11-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of the IOGCC's effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD ampersand D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the states of Kansas, Illinois and Oklahoma for five other oil producing states and a national report have been separately published by the IOGCC. The analysis presented in this report is based on the databases and models available in the Tertiary Oil Recovery Information System (TORIS). Overall, well abandonments and more stringent environmental regulations could limit economic access to Kansas' known, remaining oil resource. The high risk of near-term abandonment and the significant benefits of future application of improved oil recovery technology, clearly point to a need for more aggressive transfer of currently available technologies to domestic oil producers. Development and application of advanced oil recovery technologies could have even greater benefits to the state and the nation. A collaborative, focused RD ampersand D effort, integrating the resources and expertise of industry, state and local governments, and the Federal government, is clearly warranted. With effective RD ampersand D and a program of aggressive technology transfer to widely disseminate its results, oil production could be maximized. The resulting increase in production rates, employment, operator profits, state and Federal tax revenues, and energy security will benefit both the state of Kansas, Illinois and Oklahoma and the nation as a whole

Modelling future oil production, population and the economy

Energy Technology Data Exchange (ETDEWEB)

Laherrere, Jean

2003-07-01

pattern, giving one or more new cycles. To model an event made up of several cycles extending into the future calls for an estimate of the ultimate value, which corresponds with the area under the curve up to the end of the event. For oil, the best tool to determine an ultimate value is the creaming curve that plots cumulative discovery versus the cumulative number of new field wildcats, the result being modelled by one or more hyperbolas. Another method is to plot the ratio of annual to cumulative production versus cumulative production, and extrapolate the trend to zero. When the trend is linear, it represents the derivative of the logistic curve. The fractal distribution of sizes (field reserves, incomes, urban agglomerations plotted against decreasing rank) can also be extrapolated to an ultimate value. Population can be well modelled with two cycles, distinguishing countries with high and low fertility rates. Previous UN forecasts were too high for different reasons. Economic parameters, such as unemployment or inflation, can be correlated with oil price after a certain time-shift. Income distribution is well described by a fractal plot of population versus income. The income fractal distribution in France is in fact the same as that in the United States, although the total of the latter is higher because of a larger population. Many graphs are shown for each domain using the same tools. The goal is that the reader may be able to draw his own conclusions, and make his own forecast. Ironically, it appears that the modelling is more reliable than the input data. Accordingly, the main challenge is to secure better data, but that will be achieved only if and when political influences can be removed. A neutral agency is needed, but neither the UN nor national agencies are neutral. It is hard to see how to force the actors to tell the truth, or know who would run and finance such an organisation. A step in the right direction would be to make official organisations liable

Modelling future oil production, population and the economy

Energy Technology Data Exchange (ETDEWEB)

Laherrere, Jean

2003-07-01

cycles. To model an event made up of several cycles extending into the future calls for an estimate of the ultimate value, which corresponds with the area under the curve up to the end of the event. For oil, the best tool to determine an ultimate value is the creaming curve that plots cumulative discovery versus the cumulative number of new field wildcats, the result being modelled by one or more hyperbolas. Another method is to plot the ratio of annual to cumulative production versus cumulative production, and extrapolate the trend to zero. When the trend is linear, it represents the derivative of the logistic curve. The fractal distribution of sizes (field reserves, incomes, urban agglomerations plotted against decreasing rank) can also be extrapolated to an ultimate value. Population can be well modelled with two cycles, distinguishing countries with high and low fertility rates. Previous UN forecasts were too high for different reasons. Economic parameters, such as unemployment or inflation, can be correlated with oil price after a certain time-shift. Income distribution is well described by a fractal plot of population versus income. The income fractal distribution in France is in fact the same as that in the United States, although the total of the latter is higher because of a larger population. Many graphs are shown for each domain using the same tools. The goal is that the reader may be able to draw his own conclusions, and make his own forecast. Ironically, it appears that the modelling is more reliable than the input data. Accordingly, the main challenge is to secure better data, but that will be achieved only if and when political influences can be removed. A neutral agency is needed, but neither the UN nor national agencies are neutral. It is hard to see how to force the actors to tell the truth, or know who would run and finance such an organisation. A step in the right direction would be to make official organisations liable to prosecution for releasing

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

An evaluation of known remaining oil resources in the state of New Mexico and Wyoming. Volume 4, Project on Advanced Oil Recovery and the States

International Nuclear Information System (INIS)

1994-11-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of the IOGCC's effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD ampersand D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the states of New Mexico and Wyoming. Individual reports for six other oil producing states and a national report have been separately published by the IOGCC. The analysis presented in this report is based on the databases and models available in the Tertiary Oil Recovery Information System (TORIS). Overall, well abandonments and more stringent environmental regulations could limit economic access to New Mexico's known, remaining oil resource. The high risk of near-term abandonment and the significant benefits of future application of improved oil recovery technology, clearly point to a need for more aggressive transfer of currently available technologies to domestic oil producers. Development and application of advanced oil recovery technologies could have even greater benefits to the state and the nation. A collaborative, focused RD ampersand D effort, integrating the resources and expertise of industry, state and local governments, and the Federal government, is clearly warranted. With effective RD ampersand D and a program of aggressive technology transfer to widely disseminate its results, oil production could be maximized. The resulting increase in production rates, employment, operator profits, state and Federal tax revenues, and energy security will benefit both the states of New Mexico and Wyoming and the nation as a whole

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

A comprehensive guide of remediation technologies for oil contaminated soil - Present works and future directions.

Science.gov (United States)

Lim, Mee Wei; Lau, Ee Von; Poh, Phaik Eong

2016-08-15

Oil spills result in negative impacts on the environment, economy and society. Due to tidal and waves actions, the oil spillage affects the shorelines by adhering to the soil, making it difficult for immediate cleaning of the soil. As shoreline clean-up is the most costly component of a response operation, there is a need for effective oil remediation technologies. This paper provides a review on the remediation technologies for soil contaminated with various types of oil, including diesel, crude oil, petroleum, lubricating oil, bitumen and bunker oil. The methods discussed include solvent extraction, bioremediation, phytoremediation, chemical oxidation, electrokinetic remediation, thermal technologies, ultrasonication, flotation and integrated remediation technologies. Each of these technologies was discussed, and associated with their advantages, disadvantages, advancements and future work in detail. Nonetheless, it is important to note that no single remediation technology is considered the best solution for the remediation of oil contaminated soil. This review provides a comprehensive literature on the various remediation technologies studied in the removal of different oil types from soil. Copyright © 2016 Elsevier Ltd. All rights reserved.

Analysis of the Komineft Pipeline oil

Energy Technology Data Exchange (ETDEWEB)

Lambert, P.; Wang, Z.; Fieldhouse, B.; Jokuty, P.; Bissonnette, M.; Fingas, M. [Whiticar Scientific, Ottawa, ON (Canada); Whiticar, S. [Whiticar Scientific, Ottawa, ON (Canada); Kyle, D.; Landriault, M.; Sigouin, L.; Goldthorp, M.

1995-12-31

A detailed summary of the results of a study by Canadian experts acting as members of a United Nations (UN) team at a pipeline oil spill site in Western Siberia was presented. The purpose of the UN visit was to assess existing damage to the environment and to determine potential future hazards. A Komineft Pipeline oil sample was examined and its composition and characteristics were established. The oil characterization included determination of density, viscosity, pour point, interfacial tension, flash point, water content, dispersant effectiveness, sulphur content, evaporative loss, emulsion viscosity, emulsion water content and hydrocarbon group composition. 11 refs., 20 tabs., 17 figs.

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.

Impacts of oil disturbances: lessons from experience. [1973-1974 Oil Crisis; 1978-1979 Iranian Revolution; 1980-1981 Iran-Iraq War

Energy Technology Data Exchange (ETDEWEB)

Curlee, T R

1983-01-01

An analysis of the impacts of previous oil distrubances can be used to suggest the impacts of future oil disturbances. This paper reviews how the 1973-1974 Oil Crisis, the 1978-1979 Iranian Revolution, and the 1980-1981 Iran-Iraq War impacted the US and world oil markets. Various measures of impacts are considered, such as impacts on physical flows of crude and products, crude and product price changes on the US and world markets, impacts on stocks of crude and products, and impacts on refiners' inputs and outputs. Various macroeconomic indicators, such as gross national product, inflation rates, and unemployment, are also considered. Of particular interest in this study are the impacts that oil disturbances have had (and could have) on the availabilities of particular crude types and the abilities of US refiners to process crudes of various types in the short run. In addition, this paper reviews how the actions of the consuming countries and the major oil companies affected the impacts of past disturbances. The paper briefly discusses the likely causes and impacts of future oil distrubances and summarizes the lessons to be learned from past reactions to oil disturbances.

Did Iraq Cheat the United Nations? Underpricing, Bribes, and the Oil for Food Program

OpenAIRE

Chang-Tai Hsieh; Enrico Moretti

2005-01-01

From 1997 through early 2003, the United Nations Oil for Food Program allowed Iraq to export oil in exchange for humanitarian supplies. We measure the extent to which this program was corrupted by Iraq's attempts to deliberately set the price of its oil below market prices in an effort to solicit bribes, both in the form of direct cash bribes and in the form of political favors, from the buyers of the underpriced oil. We infer the magnitude of the potential bribe by comparing the gap between ...

The political role of national oil companies in the large exporting countries : the Venezuela case

International Nuclear Information System (INIS)

Mommer, B.

1994-01-01

This paper starts by defining the role of mining companies vis-a vis the landlords in a modern economy. Then it examines the role international oil companies played in exporting countries. Finally the role of national oil companies is analyzed following the same scheme : what is their contribution to the development of a new landlord-tenant relationship, nationally and internationally ? ''Petroleos de Venezuela'' is taken as an example. (Author). 27 refs

Measurement of atmospheric pollutants associated with oil and natural gas exploration and production activity in Pennsylvania's Allegheny National Forest.

Science.gov (United States)

Pekney, Natalie J; Veloski, Garret; Reeder, Matthew; Tamilia, Joseph; Rupp, Erik; Wetzel, Alan

2014-09-01

plumes were not detected. Implications: Monitoring of pollutants associated with oil and natural gas exploration and production activity at three sites within the Allegheny National Forest (ANF) showed only slight site-to-site differences even with one site far removed from these activities. However, the impact was evident not in detection of localized plumes but in regional elevated ethane concentrations, as ethane can be considered a tracer species for oil and natural gas activity. The data presented serve as baseline conditions for evaluation of impacts from future development of Marcellus or Utica shale gas reserves.

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

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.

Insulating oil, electrical for transformers and switches : a national standard of Canada; 5. ed.

Energy Technology Data Exchange (ETDEWEB)

Paniri, S; Burford, G; Martin, A; Adragna, M [eds.

1997-09-01

Standard specifications for insulating oil used in power transformers, instrument transformers, bushings, bulk oil circuit breakers, oil circuit reclosers, and switches were provided. The specifications are divided into Class A and Class B depending on the requirement for kinematic viscosity at -40 degrees C. A Class S oil is also introduced for oil circuit breakers. The standards were prepared by the Technical Committee on Transformer and Switch Oils under the jurisdiction of the Steering Committee on Electrical Engineering, and has been formally approved by these committees. It has been also approved as a National Standard of Canada by the Standards Council of Canada. The document provides a list of reference publications, describes the samples and test procedures, properties and delivery requirements. 1 tab.

Impact of sustained low oil prices on China's oil & gas industry system and coping strategies

Directory of Open Access Journals (Sweden)

Jianjun Chen

2016-05-01

Full Text Available The global sustained low oil prices have a significant impact on China's oil and gas industry system and the national energy security. This paper aims to find solutions in order to guarantee the smooth development of China's oil and gas industry system and its survival in such a severe environment. First, the origins of sustained low oil prices were analyzed. Then, based on those published data from IEA, government and some other authorities, this study focused on the development status, energy policies and the future developing trend of those main oil & gas producing countries. Investigations show that the low-price running is primarily contributed to the so-called oil and gas policies in the USA. It is predicted that national petroleum consumption will reach up to 6.0 × 108 t (oil & 3300 × 108 m3 (gas in 2020 and 6.8 × 108 t (oil & 5200 × 108 m3 (gas in 2030. For reducing the dependence on foreign oil and gas, the investment in the upstream of oil and gas industry should be maintained and scientific research should be intensified to ensure the smooth operation of the oil and gas production system. Considering China's national energy security strategy, the following suggestions were proposed herein. First, ensure that in China the yearly oil output reaches 2 × 108 t, while natural gas yield will be expected to be up to 2700 × 108 m3 in 2030, both of which should become the “bottom line” in the long term. Second, focus on the planning of upstream business with insistence on risk exploration investment, scientific and technological innovation and pilot area construction especially for low-permeability tight oil & gas, shale oil & gas reservoir development techniques. Third, encourage the in-depth reform and further growth especially in the three major state-owned oil & gas companies under adverse situations, and create more companies competent to offer overseas technical services by taking the opportunity of the �

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.

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

International Nuclear Information System (INIS)

Hoeoek, 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 extract more fossil fuels than geologically available. In other words, there are limits to growth imposed by nature. The concept of depletion and exhaustion of recoverable resources is a fundamental question for the future extraction of coal and oil. Historical experience shows that peaking is a well established phenomenon in production of various natural resources. Coal and oil are no exceptions, and historical data shows that easily exploitable resources are exhausted while more challenging deposits are left for the future. For oil, depletion can also be tied directly to the physical laws governing fluid flows in reservoirs. Understanding and predicting behaviour of individual fields, in particularly giant fields, are essential for understanding future production. Based on comprehensive databases with reserve and production data for hundreds of oilfields, typical patterns were found. Alternatively, depletion can manifest itself indirectly through various mechanisms. This has been studied for coal. Over 60% of the global crude oil production is derived from only around 330 giant oilfields, where many of them are becoming increasingly mature. The annual decline in existing oil production has been determined to be around 6% and it is unrealistic that this will be offset by new field developments, additional discoveries or unconventional oil. This implies that the peak of the oil age is here. For coal a similar picture emerges, where 90% of the global coal production originates

Fuels for the oil-fuelled heating system of the future; Brennstoffe fuer die Oelheiztechnik der Zukunft

Energy Technology Data Exchange (ETDEWEB)

Rheinberg, O. van [Oel-Waerme-Institut GmbH, An-Institut der RWTH Aachen, Herzogenrath (Germany). Abt. Energietraeger

2011-02-15

For ecological and political reasons bio-heating-oil of up to 10.9 vol.% of Fatty-Acid-Methyl-Ester (FAME) is available in the market. For new installations the appliance industry has approved their products for the use of this bio-heating-oil. For existing oil firing plants minor changes are necessary. These are the use of qualified oil burner pumps, oil tubes, oil pre-filter and the change to single chord system in order to avoid the continuous circulation of heating oil. Due to the chemical and physical properties an admixture of up to 20.9 vol.% of FAME in heating oil sulphur low is feasible. One of the main requirements to introduce such fuel in the market is the guarantee of storage stability over several years even by such high levels of FAME. To reach this goal an accurate predictability of fuel stability and different actions for the stabilisation of such bio-heating oil are necessary. Hence several investigations are undertaken at Oel-Waerme-Institut to ensure higher levels of FAME or of other alternative fuels in the future. (orig.)

The new role of national oil companies - NOCs in international energy markets: a study case of BRICS; O novo papel das national oil companies - NOCs nos mercados internacionais de energia: um estudo de caso das BRICS

Energy Technology Data Exchange (ETDEWEB)

Simas, Marcelo Marinho [Petroleo Brasileiro S.A. (PETROBRAS), Rio de Janeiro, RJ (Brazil)

2012-07-01

remarkable change is observed in the environment of the oil and gas industry from the beginning of this decade in view of several factors: raise of technical ability and investments in R and D by the National Oil Companies (NOCs); rising tendency of oil price - result of economical expansion of China and India - despite momentary falls; nationalization of oil and gas reserves in several countries and technological transfer from oil companies to services companies. Herewith a high degree of reserves concentration of oil and gas production was acquired toward a few companies and countries. According the PFC Energy, in 2009 NOCs held 77% of world reserves of oil and 51% of gas against 7% and 9% respectively of the International Oil Companies (IOCs), with impact on oil geopolitics and energy market. Contrarily, IOCs are also redefining their role in this 'chess game' of oil geopolitics due above all to the direction of exploitation programs for deep waters in the few remained areas, to the high investments in R and D to raise the recovery factor of the mature fields and to rendering specialized services to the NOCs. The objective of this research is to consider the new strategies of the NOCs, their influences in the economic and energetic policies of the home countries of the companies as well as the IOCS, their influences in the concentration of the reserves and production, integration with the productive chain and participation in several sectors of industry. (author)

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

Is Estonian oil shale beneficial in the future?

International Nuclear Information System (INIS)

Reinsalu, Enno

1998-01-01

Oil shale mining production reached its maximum level of 31.35·10 6 tonnes per year in 1980. After the eighties there was a steady decline in mining. The first scientific prognoses of the inescapable decrease in oil shale mining were published in 1988. According to this, the Estonian oil shale industry would vanish in the third decade of the next century. From the beginning of the nineties, the consumption and export of electricity have dropped in Estonia. The minimum level of oil shale mining was 13.5·10 6 tonnes per year. This occurred in 1994/1995. Some increase in consumption of electric power and oil shale began at the end of 1995. Oil shale processing began to increase gradually in 1993. Oil shale is the most important fuel in Estonia today. In 1997, oil shale provided 76% of Estonia's primary energy supply and accounted for 57% of its economic value. Oil shale is the cheapest fuel in Estonia. Nowadays, oil shale provides an essential part of the fuel supply in Estonia because it is considerably cheaper than other fuels. Oil shale costs EEK 12.16 per G J. At the same time, coal costs EEK 23.41 per G J and peat costs EEK 14.80 per G J (year 1997). There are three important customers of oil shale: the electric power company Eesti Energia, the oil processing company Kiviter and the factory Kunda Nordic Cement. In 1995, the power company utilised 81% of the oil shale mass and 77% of its heating value. The state energy policy inhibits increases in the oil shale price even though the mining infrastructure is decaying. Government price policies subside oil shale processing. The energy of oil shale processing is 1.9 times cheaper than the heating value of raw oil shale for power stations. It could be considered as a state subsidisation of oil and cement export at the expense of electricity. The subsidy assigned to oil processing was of EEK 124·10 6 and to the cement industry of EEK 8.4·10 6 in year 1997 (based on heating value). State regulation of prices and

World oil and gas resources-future production realities

International Nuclear Information System (INIS)

Masters, C.D.; Root, D.H.; Attanasi, E.D.

1990-01-01

Welcome to uncertainty was the phrase Jack Schanz used to introduce both layman and professionals to the maze of petroleum energy data that must be comprehended to achieve understanding of this critical commodity. Schanz was referring to the variables as he and his colleagues with Resources for the Future saw them in those years soon after the energy-awakening oil embargo of 1973. In some respects, the authors have made progress in removing uncertainty from energy data, but in general, we simply must accept that there are many points of view and many ways for the blindman to describe the elephant. There can be definitive listing of all uncertainties, but for this paper the authors try to underscore those traits of petroleum occurrence and supply that the author's believe bear most heavily on the understanding of production and resource availability. Because oil and gas exist in nature under such variable conditions and because the products themselves are variable in their properties, the authors must first recognize classification divisions of the resource substances, so that the reader might always have a clear perception of just what we are talking about and how it relates to other components of the commodity in question

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

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.

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.

Parliament tears up 'feeble' auto-oil proposals

International Nuclear Information System (INIS)

Anon.

1997-01-01

Recent discussions in the European Parliament concerning the ''auto-oil'' proposals, i.e. the effects of automotive fuel specifications on the environment, are described in this paper. Legislative changes or amendments proposed by various national, or other interest groups are also noted. In particular, the sulphur content of diesel fuels is a matter of widespread concern because of its use for city taxis and buses. Further fuel proposals in the ''auto-oil'' style are expected in the near future. (UK)

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, ….

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

Panorama 2017 - Which strategies for Chinese national companies on the oil markets?

International Nuclear Information System (INIS)

Hache, Emmanuel

2016-11-01

Buoyed by the 'Go Global' policy launched in the early 2000's and with the support of domestic financial institutions - banks and sovereign wealth funds -, Chinese national companies (NOC) have invested in most hydrocarbon-rich geographic regions and in numerous foreign companies within the sector. Five key objectives have emerged: increase oil and gas reserves, diversify suppliers, purchase specific assets (technologies, human capital), integrate the oil and gas value chain and pursue their own globalization. Chinese NOCs are now competing with international companies (IOC) in the marketplace

Energy security and national policy

International Nuclear Information System (INIS)

Martin, W.F.

1987-01-01

To achieve an energy secure future, energy cannot be viewed as an isolated concern. It is part and parcel of a nation's economic, social, and political context. In the past important implications for the economy and national security have been ignored. Crash programs to deal with oil shortages in the seventies, crashed. In the eighties, oil surplus has been enjoyed. The energy situation could be quite different in the nineties. Statistics on energy supply and consumption of oil, coal, natural gas and electricity from nuclear power show that much progress has been made worldwide. However, about half of the world's oil will come from the Persian Gulf by 1995. Continued low oil prices could raise US imports to 60% of consumption by 1995. Persian Gulf tensions serve as reminders of the link between energy policy and national security policy. Energy policy must be based on market forces and concerns for national security. Strategic oil reserves will expand along with the availability of domestic oil and gas resources. Increased attention to conservation, diversification of energy resources, and use of alternative fuels can help reduce imports. Continued high-risk long term research and development is needed. Improved technology can reduce environmental impacts. Global markets need global cooperation. Energy has emerged as an important aspect of East-West relations. Europeans need to diversify their sources of energy. The soviets have proposed expanded collaboration in magnetic fusion science. A series of initiatives are proposed that together will ensure that economies will not become overly dependent on a single source of energy

Essential Oil Composition of Pinus peuce Griseb. Needles and Twigs from Two National Parks of Kosovo

OpenAIRE

Hajdari, Avni; Mustafa, Behxhet; Nebija, Dashnor; Selimi, Hyrmete; Veselaj, Zeqir; Breznica, Pranvera; Quave, Cassandra Leah; Novak, Johannes

2016-01-01

The principal aim of this study was to analyze the chemical composition and qualitative and quantitative variability of essential oils obtained from seven naturally grown populations of the Pinus peuce Grisebach, Pinaceae in Kosovo. Plant materials were collected from three populations in the Sharri National Park and from four other populations in the Bjeshk?t e Nemuna National Park, in Kosovo. Essential oils were obtained by steam distillation and analyzed by GC-FID (Gas Chromatography-Flame...

Oil spill research program, U. S. Minerals Management Service

International Nuclear Information System (INIS)

LaBelle, R. P.; Mullin, J. V.; White, A. C.

1997-01-01

The oil spill prevention and response research program of the U.S. Minerals Management Service was described including its goals and objectives, some recently funded projects, and future research directions. As it is now the trend in most research organizations, a large part of the program is carried out in cooperation with other major research centers to leverage funds and to maximize study results. For example, joint research with Environment Canada focuses on the physical and chemical properties of dispersants, remote sensing and mapping oil slicks and shoreline cleanup strategies. Similarly, cooperative projects are underway with the National Institute of Standards and Technology in assessing the capabilities of in-situ burning as an oil spill response tool. Research capabilities of OHMSETT - The National Oil Spill Response Test Facility were also reviewed. A series of tables listed titles of research projects completed during 1995-1996. 5 tabs.,

Financial oil derivatives: from options to oil warrants and synthetic oilfields

International Nuclear Information System (INIS)

Trabia, Xavier

1992-01-01

This study aims to shed light on some of the most interesting financial oil derivatives issued so far in order to assess the potential of this new wave of innovative funding instruments. In Part I some theoretical background is provided and applied to the problem of the American futures option. The ''binomial'' model for valuing future option contracts is presented and the most accurate alternatives for pricing American futures options are reviewed. The role of these numerical procedures in valuing more complex options involved in oil warrants is examined. Comments are made on the behaviour of volatility, which stands as a key interface between theory and practice in oil trading on the oil futures market. Part II of the study describes in detail some of the most famous new financial oil derivatives. Some final conclusions are drawn on the potential of oil trusts and synthetic oilfields to be involved in project and general funding in the oil industry. (44 figures, 11 tables, 53 references) (UK)

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)

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)

An evaluation of known remaining oil resources in the United States: Project on advanced oil recovery and the states. Volume 1

International Nuclear Information System (INIS)

1994-10-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of the IOGCC's effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD ampersand D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic, social, and political benefits of improved oil recovery to the nation as a whole. Individual reports for major oil producing states have been separately published. The individual state reports include California, Illinois, Kansas, Louisiana, New Mexico, Oklahoma, Texas, and Wyoming. The analysis presented in this report is based on the databases and models available in the Tertiary Oil Recovery Information System (TORIS). TORIS is a tested and verified system maintained and operated by the Department of Energy's Bartlesville Project Office. The TORTS system was used to evaluate over 2,300 major reservoirs in a consistent manner and on an individual basis, the results of which have been aggregated to arrive at the national total

Canada's energy future : 2008 workshop summary

International Nuclear Information System (INIS)

2008-01-01

The National Energy Board hosted this Energy Futures Workshop as a follow-up to its report entitled Canada's Energy Future: Reference Case and Scenarios to 2030, which focused on emerging trends in energy supply and demand. Various energy futures that may be available to Canadians up to the year 2030 were examined. This workshop addressed issues regarding the growing demand for energy, the adequacy of future energy supplies, and related issues of greenhouse gas emissions, emerging technologies, energy infrastructure and energy exports. The workshop was attended by 18 experts who presented their diverse views on long-term energy issues. The sessions of the workshop focused on external and key geopolitical issues that will influence Canadian energy markets; the adoption of alternative and emerging sources of energy; outlook for Canadian oil supply, including oil sands development, reservoir quality, and financial, environmental and technological issues; issues in electricity generation and transmission; gas market dynamics; and carbon dioxide capture and storage and the associated benefits and challenges. There was general consensus that global and Canadian energy markets will remain in a state of flux. Crude oil prices are likely to remain high and volatile. The combination of maturing energy resource basins and geopolitical tensions has created uncertainty about future availability and access to global energy resources. 2 figs., 3 appendices

Prospects for the exploitation of Jordan oil shale

International Nuclear Information System (INIS)

Jaber, J.O; Probert, S.D.; Badr, O.

1997-01-01

Oil shale is the major indigenous fossil-fuel in Jordan: its predicted reserves, of about 5·10 1 0 tonnes, should be sufficient to satisfy Jordan's energy requirements for several centuries. Jordanian oil shale has, on an average, a gross calorific value of between 5 and 7 MJ/kg, an oil yield of ∼ 10 %, and a sulfur content of approximately 3 % by weight of the raw shale (i.e. 7 to 9 % of the organic matter content). Using the oil shale as the input fuel, a multipurpose production process (i.e. retorting, electricity generation, thermal water-desalination, chemicals production as well as mineral extraction) could achieve high utilisation-factors of both its chemical and energy potentials. In the long-term, oil shale is the only indigenous energy resource that could reduce Jordan's dependence on imported crude oil and hence ease the pressure on the national economy. The conversion of oil shale into a liquid or gaseous fuel and raw materials will be of decisive importance in attempts to secure the future of energy supplies. So national efforts devoted to the exploration for, and harnessing more economically, this energy resource, while limiting the associated adverse environmental impacts, should be accelerated. (author)

A Study on the efficient alleviation of domestic oil price at international oil crisis

Energy Technology Data Exchange (ETDEWEB)

Lee, Young Ku [Korea Energy Economics Institute, Euiwang (Korea)

1999-01-01

For alleviating domestic oil price when the international oil crisis happens, the government has been reacted directly such as using stored oil or alleviation fund. Although the release of stored oil works for short-term depending on the type of crisis, concerning that most of oil crisis had been resulted in temporary supply reduction rather than long-term supply suspension, utilizing the domestic alleviation fund is regarded more economical than storing oil. However, it has been suggested to compare efficiencies of alleviation fund and a futures market regarding the perspectives that using alleviation fund is more inefficient than utilizing a futures market. Moreover, the direct management by government is less efficient than indirect management. As an efficient way to alleviate domestic oil price at international oil crisis, this study presents an effective utilization of trading in futures of crude oil. There is a high probability of occurrence of this kind of oil crisis by judging from the world political situation and the trend of oil market. In such a case, the government as a crude oil importer should minimize the stored oil and utilize a futures market effectively. The subject of alleviating oil price by trading in futures is an oil supplier, such as oil refining companies or oil importers not the government as a prerequisite. Furthermore, the government should approve to include appropriate cost for preparing oil price alleviation in the oil price and it is required that such a government policy should be consistent. (author). 41 refs., 3 figs., 15 Tabs.

Strategy of Chavez determines oil future of Venezuela

International Nuclear Information System (INIS)

Widdershoven, C.

2008-01-01

The perspective of the oil and gas industry remains unclear as long as the current president, Hugo Chavez, continues to implement his own political ideas. The announcement of another tax increase on high oil revenues of oil companies will significantly weaken the appeal to invest in the oil sector. [mk] [nl

Updated Hubbert curves analyze world oil supply

International Nuclear Information System (INIS)

Ivanhoe, L.F.

1996-01-01

The question is not whether, but when, world crude oil production will start to decline, ushering in the permanent oil shock era. While global information for predicting this event is not so straightforward as the data M. King Hubbert used in creating his famous Hubbert Curve that predicted the US (Lower 48 states, or US/48) 1970 oil production peak, there are strong indications that most of the world's large exploration targets have now been found. Meanwhile, the earth's population is exploding along with the oil needs of Asia's developing nations. This article reviews Hubbert's original analyses on oil discovery and production curves for the US/48 and projects his proven methodology onto global oil discoveries and production as of 1992. The world's oil discovery curve peaked in 1962, and thence declined, as a Hubbert Curve predicts. However, global production was restricted after the 1973 Arab oil embargo. Otherwise, world production would have peaked in the mid-1990s. Two graphs show alternate versions of future global oil production

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)

Review on the national and regional response to oil spill in the Arabian Gulf

International Nuclear Information System (INIS)

Fakhro, K.M.

1991-01-01

Over the past decades, the oil industry has grown enormously, resulting in a considerable number of island's oil and gas fields being fully developed. Over 30% of all oil carried by ships is produced in this region. It is exported through a narrow bottle-neck passage, Straight of Hormuz creating a continuous heavy traffic that increases the daily risk potential for ships collision, grounding or explosion that threaten the marine environment and the economy of the coastal states, should a major oil spill occur anytime. The paper reviews some major spills in the area and the action taken by the responsible authorities. The high risk potential of pollution by oil or any other harmful substances in the Arabian Gulf always exists and the need for a competent national and regional bodies was felt necessary to co-ordinate efforts in combating or mitigating marine oil pollution. The paper reviews and discusses the status of such bodies and concludes with an emphasis on strengthening them

Differing perspectives of major oil firms on future energy developments: An illustrative framework

International Nuclear Information System (INIS)

Chang Youngho; Yong Jiayun

2007-01-01

This study develops a framework to analyse the perspectives of major oil firms in terms of their perceptions of current energy developments and projections of future energy potentials, and illustrates their views on the possibility of a paradigm shift in fuel use. The three A's themes-availability of resource (AV), applicability of technology (AP) and acceptability by society (AC)-make up the analytical framework. Divergence in oil firms' behaviour and perspectives are captured by the 3-A triangle that illustrates how the four largest oil firms in the world balance their stakes among the three A's. ExxonMobil's position is markedly skewed towards the theme of AV, whilst BP has the most balanced approach among the four. Shell and Total both share a similarly shaped 3-A triangle with more stakes placed on the theme of AP. The results would imply that a paradigm shift in resource use or a full-scale transition to a backstop technology is unlikely in the coming decades

76 FR 68502 - National Petroleum Reserve-Alaska Oil and Gas Lease Sale 2011 and Notice of Availability of the...

Science.gov (United States)

2011-11-04

... Petroleum Reserve-Alaska Oil and Gas Lease Sale 2011 and Notice of Availability of the Detailed Statement of Sale for Oil and Gas Lease Sale 2011 in the National Petroleum Reserve-Alaska AGENCY: Bureau of Land... tracts in the National Petroleum Reserve-Alaska. The United States reserves the right to withdraw any...

North African oil and foreign investment in changing market conditions

International Nuclear Information System (INIS)

Fattouh, Bassam; Darbouche, Hakim

2010-01-01

Since the 1960s, the experiences of the North African oil producers of Libya, Algeria, Egypt and Sudan within the oil industry have followed separate paths, which have led them into different relations with foreign oil companies. While reflecting broader trends of 'resource nationalism', these relations have also been affected by a number of factors specific to these countries. In tracing the evolution of the oil investment frameworks of these countries, as well as their concomitant relations with IOCs, this paper probes the roles played by these factors and argues that the type and size of remaining reserves as well as the capability of NOCs are likely to determine the most future developments in the region's oil industry.

Drivers of Land Use Change and the Role of Palm Oil Production in Indonesia and Malaysia. Overview of Past Developments and Future Projections

International Nuclear Information System (INIS)

Wicke, Birka; Sikkema, Richard; Dornburg, Veronika; Junginger, Martin; Faaij, Andre

2008-07-01

This study provides insight into land use changes (LUC) in Indonesia and Malaysia and into the specific role that palm oil production and its expansion have played in the past and may play in the future in both countries. In relation to future land use changes induced by palm oil production expansion also the GHG emissions of this LUC are analysed to indicate the sustainability (from a GHG emission perspective) of the various palm oil expansion projections

Kashechewan First Nation St. Andrews School oil remediation project: a case study

International Nuclear Information System (INIS)

Gable, S. W.

1997-01-01

Case study of the remediation of an oil seepage into a school building in a First Nations community, on the shores of the Albany River, in the James Bay region of northern Ontario, was discussed. The spill has created significant health hazards as manifested by nausea, vomiting and severe headaches among both students and teachers. Investigation determined that the O-ring fittings of the pipe joints, used during the installation of the oil pipeline linking the above-ground oil tank farm and the school building, were unsuitable for the intended use. They subsequently failed, allowing heating oil to leak from the pipes along the building and migrating into the gymnasium. A variety of remediation alternatives have been considered. The remedial actions taken include: in-situ containment using an impermeable membrane with passive venting and continuous air quality monitoring for the area below the recreation complex, excavation to create draining trenches, replacement of contaminated soil around the building and from the building to the river, and installation of a clay collar and oil/water separator in each drain line. The work was completed in January 1996. To date, all systems function satisfactorily

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)

The Study on Global Oil and Gas Supply and Demand undertaken by the National Petroleum Council

Energy Technology Data Exchange (ETDEWEB)

Slutz, James

2007-07-01

The National Petroleum Council (NPC) Study on Global Oil and Gas is one of the most comprehensive studies on global oil and gas supply and demand projections ever undertaken to date. This study comprises approximately 250 experts from industry, government, research institutions, academia, energy ministries from around the world, national oil companies, and non-government organizations. The NPC study team has collected and analyzed global data on supply and demand trends through the year 2030. While other studies have examined the economic, environmental, security and geo-policy implications of the oil and gas supply and demand picture, this study examines all three political priorities simultaneously. The multi-dimensional foundations of the policy recommendations, and the diverse expertise of study group members, results in findings which are truly unique, and separate this study from numerous previous studies on global oil and gas supply and demand. Although key findings and policy recommendations will not be released prior to the study's release in June of 2007, the following paper provides the scope of work and the detailed project plan that will result in an energy outlook that is differentiated from all recent studies.

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

Fortification of Indonesian unbranded vegetable oil: public-private initiative, from pilot to large scale.

Science.gov (United States)

Soekirman; Soekarjo, Damayanti; Martianto, Drajat; Laillou, Arnaud; Moench-Pfanner, Regina

2012-12-01

Despite improved economic conditions, vitamin A deficiency remains a public health problem in Indonesia. This paper aims to describe the development of the Indonesian unbranded cooking oil fortification program and to discuss lessons learned to date and future steps necessary for implementation of mandatory, large-scale oil fortification with vitamin A. An historic overview of the steps involved in developing the Indonesian unbranded cooking oil fortification program is given, followed by a discussion of lessons learned and next steps needed. Indonesia's low-income groups generally consume unbranded vegetable oil, with an average consumption of approximately 25 g/day. Unbranded oil constitutes approximately 70% of the total oil traded in the country. In 2007-10, a pilot project to fortify unbranded vegetable oil was carried out in Makassar, and an effectiveness study found that the project significantly improved the serum retinol concentrations of schoolchildren. In 2010, the pilot was expanded to two provinces (West Java and North Sumatra) involving the biggest two national refineries. In 2011, a draft national standard for fortified oil was developed, which is currently under review by the National Standard Body and is expected to be mandated nationally in 2013 as announced officially by the Government of Indonesia in national and international meetings. Indonesia is a leading world supplier of cooking oil. With stakeholder support, the groundwork has been laid and efforts are moving forward to implement mandatory fortification. This project could encourage Indonesian industry to fortify more edible oils for export, thus expanding their market potential and potentially reducing vitamin A deficiency in the region.

An evaluation of known remaining oil resources in the state of Louisiana and Texas. Volume 3, Project on Advanced Oil Recovery and the States

International Nuclear Information System (INIS)

1994-11-01

The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of the IOGCC's effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD ampersand D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the states of Louisiana and Texas. Individual reports for six other oil producing states and a national report have been separately published. The analysis presented in this report is based on the databases and models available in the Tertiary Oil Recovery Information System (TORIS)

Oil and development

Energy Technology Data Exchange (ETDEWEB)

Ellis, F

1974-10-01

The shift in world income due to the increase in oil prices has resulted in a world economy that has been thrown off balance. Nine papers are presented that explore the background and the main implications of this ''watershed'' in international relations, particularly the extent to which it will affect the development prospects of poor countries and the climate of trade between poor and rich nations in the next few years. Two papers, ''Diary of Events in the Oil Market 1971--1974'' and ''Statistical Background,'' provide information on the financial changes implied by the price increase; some of the figures should be treated as preliminary estimates only. ''Large International Firms in the Oil Industry'' examines the part played by the major oil companies in developments in the oil market leading up to the events of 1973. Two papers, ''Can OPEC Maintain Current Prices'' and ''OPEC As a Model for Other Mineral Exporters,'' present optimistic conclusions, from the viewpoint of developing countries, on their future capability for controlling their own destinies in trade. ''A Note on Some Issues Raised for Science and Technology Policy by the Increase in Oil Prices'' looks at options open to producers and consumers of raw materials. ''Assessing the Economic Impact on Developing Countries and Some Policy Suggestions,'' ''A Note on the Implications of the Oil Price Increases for British Aid Policy,'' and ''Confrontation Versus Co-operation'' are three papers concerned with difficulties of developing countries and particularly India, Bangladesh, and Sri Lanka. (MCW)

Merger and acquisition in the international oil industry

Energy Technology Data Exchange (ETDEWEB)

Imai, Yoshiichi

1988-07-01

Outlines are given of the background and evaluation of recent giant mergers and acquisitions in the international oil industry and of future trends of them. The petroleum exporting countries or OPEC nationalized oil resourses in the first half of 1970's and acquired the crude oil deposits that had been controlled by the seven majors. The percentage of the seven majors' crude oil deposits in the free world was about 70% in 1968, but decreased sharply down to about 6% in 1978 to 1979, when the world experienced the second oil crisis. The decrease of Texaco, COCAL, and Mobil was remarkable. That was the background of these three companies' giant acquisitions in 1984. For the oil companies suffering from decrease of oil deposits, the inexpensive and dependable way to secure deposits was to take over developed reserves of other companies. Although there are the pros and cons in the evaluation of the merger and acquisition, these trends continues, including the oil exporting countries, and are very likely to move to the international reconstraction of the oil industry. (10 tabs)

Floating oil-covered debris from Deepwater Horizon: identification and application

International Nuclear Information System (INIS)

Carmichael, Catherine A; Lemkau, Karin L; Nelson, Robert K; Reddy, Christopher M; Arey, J Samuel; Graham, William M; Linn, Laura J

2012-01-01

The discovery of oiled and non-oiled honeycomb material in the Gulf of Mexico surface waters and along coastal beaches shortly after the explosion of Deepwater Horizon sparked debate about its origin and the oil covering it. We show that the unknown pieces of oiled and non-oiled honeycomb material collected in the Gulf of Mexico were pieces of the riser pipe buoyancy module of Deepwater Horizon. Biomarker ratios confirmed that the oil had originated from the Macondo oil well and had undergone significant weathering. Using the National Oceanic and Atmospheric Administration’s records of the oil spill trajectory at the sea surface, we show that the honeycomb material preceded the front edge of the uncertainty of the oil slick trajectory by several kilometers. We conclude that the observation of debris fields deriving from damaged marine materials may be incorporated into emergency response efforts and forecasting of coastal impacts during future offshore oil spills, and ground truthing predicative models. (letter)

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

Oil and influence: the oil weapon examined

Energy Technology Data Exchange (ETDEWEB)

Maull, H

1975-01-01

The term ''oil weapon'' as used here signifies any manipulation of the price and/or supply of oil by exporting nations with the intention of changing the political behavior of the consumer nations. The political potential of the oil price is fairly restricted so, in effect, the supply interruptions are of prime concern. Manipulating price does, in principle, offer the possibilities of both conferring rewards and inflicting sanctions. Oil could be sold on preferential prices and terms. A precondition for using the oil weapon successfully would be the ability to cause real and serious damage to the consumer countries. Four damaging potentials for using the oil weapon could include its application by: (1) one producer against one consumer; (2) one producer against all consumers; (3) a group of producers against one consumer; and (4) by a group of producers against all consumers. It is concluded that the oil weapon will continue to be a force in the international system. (MCW)

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

International Nuclear Information System (INIS)

Miller, Richard G.

2011-01-01

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: → IEA forecasts of oil supply have changed from optimistic to pessimistic and back. → The reasons for the changes are listed, examined and found wanting. → The most appropriate IEA forecast is nevertheless the most pessimistic one. → Some criticisms of the forecast methodology and assumptions are described.

The role of First Nations in oil and gas development under federal regulatory regimes: Options for change and lessons from New Zealand

Energy Technology Data Exchange (ETDEWEB)

Davis, T. R. [Borden, Ladner, Gervais, LLP., Ottawa, ON (Canada)

2001-07-01

This thesis was prepared at the University of Ottawa in partial fulfillment of the requirements for the degree of Master of Laws (LL.M.). It is included here in its entirety. It outlines the role played by First Nations under federal oil and gas regulatory regimes and makes recommendations designed to enable First Nations groups to participate in oil and gas development. A persuasive argument is made on legal and policy grounds for an active role for First Nations in oil and gas development within their traditional territories. This position is supported by a comprehensive analysis of three federal oil and gas regimes -- the Northern, Offshore and Indian Reserve regimes -- their legislative frameworks and recent developments in aboriginal jurisprudence and policy. Further support for the recommendations is adduced by comparing the Canadian situation with relevant contemporary resource management issues in New Zealand. The author recommends the immediate creation of a Consultation Model for a range of consultation processes that vary depending upon the nature of the issue. Over the longer term, development of First Nation Models is recommended. These models should be adjustable by careful monitoring of the successes and failures of First Nation oil and gas management regimes under Comprehensive Land Claim Agreements. It is suggested that internal capacity issues with respect to infrastructure and expertise must be addressed before First Nation groups can establish economically viable oil and gas models. [320 refs.].

Essential Oil Composition of Pinus peuce Griseb. Needles and Twigs from Two National Parks of Kosovo.

Science.gov (United States)

Hajdari, Avni; Mustafa, Behxhet; Nebija, Dashnor; Selimi, Hyrmete; Veselaj, Zeqir; Breznica, Pranvera; Quave, Cassandra Leah; Novak, Johannes

The principal aim of this study was to analyze the chemical composition and qualitative and quantitative variability of essential oils obtained from seven naturally grown populations of the Pinus peuce Grisebach, Pinaceae in Kosovo. Plant materials were collected from three populations in the Sharri National Park and from four other populations in the Bjeshkët e Nemuna National Park, in Kosovo. Essential oils were obtained by steam distillation and analyzed by GC-FID (Gas Chromatography-Flame Ionization Detection) and GC-MS (Gas Chromatography-Mass Spectrometry). The results showed that the yield of essential oils (v/w dry weight) varied depending on the origin of population and the plant organs and ranged from 0.7 to 3.3%. In total, 51 compounds were identified. The main compounds were α-pinene (needles: 21.6-34.9%; twigs: 11.0-24%), β-phellandrene (needles: 4.1-27.7; twigs: 29.0-49.8%), and β-pinene (needles: 10.0-16.1; twigs: 6.9-20.7%). HCA (Hierarchical Cluster Analysis) and PCA (Principal Component Analyses) were used to assess geographical variations in essential oil composition. Statistical analysis showed that the analyzed populations are grouped in three main clusters which seem to reflect microclimatic conditions on the chemical composition of the essential oils.

Oil: Economics and politics

International Nuclear Information System (INIS)

Ayoub, A.

1994-01-01

A review is presented of the evolution of the international petroleum sector since 1973 with a special emphasis on the interdependence between the economic and political factors that influence it. Two issues are focused on: the effects of the nationalization of oil companies on the sharing of oil rents and on changes in the structure of the oil market; and the determination of oil prices. Definitions are presented of oil rents, and the reasons for OPEC nationalization of oil companies are explored. The effects of nationalization on market structures, expansion of free markets, and vertical integration are discussed. The existence of an oil price floor and the reasons for such a floor are examined. It is shown that nationalization induced an internalization of rents by the producing countries, leading to the emergence of a differential rent supported by the politics of the industrialized countries. Nationalization led to the breakup of systems of vertical and horizontal integration, with replacement by a new dual structure with OPEC controlling the upstream activities of the oil sector and oil companies controlling the downstream ones. Prices move between a floor price set by the costs of substitute deposits in the U.S., while the determination of ceiling levels by OPEC rests on successive fragile compromises. Overall oil is still a strategic product, despite the existence of spot markets, forward trading options, etc. 29 refs

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.

Supply and demand in the oil industry

International Nuclear Information System (INIS)

Favennec, J.P.

2000-01-01

The year 1998 was characterised a lower level of demand for energy in general and in articular for oil due to the Asian crisis. Within such a context; efforts at reducing production were not sufficient to prevent prices falling to their lowest levels since the first oil crisis. In 1999, we saw a complete reversal of this trend, with consumption back on a growth path and the new cuts in production agreed by OPEC being firmly implemented. These two factors have led to sustained increases in the price of oil, which, at the end of 1999, reached levels considered very high. Future prices will depend upon the durable nature of economic upturn and above all on continued discipline among the producer nations. (authors)

Quantifying China's oil import risks and the impact on the national economy

International Nuclear Information System (INIS)

Sun, Mei; Gao, Cuixia; Shen, Bo

2014-01-01

With an increase in China's oil imports, China's oil supply will also continue to be effected by the socio-economic stability of oil-exporting countries and the safety of oil transport routes. This paper introduces a systematic and quantitative method to evaluate the influence of China's oil import risks (OIR) on the national economy and industrial sectors from a perspective of apply chain process. For this analysis, China's OIR is quantified by integrating oil exporting country risk and the risks from oil transportation routes. Country risk is defined as the oil-exporting country's political risk caused by political changes or internal conflicts. Transport risk is defined as the risk of shipping routes affected by pirate attacks and geopolitics. Second, the relationship between China's OIR and oil import costs is analyzed using a multiple linear approach. Third, an input–output analysis method is used to research the effect of the cost of China's oil imports on the cost of investment within China's domestic sectors. This research finds that the corresponding impact on GDP is 3494.5 million dollars given an increasing by 10% of China's OIR. And the impact on domestic sectors differs from sector to sector. Finally, this paper puts forth recommendations to improve long-term oil supply security in China. - Highlights: • Quantifies China's OIR while taking into consideration the risks from oil-exporting countries and the risks from oil transportation routes. • Explores the relationship between China's OIR and oil import costs using a multiple linear regression approach. • Analyzes the effects of China's OIR on the investment cost of domestic sectors with an input–output analysis. • Investigates the impact of China's OIR on the domestic economy

GAOCMAO and its oil spill response activities in the Gulf

International Nuclear Information System (INIS)

Al-Sada, M.S.

1994-01-01

Gulf Area Oil Companies Mutual Aid Organisation (GAOCMAO), has taken active steps in cooperation with its member companies, national and regional environmental organisation (ROPME) in an attempt to protect the Gulf from various sources of pollution. Specific attention was given to oil pollution response in terms of stockpiling of adequate equipment, training of personal and coordination through the application of pre-prepared contingency plans. All these activities tell us that a lot has been done to protect the Gulf environment from pollution. GAOCMAO, after many years of successful development looks to the future with confidence and renewed vigor. It is the intention of this organisation to enhance its member companies capabilities to respond to major incidents and to work closely with the national governmental, regional and international environmental organisations throughout the world, in fields appropriate to the Gulf oil industry. (author)

[Remedy for shortage or risk for national security? The search for oil in Switzerland].

Science.gov (United States)

Haller, Lea; Gisler, Monika

2014-03-01

Over several decades, geologists, entrepreneurs, politicians, and public authorities dealt with a potential petroleum occurrence in Switzerland. They provided scientific expertise, granted concessions, invested capital and sank bore holes. Although the endeavour was never successful economically, it reveals how closely related geopolitical situations and the exploitation of natural resources were. This article investigates the search for crude oil in Switzerland from the 1930s until the 1960s, combining a history of science and technology perspective with a history of the political regulations and economic considerations concerning the extractive industry. It traces the changing fears and hopes about potential oil occurrences in Switzerland: From an investment to overcome future shortages, to the risk of imperial desires if oil would be found in abundance.

Future role of Gulf oil in world energy demand

International Nuclear Information System (INIS)

Eltony, M.N.

1998-01-01

The view that there will be a growing dependence on oil from the Gulf countries is shared by a great number of oil market analysts. This view is based on the fact that Gulf countries dominate the global oil reserves. Energy analyst argue that as the world demand for oil continues to grow driven largely by the growth in developing countries' consumption coupled with constrained non-OPEC supply, the end result will be that the call on Gulf oil will grow substantially. In summary, this paper has challenged the view of growing dependence on oil from the Gulf using available information in conjunction with reasonable and fairly plausible arguments. The aim was to point out to the GCC member counties the danger of relying on these views in shaping their economic policies and in setting their oil market strategies. They may run the ultimate risk of being left with huge oil reserves that no one wants. (orig.)

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.

Oil Politics and National Security in Nigeria

Science.gov (United States)

2010-12-01

Oil Transparency in the Niger Delta: Improving Public Sector Oil Derived Resource Flows and Utilization in Abia State, Nigeria,” Economies of...against the nine states officially recognized i.e. they exclude Ondo, Abia , and Imo states from being part of the Delta region (figure 1). 125 BBC...Peterside Sofiri Dr, “Oil Transparency in the Niger Delta: Improving Public Sector Oil Derived Resource Flows and Utilization in Abia State, Nigeria

Oil sector developments: Russia, Azerbaijan and Central Asia

International Nuclear Information System (INIS)

Ebel, R.E.

1997-01-01

The level of resource development in Russia, Azerbaijan and in the countries of Central Asia was discussed. The resources of crude oil and natural gas in the area are considered more than sufficient to support any reasonable expansion for the foreseeable future and this should mean higher exportable surpluses. The collapse of the Soviet Union resulted in the emergence of 15 sovereign and independent nations, collectively known as the Commonwealth of Independent States (CIS). The end of the cold war opened the CIS's oil sector to foreign investors. However, access to these markets has been blocked by the physical isolation of Azerbaijan and Central Asia. According to forecasters, by the year 2005, the annual oil production of the CIS shall reach 7.9 million barrels per day, approximately 11.3 per cent higher than in 1996. Natural gas production is expected to increase by about 30 per cent to 900 billion cubic meters per year. Western capital will be key to the future of resource development in Azerbaijan, Kazakhstan, and Turkmenistan. It was suggested that by 2010, the exportable oil from the Caspian Sea and Central Asia will represent 3 to 4 per cent of world oil supply. This projection emphasizes the fact that this new oil would be in addition to, and not in place of oil from the Persian Gulf. Some of the economic and political problems that have had a delaying effect on the development of pipelines through these regions were also reviewed

Corn content of French fry oil from national chain vs. small business restaurants

OpenAIRE

Jahren, A. Hope; Schubert, Brian A.

2010-01-01

Several issues, ranging from sustainability to health, may interest the consumers in the corn content of their food. However, because restaurants are excluded from the Nutrition Labeling and Education Act of 1990, national chain restaurants provide nonspecific ingredient information and small businesses supply none. We measured the carbon isotope composition of fry oil in French fries purchased from 68 (67%) of the 101 national chain fast food restaurants on Oahu (i.e., McDonald’s, Burger Kin...

[Imperial Oil's Cold Lake oil sands operations

International Nuclear Information System (INIS)

Dingle, H. B.

1999-01-01

Imperial Oil Limited's Cold Lake oil sands resources, production and operations in Alberta are discussed. Cold Lake is the company's largest single asset and its largest source of crude oil production. In 1998, Cold Lake accounted for just under half of Imperial's total liquid production, averaging more than 135,000 barrels of bitumen a day. Despite the very difficult operating conditions experienced by the oil sands industry in 1998, Imperial Oil's Cold Lake operations generated a positive cash flow and earnings. Just as important, the near and long-term potential of Cold Lake property continues to be strong, even with the tough market conditions today and the foreseeable future. Proved reserves at the end of 1997 were 1.3 billions barrels, equal to about 24 years of current production, but even more important is Imperial's resource base in the Athabasca region, which represents 150 years of production at current rates. Although production forecasts for the near future are are revised downward because of production shut-in due to low prices, the company is confident of its long-term prospects mainly because of existing infrastructure, superior reservoir quality, 30 years worth of operating improvements and established bitumen-blend markets. Details of the company's future Cold Lake development plans are discussed. The need to continue technology development, which has been at the core of the industry's growth in the past and will continue to be the key to the future, are emphasized

Offshore oil: Correctness of perspective

International Nuclear Information System (INIS)

Burns, R.F.

1993-01-01

Except for the Gulf of Mexico, the offshore oil industry has been virtually banned from the US Exclusive Economic Zone for ten years. The oil potential in Alaska's Arctic National Wildlife Refuge (ANWR) is also off limits. The Gulf of Mexico is the only place with prospects for future success and a number of companies both large and small are determined to move forward. The depressed price of oil does not encourage development but recently gas prices in the US have increased, making offshore gas development more feasible. Perhaps most significant is development and application of new technology and more intense management to make sure it works. The offshore oil companies and support industries have made significant technological advances, expending over and above the dollars paid in taxes, lease fees, and royalties. The ocean industries harbor a great reservoir of high technology knowledge. They have demonstrated the ability to successfully meet a vast array of challenges in exploring for, drilling, and producing oil and gas in extreme conditions. These facts beg the question as to the rational basis of each and every regulation and the ban on drilling

Essential Oil Composition of Pinus peuce Griseb. Needles and Twigs from Two National Parks of Kosovo

Directory of Open Access Journals (Sweden)

Avni Hajdari

2016-01-01

Full Text Available The principal aim of this study was to analyze the chemical composition and qualitative and quantitative variability of essential oils obtained from seven naturally grown populations of the Pinus peuce Grisebach, Pinaceae in Kosovo. Plant materials were collected from three populations in the Sharri National Park and from four other populations in the Bjeshkët e Nemuna National Park, in Kosovo. Essential oils were obtained by steam distillation and analyzed by GC-FID (Gas Chromatography-Flame Ionization Detection and GC-MS (Gas Chromatography-Mass Spectrometry. The results showed that the yield of essential oils (v/w dry weight varied depending on the origin of population and the plant organs and ranged from 0.7 to 3.3%. In total, 51 compounds were identified. The main compounds were α-pinene (needles: 21.6–34.9%; twigs: 11.0–24%, β-phellandrene (needles: 4.1–27.7; twigs: 29.0–49.8%, and β-pinene (needles: 10.0–16.1; twigs: 6.9–20.7%. HCA (Hierarchical Cluster Analysis and PCA (Principal Component Analyses were used to assess geographical variations in essential oil composition. Statistical analysis showed that the analyzed populations are grouped in three main clusters which seem to reflect microclimatic conditions on the chemical composition of the essential oils.

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

Hydrocarbon upgrading demonstration program (HUDP): an investment in the future of the oil sands

Energy Technology Data Exchange (ETDEWEB)

Du Plessis, Duke; Isaacs, Eddy [AI-EES (Canada); Hill, Rich; McPhee, Anne; Keesom, Bill; Arnold, Ed [Jacobs Consultancy (Canada)

2011-07-01

Alberta Innovates Energy and Environment Solutions (AIEES), the technology arm of the Alberta Government in terms of energy and the environment, has initiated the hydrocarbon upgrading demonstration program (HUDP). Since lighter products have a better market value, this program aims to develop technologies for upgrading heavy oil into light, transportable fuel. The program also aims to improve SAGD efficiency while reducing greenhouse gas emissions. To do so, the gaps between typical and ideal operations were identified and quantified, life cycle analyses were performed, current studies were reviewed and future issues and opportunities were assessed. With the HUDP program, AIEES is supporting the industry through investment and technology support to develop innovative technologies which will improve margins and the sustainability of oil sands operations.

Alarm management in TRANSPETRO National Oil Control Center

Energy Technology Data Exchange (ETDEWEB)

Amado, Helio; Costa, Luciano [TRANSPETRO - PETROBRAS Transporte S.A., Rio de Janeiro, RJ (Brazil)

2009-07-01

For sure Alarm Management is not a new issue. EEMUA 191 has been around since 1999 and everyone has received visits from consultants in this area. Besides this regulators have requested that operators have a policy for it. However there are few papers showing actual pipeline operator experience in alarm management. In this paper we present the work developed in TRANSPETRO National Oil Control Center since 2006, where we operate 5509 km of crude oil and refined products pipelines. Since the beginning of the centralized operation in 2002, alarm management has been a concern but a systematic approach has been taken since 2006. Initially we will make a brief revision of the literature and show trends for regulations. Then we will show the tools and the approach we have taken. Finally, the further developments we see. The point that we want to discuss is that, it has been very difficult to implement the system in a linear way and we believe that companies that have huge legacy systems, the same probably will occur. Putting in simple words, our main conclusion is: Implementing an Alarm Management policy produces good results however probably sometimes is better not to follow strictly the traditional steps. (author)

The future of western societies: multicultural identity or extreme nationalism?

NARCIS (Netherlands)

van der Veer, C.G.

2003-01-01

The Y2K study assumed that ideas about the future among the young generation might tell something about the direction of that future, since it would be increasingly in charge. The respondents in 1967 tended to hope for more equality (classes, genders, nations, races) but were pessimistic in their

Enhancing National Participation in the Oil and Gas Industry in Uganda

Energy Technology Data Exchange (ETDEWEB)

Heum, Per; Mwakali, Jackson A.; Ekern, Ole Fredrik; Byaruhanga, Jackson N.M.; Koojo, Charles A.; Bigirwenkya, Naptali K.

2011-07-01

In realization of the petroleum industry potential, Uganda's Oil and Gas policy seeks to optimize wealth creation from the industry to enhance the welfare of the citizens. This study has examined how Uganda may benefit from the participation of Ugandans and Ugandan firms in the petroleum activities. In the literature this is frequently referred to by applying the term local content. Local in this sense, however, refers to national as opposed to international or foreign contributions. Thus, we apply the concept national content to avoid any misunderstanding. Focus of our study has been on identifying the opportunities, gaps and challenges posed by the petroleum industry to recommend necessary measures to maximize the benefits of national content otherwise defined as national participation.The study has examined lessons Uganda may draw on from other countries and from the economic literature on industrial growth and national wealth. Furthermore, the specific point of departure for Uganda with regard to expected petroleum activities, Uganda's industrial base and its human resource base, has been investigated. On this basis, the study has made its recommendations.(eb)

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.

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.

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

76 FR 25331 - Agency Information Collection Activities; Proposed Collection; Comment Request; National Oil and...

Science.gov (United States)

2011-05-04

... Activities; Proposed Collection; Comment Request; National Oil and Hazardous Substance Pollution Contingency... http://www.regulations.gov to obtain a copy of the draft collection of information, submit or view... comments: 1. Explain your views as clearly as possible and provide specific examples. 2. Describe any...

Nigeria: the political economy of oil

International Nuclear Information System (INIS)

Khan, S.A.

1994-01-01

This book is the second in a series of books on the major petroleum exporting nations, most of them part of the developing world. These countries occupy a central position in the global economy given that oil is the energy source most used in the world and the most important primary commodity in international trade. At the same time they find themselves inescapably dependent on a single source of income. Their own economic prospects are closely bound to the future of their oil. It aims to provide a broad description of the oil and gas sectors, highlighting those features which give the country a physiognomy of its own. The analysis is set in the context of history, economic policy and international relations. It also seeks to identify the specific challenges that the exporting country studies will face in developing its wealth to the best advantage of the economy. (author)

Venezuela: the political economy of oil

International Nuclear Information System (INIS)

Boue, J.C.

1993-01-01

This book inaugurates a new series of books on the major petroleum exporting nations, most of them part of the developing world. These countries occupy a central position in the global economy given that oil is the energy source most used in the world and the most important primary commodity in international trade. At the same time they find themselves inescapably dependent on a single source of income. Their own economic prospects are closely bound to the future of their oil. It aims to provide a broad description of the oil and gas sectors, highlighting those features which give the country a physiognomy of its own. The analysis is set in the context of history, economic policy and international relations. It also seeks to identify the specific challenges that the exporting country studies will face in developing its wealth to the best advantage of the economy. (author)

National Assessment of Oil and Gas Project: Areas of Historical Oil and Gas Exploration and Production in the United States

Science.gov (United States)

Biewick, Laura

2008-01-01

This report contains maps and associated spatial data showing historical oil and gas exploration and production in the United States. Because of the proprietary nature of many oil and gas well databases, the United States was divided into cells one-quarter square mile and the production status of all wells in a given cell was aggregated. Base-map reference data are included, using the U.S. Geological Survey (USGS) National Map, the USGS and American Geological Institute (AGI) Global GIS, and a World Shaded Relief map service from the ESRI Geography Network. A hardcopy map was created to synthesize recorded exploration data from 1859, when the first oil well was drilled in the U.S., to 2005. In addition to the hardcopy map product, the data have been refined and made more accessible through the use of Geographic Information System (GIS) tools. The cell data are included in a GIS database constructed for spatial analysis via the USGS Internet Map Service or by importing the data into GIS software such as ArcGIS. The USGS internet map service provides a number of useful and sophisticated geoprocessing and cartographic functions via an internet browser. Also included is a video clip of U.S. oil and gas exploration and production through time.

The importance of the oil sector in the national economy

International Nuclear Information System (INIS)

Montenegro Santiago

2001-01-01

The paper is about the oil sector in Colombia as for their growing importance in the economy of the country in the last years, leaving of the base that this strategic sector for the economy for its high participation in the gross internal product, generates a very high percentage of the total exports and because it is also a very important source of fiscal resources for the national government as for the sectional governments. This writing is centered fundamentally in the analysis related with the production and export of raw petroleum

A GIS based national assessment of algal bio-oil production potential through flue gas and wastewater co-utilization

International Nuclear Information System (INIS)

Orfield, Nolan D.; Keoleian, Gregory A.; Love, Nancy G.

2014-01-01

The high theoretical productivity of microalgae makes it a promising energy crop, but economically viable large-scale production facilities have yet to emerge. Coupling algae cultivation ponds with flue gas emissions from power utilities to provide carbon dioxide and municipal wastewater to provide nutrients has been recommended as a solution. This flue gas and wastewater co-utilization (FWC) strategy not only reduces the upstream impacts and costs associated with providing inputs, but also provides a credit for wastewater treatment, a service currently required to reduce production costs to a viable level. This study provides the first national assessment of the potential for producing algal bio-oil in the United States using FWC. Spatial-temporal algae growth was simulated using solar radiation and temperature data to calculate the average annual algae yield for any location, which significantly impacts feasibility. The results of this model were integrated into a geospatial analysis which establishes the economically viable bio-oil production potential of FWC by accounting for the relative abundance of the input resources and their proximity. At most, 1.7 billion liters of bio-oil could be produced annually in a manner economically competitive with crude oil prices of $80 per barrel. The amount of nutrients in wastewater limits yields to 20.5 L of bio-oil per capita annually, and climatic constraints further reduce this potential by nearly 60%. Carbon dioxide constraints play a negligible role. Although the bio-oil production potential of FWC is relatively small, it does provide an opportunity to increase national biofuel output while providing a needed service. - Highlights: • Spatial-temporal algae growth was simulated using historical climate data. • A geospatial overlay analysis was used to assess national production potential. • Nutrient availability in wastewater is most limiting. • At most, 1.7 billion liters of algal biofuel per year could be

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

forestry, and the efficiency of existing technology for converting raw material to biofuels. We estimate the land needed to meet Sweden's gasoline and diesel use in the following forms: ethanol from wheat, biodiesel from rapeseed (RME), dimethyl ether (DME) from woody biomass, ethanol from woody biomass, and biogas produced from dedicated pasture crops. Our calculations indicate that Sweden would require as little as 4 million hectares of dedicated pasture crops to be grown for biogas production to replace its gasoline and diesel consumption, 6 million hectares to produce an equivalent amount of ethanol and RME, or 15 million hectares of forestland to replace this consumption by converting wood into ethanol or DME and/or methanol. Given that Sweden currently has 2.6 million hectares of arable land in active production, and approximately 22.7 million hectares of economically productive forestland, becoming free of oil dependence will be a significant challenge. Chapter 7 presents two future visions from the year 2100. The visions highlight the current diversity of values and expectations that exist in Sweden regarding the future development. The visions take into account three system levels: 1) the global level, 2) Sweden at the national level and, 3) the Swedish 'green sector'. These three system levels are described within two broad future visions: a) the 'high-energy society' and b) the 'low-energy society'. The 'high-energy society' vision is based on the assumption that replacing oil will be relatively easy. In contrast, the 'low-energy society' vision is based on the assumption that today's high level of energy consumption will be impossible to maintain after global oil production peaks, and society will be forced to find new patterns of organization that require less energy consumption. In both visions it is presumed that global solidarity is maintained, and humanity is able to equalize the global income gap

Estimation of mean-reverting oil prices: a laboratory approach

International Nuclear Information System (INIS)

Bjerksund, P.; Stensland, G.

1993-12-01

Many economic decision support tools developed for the oil industry are based on the future oil price dynamics being represented by some specified stochastic process. To meet the demand for necessary data, much effort is allocated to parameter estimation based on historical oil price time series. The approach in this paper is to implement a complex future oil market model, and to condense the information from the model to parameter estimates for the future oil price. In particular, we use the Lensberg and Rasmussen stochastic dynamic oil market model to generate a large set of possible future oil price paths. Given the hypothesis that the future oil price is generated by a mean-reverting Ornstein-Uhlenbeck process, we obtain parameter estimates by a maximum likelihood procedure. We find a substantial degree of mean-reversion in the future oil price, which in some of our decision examples leads to an almost negligible value of flexibility. 12 refs., 2 figs., 3 tabs

Maritime oil freight flows to 2050: Delphi perceptions of maritime specialists

International Nuclear Information System (INIS)

Dinwoodie, John; Tuck, Sarah; Rigot-Müller, Patrick

2013-01-01

This paper aims to synthesise maritime specialists' perceptions of changing patterns of maritime oil freight flows to 2050. Debate spans published maritime oil flows globally, diverse drivers of future flows including economic growth, shipping market changes and haul lengths. A classic Delphi study to explore the perceptions of likely trends and flows to 2050 recruited a panel of early career and established maritime specialists, many with long term career commitments to this industry. Underpinned by market volatility and legislative uncertainty, the perceptions of both groups coincided and were conservative. Local sourcing, new Arctic seaways and fossil fuel intolerance will tend to reduce oil freight work but perceptions of ship re-routing to avoid for example Emission Control Areas and piracy would tend to lengthen hauls. In advanced industrial nations, reducing energy intensities and diminishing social tolerance of fossil fuels imply gradually reducing maritime oil shipments. However, to achieve radical national commitments to carbon emissions reductions will necessitate specialist education for naturally conservative maritime professionals and vigorous oil import reduction policies to curtail domestic demand for oil shipments. - Highlights: • Local sourcing, Arctic seaways and fossil fuel intolerance lessen oil freight work. • Oil hauls lengthen if ships re-route to avoid Emission Control Areas and piracy. • Conservative perceptions of established specialists match early career views. • Carbon emission reduction policies imply significantly reduced oil shipments. • Attitude change in maritime professionals will require education and marketing

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.

75 FR 37783 - National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling

Science.gov (United States)

2010-06-30

... Drilling AGENCY: Department of Energy, Office of Fossil Energy. ACTION: Notice of open meeting. SUMMARY... and Offshore Drilling (the Commission). The Commission was organized pursuant to the Federal Advisory..., any oil spills associated with offshore drilling in the future. The Commission is composed of seven...

75 FR 56526 - National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling

Science.gov (United States)

2010-09-16

... Drilling AGENCY: Department of Energy, Office of Fossil Energy. ACTION: Notice of open meeting. SUMMARY... and Offshore Drilling (the Commission). The Commission was organized pursuant to the Federal Advisory..., any oil spills associated with offshore drilling in the future. The Commission is composed of seven...

75 FR 60097 - National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling

Science.gov (United States)

2010-09-29

... Drilling AGENCY: Department of Energy, Office of Fossil Energy. ACTION: Notice of open meeting. SUMMARY... and Offshore Drilling (the Commission). The Commission was organized pursuant to the Federal Advisory..., and mitigate the impact of, any oil spills associated with offshore drilling in the future. The...

75 FR 69652 - National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling

Science.gov (United States)

2010-11-15

... Drilling AGENCY: Department of Energy, Office of Fossil Energy. ACTION: Notice of open meeting. SUMMARY... and Offshore Drilling (the Commission). The Commission was organized pursuant to the Federal Advisory..., and mitigate the impact of, any oil spills associated with offshore drilling in the future. The...

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

Numerous studies have focused on arsenic in marine organisms, and relatively high natural levels of the element have been reported in marine samples. Despite their seemingly consistent presence in marine oils and fats, there is currently only limited knowledge available on arsenic compounds that ...... 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....... 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...

The oil and gas industry and the Canadian economy: a backgrounder

International Nuclear Information System (INIS)

1999-06-01

The technological and economic significance of the Canadian petroleum industry to the national economy and to Canada's standing in the world are reviewed. The six key ways in which the oil and gas industry affects Canada, namely employment, balance of trade, products, government revenues, international technology trade and community support are stressed within the context of describing present and future oil and gas resources, Canada's petroleum and natural gas trade balance, and capital spending and product sales. Attention is also drawn to the role of the Canadian petroleum and natural gas industry as a producer and exporter of world class technology, especially in the areas of high tech exploration methods, cold-climate and offshore operations, enhanced recovery techniques, heavy oil production and and processing, mining and upgrading of oil sands bitumen, oil well firefighting, and environmental protection technology. maps, figs

Increased oil recovery: secondary and tertiary. Application and future prospect

Energy Technology Data Exchange (ETDEWEB)

Whiting, R L

1978-01-01

Oil is initially produced using the nature reservoir pressure present, in a process called primary oil recovery. Secondary recovery uses artificial means to increase the natural reservoir pressure; tertiary, or enhanced oil recovery, uses a number of methods to enhance the flow characteristics of the oil. The scope for such techniques to increase the yield from oil fields in the US is estimated; the practicality of their application is shown to be particularly dependent upon pricing, taxation, and other existing policies. 16 references.

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)

National space legislation : future perspectives for Malaysian Space Law

NARCIS (Netherlands)

Saari, Che Zuhaida Binti

2014-01-01

This research studies the future perspectives for Malaysian space law. It aims at demonstrating the development of Malaysian outer space activities inclusive of her status with respect to United Nations space conventions and her membership of international and regional space-related organizations.

Toward Consistent Methodology to Quantify Populations in Proximity to Oil and Gas Development: A National Spatial Analysis and Review.

Science.gov (United States)

Czolowski, Eliza D; Santoro, Renee L; Srebotnjak, Tanja; Shonkoff, Seth B C

2017-08-23

Higher risk of exposure to environmental health hazards near oil and gas wells has spurred interest in quantifying populations that live in proximity to oil and gas development. The available studies on this topic lack consistent methodology and ignore aspects of oil and gas development of value to public health-relevant assessment and decision-making. We aim to present a methodological framework for oil and gas development proximity studies grounded in an understanding of hydrocarbon geology and development techniques. We geospatially overlay locations of active oil and gas wells in the conterminous United States and Census data to estimate the population living in proximity to hydrocarbon development at the national and state levels. We compare our methods and findings with existing proximity studies. Nationally, we estimate that 17.6 million people live within 1,600m (∼1 mi) of at least one active oil and/or gas well. Three of the eight studies overestimate populations at risk from actively producing oil and gas wells by including wells without evidence of production or drilling completion and/or using inappropriate population allocation methods. The remaining five studies, by omitting conventional wells in regions dominated by historical conventional development, significantly underestimate populations at risk. The well inventory guidelines we present provide an improved methodology for hydrocarbon proximity studies by acknowledging the importance of both conventional and unconventional well counts as well as the relative exposure risks associated with different primary production categories (e.g., oil, wet gas, dry gas) and developmental stages of wells. https://doi.org/10.1289/EHP1535.

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)

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

78 FR 16612 - National Oil and Hazardous Substances Pollution Contingency Plan; Revision To Increase Public...

Science.gov (United States)

2013-03-18

... Hazardous Substances Pollution Contingency Plan (NCP) to broaden the technology, to include computer... ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 300 [EPA-HQ-SFUND-2012-0738; FRL-9791-4] National Oil and Hazardous Substances Pollution Contingency Plan; Revision To Increase Public Availability of the...

Hidden action or hidden strategy: China's control of its national oil companies

Science.gov (United States)

Humphrey, Charles

China's rapid economic growth has been accompanied by parallel growth in energy demand, particularly in demand for oil. Due to political and economic constraints on domestic reform, the CPC has focused on the international dimension through the creation of vertically integrated national oil companies. The foreign investments of these companies have become increasingly controversial due to the high levels of political and financial support afforded them by the CPC. I measure control by employing a model of institutional constraints on state-owned enterprises in conjunction with a managerial variant of Principal Agent theory well suited to political analyses. I conclude that the combination of institutional overlap, the process which led to the formation of the CNOCs as they currently exist and the current overseas activities of the CNOCs all demonstrate that the CPC is in control of the CNOCs.

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

Oil supply and oil politics: Deja Vu all over again

International Nuclear Information System (INIS)

Cleveland, Cutler J.; Kaufmann, Robert K.

2003-01-01

President Bush has identified US dependence on imported oil as an urgent energy, economic, and national security concern. The President's energy plan promotes the development of domestic resources, based on the assumption that economic incentives and the opening of frontier areas for exploration will increase domestic production. If realized, this will reduce dependence on imported oil and reduce OPEC's ability to affect aggregate oil supply and price. The evidence suggests, however, that this policy will not increase significantly US production of crude oil, will not reduce significantly OPEC's influence, and it will distort the US macroeconomy. Even if allowed, production from the Arctic National Wildlife Refuge will have a negligible impact on the world oil markets. Further subsidies to the oil industry will divert resources from other more productive investments. Conservation and energy efficiency merit greater emphasis in US energy policy given their ability to reduce the use of cost-effective and environmentally beneficial ways

Oil supply and oil politics: Deja Vu all over again

International Nuclear Information System (INIS)

Cleveland, C.J.; Kaufmann, R.K.

2003-01-01

President Bush has identified US dependence on imported oil as an urgent energy, economic, and national security concern. The President's energy plan promotes the development of domestic resources, based on the assumption that economic incentives and the opening of frontier areas for exploration will increase domestic production. If realized, this will reduce dependence on imported oil and reduce OPEC's ability to affect aggregate oil supply and price. The evidence suggests, however, that this policy will not increase significantly US production of crude oil, will not reduce significantly OPEC's influence, and it will distort the US macroeconomy. Even if allowed, production from the Arctic National Wildlife Refuge will have a negligible impact on the world oil markets. Further subsidies to the oil industry will divert resources from other more productive investments. Conservation and energy efficiency merit greater emphasis in US energy policy given their ability to reduce the use of cost-effective and environmentally beneficial ways. (author)

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.

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.

Monitoring of Olympic National Park Beaches to determine fate and effects of spilled bunker C fuel oil

Energy Technology Data Exchange (ETDEWEB)

Strand, J.A.; Cullinan, V.I.; Crecelius, E.A.; Fortman, T.J.; Citterman, R.J.; Fleischmann, M.L.

1990-10-01

On December 23, 1988, the barge Nestucca was accidentally struck by its tow, a Souse Brothers Towing Company tug, releasing approximately 230,000 gallons of Bunker C fuel oil and fouling beaches from Grays Harbor north to Vancouver Island. Affected beaches in Washington included a 40-mile-long strip that has been recently added to Olympic National Park. The purpose of the monitoring program documented in this report was to determine the fate of spilled Bunker C fuel oil on selected Washington coastal beaches. We sought to determine (1) how much oil remained in intertidal and shallow subtidal habitats following clean-up and weathering, (2) to what extent intertidal and/or shallow subtidal biotic assemblages have been contaminated, and (3) how rapidly the oil has left the ecosystem. 45 refs., 18 figs., 8 tabs.

How the national prices impact the international activity? The case of oilive oil market in Spain

OpenAIRE

Aubert, Magali; Demaria, Federica; Gutiérrez-Salcedo, Maria

2014-01-01

Olive oil plays an important role in the European Union countries where Spain, Italy and Greece are the main actors. Spain industry knew a flourished period by confirming its own leadership in this sector. Spain is the main olive oil producer and exporter in the world. Starting from this evidence, the main objective of this work is that of analysing the price transmission at the national level to understand in which way this activity has some impact on the international ones. At first we look...

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)

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

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)

Illum, K.

2004-03-01

The evidence presented in this review shows that forecasts made by governmental and international institutions differ markedly from the results of analyses made by individual, independent researchers and some analysts representing the oil industry. The oil industry's analysts point to ever greater costs of matching growing demand with supply from an aging resource base. Depending mainly on developments in the Middle East and the development of the world economy in the coming years, production may peak within one or two decades. It is a question of geology, technology, economy, and the policies conducted by various nations. The trouble is that no realistic technological, economic and political strategies for the warding off of the impacts of a decline in conventional oil supply are in sight. (AU)

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.

The adaptation of the financial structures of national companies in oil producing countries

International Nuclear Information System (INIS)

Helder, P.

1994-01-01

The economic environment of the oil industry in the nineties contains a number of uncertainties concerning demand evolution and the persistence of low prices. National companies cannot expect high margins for financing their development. To avoid an increased debt burden these companies are looking for organizational flexibility. Their strategies imply cost cutting and a modernization of their management criteria. (Author). 19 refs., 6 tabs

The Role of Incompleteness in Commodity Futures Markets

Directory of Open Access Journals (Sweden)

Takashi eKanamura

2015-10-01

Full Text Available This paper proposes a convenience yield-based pricing for commodity futures, which embeds incompleteness of commodity futures markets in convenience yields. By using the pricing method, we conduct empirical analyses of the prices of WTI crude oil, heating oil, and natural gas futures traded on the NYMEX in order to assess the incompleteness of energy futures markets. We show that the fluctuation from the incompleteness is partly driven by the fluctuation from convenience yields. In addition, it is shown that the incompleteness of natural gas futures market is more highlighted than the incompleteness of WTI crude oil and heating oil futures markets. We apply the implied market price of risk from the NYMEX data to pricing an Asian call option written on WTI crude oil futures. Finally, we try to apply the market incompleteness analysis to the post-crisis periods after 2009.

Oil sands supply outlook

International Nuclear Information System (INIS)

Dunbar, R.

2004-01-01

In March 2004, The Canadian Energy Research Institute released a report on the expected future supply from Alberta's oil sands. The report indicates that the future for the already well-established oil sands industry is promising, particularly given the outlook for oil prices. The challenges facing the industry include higher industry supply costs and the need for innovative commercial and technological solutions to address the risks of irregularities and changes in crude oil prices. In 2003, the industry produced 874 thousand barrels per day of synthetic crude oil and unprocessed crude bitumen. This represents 35 per cent of Canada's total oil production. Current production capacity has increased to 1.0 million barrels per day (mbpd) due to new projects. This number may increase to 3.5 mbpd by 2017. Some new projects may be deferred due to the higher raw bitumen and synthetic crude oil supply costs. This presentation provided supply costs for a range of oil sands recovery technologies and production projections under various business scenarios. tabs., figs

Design of governmental policies for oil production rates and oil income spending. A long-term perspective. [Norway

Energy Technology Data Exchange (ETDEWEB)

Moxnes, E

1982-09-01

In 1980, oil production in Norway amounted to 1 million barrels per day. Taxes and royalties to the government from this production provides 9 per cent of the GNP. With current estimates of recoverable reserves, the 1980 production rate would last for 100 years. Decisions about oil production rates and oil income spending have tremendous impact on society. Attemps to design an appropriate oil policy are complicated by uncertainty about total reserves, future oil prices and complex economic responses to production and income. This report provides and integrating framework to aid government officials in their evaluation of policy options. A system dynamics model of the Norwegian national economy is developed for the analysis. The model determines endogenously the spending of oil income, GNP, consumption and investments, imports and exports, unemployment and labor migration from exporting industries to service industries; all variables result from exogenous decisions about oil production. Though the model is based on behavioral theory of economic decision making at the microeconomic level, it reproduces well major behavior modes of macroeconomic indicators from the 1970s. The most attractive oil policy has been found to be a dynamic and firm ceiling on spending. Dynamic means that growth in spending should be limited, spending should not increase unless the economy is appropriately buffered against oil price drops by foreign savings and spending should never exceed a maximum ceiling set to ensure a desirabel distribution of benefits and problems over time. Firm means that the ceiling cannot be changed by Parliament within an election period. If a firm ceiling on spending is politically infeasible, oil production should be kept lower than otherwise.

The state tax regulation in the oil and gas industry

Directory of Open Access Journals (Sweden)

E. I. Cherkasova

2018-01-01

Full Text Available Russian tax laws in petrochemical complex generally has a fiscal orientation now. The current system of taxation in the oil industry has the biggest tax burden in the world, amount of oil and gas revenues was more then 43-51% of all budget revenues over past decades, remaining its main source. Generally, there were changes in the ratios of incomes in the forms of export customs duty and tax on the extraction of minerals. State policy in the field of resource payments affects the entire industry, influencing the structure of oil and oil supplies on internal and external markets and realization of the programs for modernization and development in priority areas. Changes of structure of national production, increasing the contribution of agriculture, IT sphere and other branches to aggregate national product should be reflected in the revision of the tax burden on the industries, associated with the extraction and processing of minerals. It is necessary to reduce the fiscal direction of tax regulation in petrochemical sector with a simultaneous increasing the role of tools that stimulate modernization and updating of equipment, implementation of new processes and technologies, the maximum use of process-deepening processes as well as the development of deposits with severe production conditions. In the near future, it is planned to introduce new changes in taxation in field of oil production and refining - introduction of benefits for oil production in new fields or fields with difficult production conditions or poor quality of oil and introduction of a tax on additional income..

Oil spill first principles. Prevention and best response

International Nuclear Information System (INIS)

Ornitz, B.; Champ, M.

2002-01-01

Different international conventions, U.S. laws, and policy considerations are reviewed, regulatory strategies are discussed, and the book helps promote the use of better science, engineering, technology and policy and law in oil spill prevention and response. 'Oil Spill Response' has greatly improved over the last 30 years. On a global basis, billions have been spent in R and D in planning and response. However, a paradigm shift is in the works that is needed to more effectively use what has been learned in the last 30 years in both prevention and in clean up. The key terms that describe this paradigm shift are Best Science, Engineering and Technology produce Best Response and the Safety Culture prevents oil spills. Oil spills are no longer considered unavoidable 'accidents' of environmental conditions or functions of catastrophic events. More than 80% of all spills are the result of human error. The focus of the current legal, regulatory and convention framework affecting the transportation of oil by ship reflects a recent change in public attitude, an insistence upon protection of the world's marine environments, particularly coastal ecosystems. This public concern seeks to address the root cause of oil spills, including human error. The outcome of such national and international attention is the creation of significant legal and political motivators for a cultural shift by the oil shipping industry, from an 'evasion' culture to a 'safety culture'. The new 'safety culture' connotes continuous improvement in ship operations and a willingness to adopt the evolving safety culture concepts of communication at all levels within the company, better trained and qualified personnel on board ship, emphasis on safety from top down, and proactive institution of safety management systems at all levels of operation. Evasion or mere compliance with international and national law is no longer sufficient for future sustainable shipping

Future development

International Nuclear Information System (INIS)

Zavitz, J.; Hetherington, C.

1997-01-01

Issues regarding future development by oil and gas companies in Canada's Arctic and the Beaufort Sea were discussed. It was suggested in the Berger report that Northern development should be under the control of the people whose lives and economy are being changed. Aboriginal people are now much more sophisticated politically, and have a better understanding of what is involved. Most of them would like the financial benefits from development, but the development would have to be on their terms. Most people involved with Arctic oil exploration feel that there is enough oil in the Arctic to warrant production. (Reserves in the Beaufort Sea are estimated at two billion barrels of good quality oil). If development were to continue, there exist two methods of transportation to move the oil to market. Gulf, Imperial Oil and Panarctic favour the use of pipelines, whereas Dome Petroleum Ltd. favours the use of ice-breaking tankers. In each case the favored option seems to depend upon the location of the company's leases, the capital and operating costs, and the potential environmental impacts. Undoubtedly, any future development will be guided by the scientific information and technical expertise of oil industry pioneers of the 1960s and the 1970s, and the wisdom gained from the experiences of the many participants whose views and insights are recorded in this book

US refining capacity for Canadian heavy oil : current overview and future potential

International Nuclear Information System (INIS)

Paget, S.

2006-01-01

This presentation provided an overview of the Canadian oil sands industry and investigated the potential heavy oil refining capacity of the United States. An outline of the first commercial developments of steam assisted gravity drainage (SAGD) in Alberta's oil sands was provided. Canada's reserves were compared with oil shale and heavy oil reserves in the United States and Venezuela. Influences of Canadian developments from western Canadian conventional crude oil were reviewed, and an oil sands production forecast was provided. Recent refining developments in the United States include delayed coking; catalytic cracking; fluid coking; flexicoking; and LC-fining. However, many oil sand producers are now choosing to upgrade oil, and producers are currently saturating United States markets with heavy crude oil. Canadian crude prices reached $90 per barrel in 2006. Heavy oil pipelines are now being constructed and existing heavy oil pipelines are being expanded. ConocoPhillips is planning to invest $1 billion for a new heavy oil coker, while BP is investing $3 billion for a heavy oil refinery in Indiana which plans to refine Canadian crude oil supplies. However, bitumens from Alberta are volatile in price, and excess Canadian production must be exported. Less than 10 per cent of western Canadian crude has tidewater access, and capital providers are concerned about cost over-runs. In order for the Canadian oil sands industry to succeed, refining capacity in the United States must be expanded, and open access must be provided to the Gulf coast as well as to the Pacific Ocean. tabs., figs

Hedging Effectiveness and Optimal Hedge Ratios: An Analysis of Malaysian Crude Palm Oil Futures Market

OpenAIRE

OH, STELLA JIA XIN

2015-01-01

This paper deals with the estimation of hedge ratios and hedging effectiveness of crude palm oil futures market in Malaysia for the period from January 2000 to August 2015. To measure hedging performances of optimal hedge ratio, different measures have been employed such as the static hedge ratio estimation models of conventional Ordinary Least Square (OLS) model and Vector Error Correction Model (VECM), while the time-varying model is presented by the Diagonal Vech Multivariate Generalized A...

An Improved Approach for Forecasting Ecological Impacts from Future Drilling in Unconventional Shale Oil and Gas Plays.

Science.gov (United States)

Wolaver, Brad D; Pierre, Jon Paul; Ikonnikova, Svetlana A; Andrews, John R; McDaid, Guinevere; Ryberg, Wade A; Hibbitts, Toby J; Duran, Charles M; Labay, Benjamin J; LaDuc, Travis J

2018-04-13

Directional well drilling and hydraulic fracturing has enabled energy production from previously inaccessible resources, but caused vegetation conversion and landscape fragmentation, often in relatively undisturbed habitats. We improve forecasts of future ecological impacts from unconventional oil and gas play developments using a new, more spatially-explicit approach. We applied an energy production outlook model, which used geologic and economic data from thousands of wells and three oil price scenarios, to map future drilling patterns and evaluate the spatial distribution of vegetation conversion and habitat impacts. We forecast where future well pad construction may be most intense, illustrating with an example from the Eagle Ford Shale Play of Texas. We also illustrate the ecological utility of this approach using the Spot-tailed Earless Lizard (Holbrookia lacerata) as the focal species, which historically occupied much of the Eagle Ford and awaits a federal decision for possible Endangered Species Act protection. We found that ~17,000-45,500 wells would be drilled 2017‒2045 resulting in vegetation conversion of ~26,485-70,623 ha (0.73-1.96% of pre-development vegetation), depending on price scenario ($40-$80/barrel). Grasslands and row crop habitats were most affected (2.30 and 2.82% areal vegetation reduction). Our approach improves forecasts of where and to what extent future energy development in unconventional plays may change land-use and ecosystem services, enabling natural resource managers to anticipate and direct on-the-ground conservation actions to places where they will most effectively mitigate ecological impacts of well pads and associated infrastructure.

75 FR 39518 - National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling; Correction

Science.gov (United States)

2010-07-09

... DEPARTMENT OF ENERGY National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling; Correction AGENCY: Office of Fossil Energy, Department of Energy. ACTION: Notice of open meeting... Spill and Offshore Drilling, (75 FR 37783). This document makes several corrections to that notice. FOR...

Securing India's energy future

International Nuclear Information System (INIS)

Raghuraman, V.

2009-01-01

India's development aspirations are challenged by energy security and climate change considerations. The integrated energy policy clearly deliberates the need to intensify all energy options with emphasis on maximizing indigenous coal production, harnessing hydropower, increasing adoption of renewables, intensifying hydrocarbon exploration and production and anchoring nuclear power development to meet the long-term requirements. The report also emphasizes the need to secure overseas hydrocarbon and coal assets. Subsequently the National Action Plan on climate change has underscored the need to wean away from fossil fuels, the ambitious National Solar Mission is a case in point. Ultimately securing India's energy future lies in clean coal, safe nuclear and innovative solar. Coal is the key energy option in the foreseeable future. Initiatives are needed to take lead role in clean coal technologies, in-situ coal gasification, tapping coal bed methane, coal to liquids and coal to gas technologies. There is need to intensify oil exploration by laying the road-map to open acreage to unlock the hydrocarbon potential. Pursue alternate routes based on shale, methane from marginal fields. Effectively to use oil diplomacy to secure and diversify sources of supply including trans-national pipelines and engage with friendly countries to augment strategic resources. Technologies to be accessed and developed with international co-operation and financial assistance. Public-Private Partnerships, in collaborative R and D projects need to be accelerated. Nuclear share of electricity generation capacity to be increased 6 to 7% of 63000 MW by 2031-32 and further to 25% (300000 MW) capacity by 2050 is to be realized by operationalizing the country's thorium programme. Nuclear renaissance has opened up opportunities for the Indian industry to meet not only India's requirements but also participate in the global nuclear commerce; India has the potential to emerge as a manufacturing hub

DHA-Containing Oilseed: A Timely Solution for the Sustainability Issues Surrounding Fish Oil Sources of the Health-Benefitting Long-Chain Omega-3 Oils

Directory of Open Access Journals (Sweden)

Soressa M. Kitessa

2014-05-01

Full Text Available Benefits of long-chain (≥C20 omega-3 oils (LC omega-3 oils for reduction of the risk of a range of disorders are well documented. The benefits result from eicosapentaenoic acid (EPA and docosahexaenoic acid (DHA; optimal intake levels of these bioactive fatty acids for maintenance of normal health and prevention of diseases have been developed and adopted by national and international health agencies and science bodies. These developments have led to increased consumer demand for LC omega-3 oils and, coupled with increasing global population, will impact on future sustainable supply of fish. Seafood supply from aquaculture has risen over the past decades and it relies on harvest of wild catch fisheries also for its fish oil needs. Alternate sources of LC omega-3 oils are being pursued, including genetically modified soybean rich in shorter-chain stearidonic acid (SDA, 18:4ω3. However, neither oils from traditional oilseeds such as linseed, nor the SDA soybean oil have shown efficient conversion to DHA. A recent breakthrough has seen the demonstration of a land plant-based oil enriched in DHA, and with omega-6 PUFA levels close to that occurring in marine sources of EPA and DHA. We review alternative sources of DHA supply with emphasis on the need for land plant oils containing EPA and DHA.

DHA-Containing Oilseed: A Timely Solution for the Sustainability Issues Surrounding Fish Oil Sources of the Health-Benefitting Long-Chain Omega-3 Oils

Science.gov (United States)

Kitessa, Soressa M.; Abeywardena, Mahinda; Wijesundera, Chakra; Nichols, Peter D.

2014-01-01

Benefits of long-chain (≥C20) omega-3 oils (LC omega-3 oils) for reduction of the risk of a range of disorders are well documented. The benefits result from eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA); optimal intake levels of these bioactive fatty acids for maintenance of normal health and prevention of diseases have been developed and adopted by national and international health agencies and science bodies. These developments have led to increased consumer demand for LC omega-3 oils and, coupled with increasing global population, will impact on future sustainable supply of fish. Seafood supply from aquaculture has risen over the past decades and it relies on harvest of wild catch fisheries also for its fish oil needs. Alternate sources of LC omega-3 oils are being pursued, including genetically modified soybean rich in shorter-chain stearidonic acid (SDA, 18:4ω3). However, neither oils from traditional oilseeds such as linseed, nor the SDA soybean oil have shown efficient conversion to DHA. A recent breakthrough has seen the demonstration of a land plant-based oil enriched in DHA, and with omega-6 PUFA levels close to that occurring in marine sources of EPA and DHA. We review alternative sources of DHA supply with emphasis on the need for land plant oils containing EPA and DHA. PMID:24858407

DHA-containing oilseed: a timely solution for the sustainability issues surrounding fish oil sources of the health-benefitting long-chain omega-3 oils.

Science.gov (United States)

Kitessa, Soressa M; Abeywardena, Mahinda; Wijesundera, Chakra; Nichols, Peter D

2014-05-22

Benefits of long-chain (≥C20) omega-3 oils (LC omega-3 oils) for reduction of the risk of a range of disorders are well documented. The benefits result from eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA); optimal intake levels of these bioactive fatty acids for maintenance of normal health and prevention of diseases have been developed and adopted by national and international health agencies and science bodies. These developments have led to increased consumer demand for LC omega-3 oils and, coupled with increasing global population, will impact on future sustainable supply of fish. Seafood supply from aquaculture has risen over the past decades and it relies on harvest of wild catch fisheries also for its fish oil needs. Alternate sources of LC omega-3 oils are being pursued, including genetically modified soybean rich in shorter-chain stearidonic acid (SDA, 18:4ω3). However, neither oils from traditional oilseeds such as linseed, nor the SDA soybean oil have shown efficient conversion to DHA. A recent breakthrough has seen the demonstration of a land plant-based oil enriched in DHA, and with omega-6 PUFA levels close to that occurring in marine sources of EPA and DHA. We review alternative sources of DHA supply with emphasis on the need for land plant oils containing EPA and DHA.

The functioning of the oil market during an oil crisis

International Nuclear Information System (INIS)

Hughes, G.; Siner, M.; Tijdhof, B.

2003-01-01

The title study regarding the functioning of the oil market during an oil crisis is carried out with particular reference to the strategic behaviour of oil companies. Section 2 identifies major oil supply disruptions since 1951 and describes some important changes in the market that have occurred in recent decades; Section 3 reviews the economic literature of the functioning of oil markets during disruptions and models of oil supply disruptions; Section 4 examines the response of oil markets to recent supply disruptions; Section 5 examines the incentives and scope for strategic behaviour; Section 6 considers the implications of our analysis for the design of policy responses to oil supply disruptions; Appendix A describes the background to the four recent oil supply disruptions; Appendix B discusses the relationship between spot and futures prices for a storable commodity; and Appendix C is the bibliography

Global Trends and Development Prospects for Oil and the Oil Products Market

Directory of Open Access Journals (Sweden)

Maria Dorozhkina

2006-03-01

Full Text Available This article discusses the important issue of the development of the global market of oil and oil products. It offers an overview of how this market was formed and its current status, classification, location and potential of countries in the oil and oil processing business. It analyzes the Ukrainian oil products market. The article discusses the shortcomings and strategic areas for the development of Ukraine’s oil transport system. It presents an optimum method for creating integration groups in order to develop the oil processing business in Ukraine for the future. The article considers the main trends and outlines development prospects for the global oil and oil products market.

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

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...

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

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

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.

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.

Proceedings of the oil sands and heavy oil technologies conference and exhibition

International Nuclear Information System (INIS)

2009-01-01

This conference provided a forum for oil sands industry leaders to review the current and future state of technology in this frontier environment. Presentations were delivered by key personnel involved in groundbreaking projects with a renewed focus on oil sands technology and equipment, viewed from the strategic level with case studies and reports on application technologies designed to optimize oil sands operations. The presentations addressed a wide range of issues related to the environmental impacts of oil sands processing facilities, including innovative water and wastewater solutions for heavy oil producers for bitumen mining, in-situ and upgrading facilities. New advances in sulphur treatment technologies were highlighted along with technologies designed to increase the energy efficiency and energy consumption rates of upgrader and processing facilities. Advances in carbon dioxide (CO 2 ) capture and storage systems were also discussed along with geopolitical and economic evaluations of the future of the oil sands industry. The conference featured 59 presentations, of which 48 have been catalogued separately for inclusion in this database. refs., tabs., figs

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.)

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.

Examination of Ghana's oil sector: need for a new paradigm of oil ...

African Journals Online (AJOL)

The objective of this research paper is to address the issue of oil revenue management in Ghana for sustainable socio-economic development, as a model for emerging oil producing nations in West Africa. To meet its objectives, the research was designed to answer some questions pertaining to oil revenue management.

Wavelet-based prediction of oil prices

International Nuclear Information System (INIS)

Yousefi, Shahriar; Weinreich, Ilona; Reinarz, Dominik

2005-01-01

This paper illustrates an application of wavelets as a possible vehicle for investigating the issue of market efficiency in futures markets for oil. The paper provides a short introduction to the wavelets and a few interesting wavelet-based contributions in economics and finance are briefly reviewed. A wavelet-based prediction procedure is introduced and market data on crude oil is used to provide forecasts over different forecasting horizons. The results are compared with data from futures markets for oil and the relative performance of this procedure is used to investigate whether futures markets are efficiently priced

Quality of environmental disclosure by multi-national oil companies: a corporate governance perspective

OpenAIRE

Babatunde, A.

2005-01-01

Over the past few years, concern about the issue of environmental sustainability\\ud has increased considerably. Closely linked to this concern is the growing disquiet\\ud over the increasing pervasiveness of multi-national companies, especially oil\\ud companies, in shaping global politics and economics. Consequently, increased\\ud awareness about the environment has led to calls for better management of global\\ud resources and for ways in which to make the corporations that benefit the most\\ud ...

A new oil crisis?

International Nuclear Information System (INIS)

Haffner, R.C.G.; Van Herpt, I.R.Y.

2000-01-01

Recent developments in the oil market are discussed, focusing on the causes of recent price increase, expectations for the near future, why previous oil crises resulted into a recession, and the expected consequences of the oil price increase for the economic growth and inflation. The negative consequences of the high oil price for the European economy can be limited under the condition that claims for higher wages are moderate. 2 refs

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)

Essays on oil and the macroeconomy

Energy Technology Data Exchange (ETDEWEB)

Melolinna, M.

2012-07-01

This dissertation studies the effects of crude oil on the macroeconomy using a vector autoregression (VAR) modelling framework. In particular, the importance of identifying different types of oil shocks is explored for both small and large open economies. A VAR model is also used to study the information content of oil futures contracts. The dissertation consists of three essays. The first essay of the dissertation introduces a methodology for identifying oil supply shocks in a small open economy. Financial market information is used to construct an identification scheme that forces the response to an oil shock of the VAR model to be the same as that implied by futures markets. Due to the identification scheme, the model is only partially identified, and confidence intervals for impulse responses are calculated by using a bootstrapping procedure. The methodology is applied in illustrative examples to two small open economies in a VAR model that includes key domestic and international macroeconomic variables. The results suggest that while oil supply shocks have had an effect on domestic inflation during recent past, the effect on domestic GDP is ambiguous. The second essay of the dissertation studies the existence of risk premiums in crude oil futures prices with simple ordinary least squares regression and Bayesian VAR models. It also studies the importance of three main theoretical risk premium models in explaining and forecasting the risk premiums in practice. Whilst the existence of the premiums and the validity of the models can be established at certain time points, it turns out that the choice of sample period has a considerable effect on the results. Hence, the risk premiums are highly time-varying. The study also establishes a model, based on speculative positions in the futures markets, which has some predictive power for future oil spot prices. The third essay of the dissertation explores oil market and other macroeconomic shocks in a structural VAR

Subordinated Levy Processes and Applications to Crude Oil Options

OpenAIRE

Noureddine Krichene

2005-01-01

One approach to oil markets is to treat oil as an asset, besides its role as a commodity. Speculative and nonspeculative activity by investors in the derivatives markets could be responsible for a sizable increase in oil prices. This paper recognizes both the consumption and investment aspects of crude oil and proposes Levy processes for modeling uncertainty and options pricing. Calibration to crude oil futures' options shows high volatility of oil futures prices, fat-tailed, and right-skewed...

Futures Brokerages Face uncertain Future

Institute of Scientific and Technical Information of China (English)

WANG PEI

2006-01-01

@@ 2005 was a quiet year for China's futures market.After four new trading products, including cotton, fuel oil and corn, were launched on the market in 2004, the development of the market seemed to stagnate. The trade value of the futures market totaled 13.4 trillion yuan (US$ 1.67 trillion) in 2005, down 8.5 percent year-on-year. Although the decrease is quite small and the trade value was still the second highest in the market's history, the majority of futures brokerage firms were running in the red. In some areas, up to 80 percent of futures companies made losses.

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

The design, results and future development of the National Energy Strategy Environmental Analysis Model (NESEAM)

International Nuclear Information System (INIS)

Fisher, R.E.; Boyd, G.A.; Breed, W.S.

1991-01-01

The National Energy Strategy Environmental Model (NESEAM) has been developed to project emissions for the National Energy Strategy (NES). Two scenarios were evaluated for the NES, a Current Policy Base Case and a NES Action Case. The results from the NES Actions Case project much lower emissions than the Current Policy Base Case. Future enhancements to NESEAM will focus on fuel cycle analysis, including future technologies and additional pollutants to model. NESEAM's flexibility will allow it to model other future legislative issues. 7 refs., 4 figs., 2 tabs

Oil from coal: just not worth it, say NCB

Energy Technology Data Exchange (ETDEWEB)

Grainger, L

1970-01-01

The creation of new markets by making oil fuels from coal in Britain is unresolved at this time. The dominant factor in the economics is the price ratio between coal and oil, which in Britain is 3 times less favorable than in the U.S. Current conversion results in a price more than double that of natural oil; however, the National Coal Board (NCB) continues to assess oil-from-coal processes. A sound research background in the new field of coal derivatives from solvent processing is being developed to produce materials of higher specific value than fuels. A continuous pilot plant is being built to prepare coke from filtered coal solution on the scale of a half-a-ton per week. Future prospects of the industry lie in areas where markets for coal will diminish, such as metallurgical coke. The fate of the coal industry will depend more and more on its largest market-electricity generation. In order to compete with nuclear power, the NCB is developing a new system of fluidized combustion.

Oil markets to 2010: the impact of non-Opec oil

International Nuclear Information System (INIS)

Enav, Peter

1998-09-01

This report provides an in-depth assessment of oil development scenarios in every non-Opec oil producing country from 1998 to 2010, in addition to evaluating the extent and direction of future oil trade for Opec and non-Opec countries alike. It re-assesses world oil consumption patterns in light of the Asian financial crisis, providing a concise yet comprehensive coverage of an often-neglected oil production group. The oil market development scenario is analysed in each country, with detailed consideration of the major players providing historical production, consumption, import and export data; current oil balance - production, imports and exports; an assessment of oil development policy; analysis of potential development obstacles considering regulatory, financial, political and environmental issues; oil production and consumption projections to 2010, by type; and import and export projections to 2010, by destination and source. More than 80 tables supplying essential statistics on the world's non-Opec markets accompany the report, with maps and schematic diagrams showing existing and potential infrastructure and fields. (Author)

CONTAGIOUS EFFECTS OF OIL PRICES ON ASIAN STOCK MARKETS’ BEHAVIOUR

Directory of Open Access Journals (Sweden)

Jok-Tong Wan

2016-05-01

Full Text Available The main objective of this study is to examine the stock markets’ shock due to the effect of the price of oil in the East Asia Region. Particularly, this study examines if there is stock market interdependence during global oil price shocks (sudden changes for a sample of five total oil importers (the Philippines, Hong Kong SAR, Taiwan, South Korea, and Japan, four net oil importers (Indonesia, Singapore, Thailand, and China, and one net oil exporter (Malaysia between 1999 and 2014. From the result, an oil price change is collectively found to have a small but significant positive impact on the stock markets, in particular where a sudden decrease in oil prices tends to cause a stock market downturn and volatility. The world economy’s spending, financial investments in oil futures and foreign investment by oil rich nations are some underlying motives for inducing this oil-stock positive relation. The same direction of time-varying conditional correlations is found across East Asian stock markets during negative oil price shocks. The integration among East Asian stock markets is inducing the oil shock contagion to be transmitted from direct oil-affected countries (South Korea, Hong Kong, and Singapore to non-direct oil affected countries’ (Japan and Taiwan stock markets. In spite of a long practiced ASEAN+3 macroeconomics surveillance process and Early Warning System (EWS which can be customized for stock markets to prevent or detect the oil risk, hedging against initial oil-affected stock markets and a stronger influence by the East Asian countries in the global world of oil and capital investment are strongly suggested.

Status of Oil and Natural Gas in the World and Turkey, and Studies conducted at ITU

International Nuclear Information System (INIS)

Onur, Mustafa

2006-01-01

Energy and its appropriate deployment are the most critical of all wealth generating activities, and they are the most important modern indicators of the wealth and poverty of nations. Humankind and energy will merge in an unbreakable bond for the entire future of humankind. Without dispute, the petroleum and natural gas industry is the world's largest energy sector and the second largest of the world's industries. Today, oil and gas account for 61 percent (39% oil and 24% natural gas) of the world's energy consumption. Including coal's 30 percent share, the hydrocarbon mix comprises more than 90 percent of the world's needs. Since the 19th century, the petroleum industry, including exploration, production, transportation (marine+pipeline), refinery, and marketing, have caused world changes, determined destiny of humankind, and generated immense wealth for both producers and users. It is also an accepted fact that the oil and natural gas will continue to be dominating energy sources, particularly as transportation fuels, for the world's energy needs, and will continue to cause world changes during the 21st century, at least for the next 25 years. Regarding Turkey's role in petroleum and natural gas, the figures are as follows: At the end of 2005, the proved oil and natural gas reserves of Turkey are reported as 1.2 million barrels (∼165.4 million tonnes) and 14.3 billion m 3 , respectively. When these figures are compared with the corresponding world's proved oil and natural gas reserves, which are 1.2 trillion barrels and 179.5 trillion m 3 , respectively, it is clear that Turkey's oil and natural gas reserves comprises only a very small portion of the world's corresponding reserves. Approximately only 8% and 3% of Turkey's oil and natural gas consumption are produced from domestic sources. At the end of 2005, Turkey's oil and natural gas productions from its domestic sources are 17 million barrels When considering the current high oil and natural gas prices (�

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

Tar sands showdown : Canada and the new politics of oil in an age of climate change

International Nuclear Information System (INIS)

Clarke, T.

2009-01-01

This book outlined the social and environmental issues facing the oil sands industry in Canada, including economic sovereignty, energy security, water rights and free trade. The tar sands have become vital to the Canadian economy, as they have the potential to increase Canada's foreign oil output by 4 to 5 times in the next 15 years. The author discussed the ecological and social impact of the Alberta tar sands and the real cost of development to Albertans and Canadians. Tar sands oil production generates more than 3 times the amount of greenhouse gas emissions than conventional oil production. The industry is also becoming a prime example of the abuse of water sources. The author emphasized the need to build an alternative energy future in an age of global warming. The main objective of this book was to help stimulate a nation-wide public debate about the tar sands and the critical issues at stake regarding Canada's energy future and an environmental strategy for more sustainable development. refs., tabs., figs.

EnerFuture

International Nuclear Information System (INIS)

2004-01-01

EnerFuture offers short term energy demand forecasts for oil, gas, electricity and coal, in the 52 major energy countries in the world. Also included are the historical data series since 1997, extracted from the international ENERDATA Information System. It contents electricity consumption per sector: industry, residential, services, agriculture; oil consumption per sector: industry, transport, residential, services, agriculture, electricity from oil; gas consumption per sector: industry, residential, services, agriculture, electricity from gas; coal consumption per sector: industry, residential, services, agriculture, electricity from coal. (A.L.B.)

National oil companies and state actors : an assessment of the role of Petronas and ONGC in the foreign policy decision-making process of Malaysia and India using the example of overseas investments in Sudan and South Sudan

OpenAIRE

Steinecke, Tim

2015-01-01

The thesis addresses the role of national oil companies and their overseas engagement in the foreign policy decision-making process of states. Over the past 40 years, national oil companies have gained importance in the international oil industry and currently control around 90 per cent of the global oil reserves. A number of political and economic factors – depleting domestic reserves, economic growth – have resulted in an increasing expansion of Asian national oil companies to Africa. Throu...

Impacts of Sedimentation from Oil and Gas Development on Stream Macroinvertebrates in Two Adjacent Watersheds of the Allegheny National Forest of Northwestern Pennsylvania

Energy Technology Data Exchange (ETDEWEB)

Fritz, K.; Harris, S.; Edenborn, H.M.; Sams, J.

2011-01-01

Fritz, Kelley'*, Steven Harris', Harry Edenborn2, and James Sams2. 'Clarion University of Pennsylvania, Clarion, PA 16214, 2National Energy Technology Laboratory, U.S. Dept. Energy, Pittsburgh, PA 15236. Impacts a/Sedimentation/rom Oil and Gas Development on Stream Macroinvertebrates in Two Adjacent Watersheds a/the Allegheny National Forest a/Northwestern Pennsylvania - The Allegheny National Forest (ANF), located in northwestern Pennsy Ivania, is a multiuse forest combining commercial development with recreational and conservation activities. As such, portions of the ANF have been heavily logged and are now the subject of widespread oil and gas development. This rapid increase in oil and gas development has led to concerns about sediment runoff from the dirt and gravel roads associated with development and the potential impact on the aquatic biota of the receiving streams. We examined and compared the benthic macroinvertebrate communities in two adjacent watersheds of similar size and topography in the ANF; the Hedgehog Run watershed has no oil and gas development, while the adjacent Grunder Run watershed has extensive oil and gas development. In Hedgehog and Grunder Run, we collected monthly kicknet samples from riffles and glides at two sites from April to October 2010. At the same intervals, we measured standard water quality parameters, including conductivity and turbidity. Preliminary results have indicated much higher turbidity in Grunder Run, but little difference in the diversity and abundance of benthic macro invertebrates inhabiting the two streams.

Oil spill first principles. Prevention and best response

Energy Technology Data Exchange (ETDEWEB)

Ornitz, B.; Champ, M. (eds.)

2002-07-01

Different international conventions, U.S. laws, and policy considerations are reviewed, regulatory strategies are discussed, and the book helps promote the use of better science, engineering, technology and policy and law in oil spill prevention and response. 'Oil Spill Response' has greatly improved over the last 30 years. On a global basis, billions have been spent in R and D in planning and response. However, a paradigm shift is in the works that is needed to more effectively use what has been learned in the last 30 years in both prevention and in clean up. The key terms that describe this paradigm shift are Best Science, Engineering and Technology produce Best Response and the Safety Culture prevents oil spills. Oil spills are no longer considered unavoidable 'accidents' of environmental conditions or functions of catastrophic events. More than 80% of all spills are the result of human error. The focus of the current legal, regulatory and convention framework affecting the transportation of oil by ship reflects a recent change in public attitude, an insistence upon protection of the world's marine environments, particularly coastal ecosystems. This public concern seeks to address the root cause of oil spills, including human error. The outcome of such national and international attention is the creation of significant legal and political motivators for a cultural shift by the oil shipping industry, from an 'evasion' culture to a 'safety culture'. The new 'safety culture' connotes continuous improvement in ship operations and a willingness to adopt the evolving safety culture concepts of communication at all levels within the company, better trained and qualified personnel on board ship, emphasis on safety from top down, and proactive institution of safety management systems at all levels of operation. Evasion or mere compliance with international and national law is no longer sufficient for future

Influence of crude oil treatment to the environment

International Nuclear Information System (INIS)

Mammadov, F.F.; Rzayev, P.F.

2005-01-01

Full text : Environmental menace is linking with the unprecedented man-caused explosion and perspective global warming at the result of atmosphere pollution. If similar tendency is continued radical changing's will not happen in future which catastrophically reflects in ecology, climate of the planet, finally in the population health of the Earth. However, unfortunately one-sidedly economy increasing are chiefly directed to the oil-gas sector and from year to year amount increasing of means of transport causes man's impact to the environment. Further increasing of these processes obviously can lead to the dangerous ecological situation. In the economical and efficiency increasing process country population depend directly on the level of energy consumption. Application of nature-conservative measures and technology, promotional efficiency increasing of energy usage, its total usage decreasing, simultaneous reducing of hazardous substance lead to the considerable but cardinal results. That's why taking into consideration above mentioned circumstance, conclusion one is oil and gas saving, reducing of hazardous substance, we can greatly economize by the gradual way of natural energy replacement into renewable energy. In this connection, special interest for Azerbaijan creates high-grade potential solar radiation usage problem in several fields of national economy, especially in oil sector of the country. There is a real background for effective usage of high-grade potential solar radiation in Azerbaijan oil industry. As the process of primary crude oil treatment in the condition of oil fields for its further transportation to Oil Refining Plant the temperature is to be near 50-60 degrees to be very readily reached to various solar radiation engineering systems. On the base on the above mentioned for realizing this process we built and developed high-grade temperature solar plant with parabolic trough concentrator. Economy till 40% of national fuels (mazut, gas

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

Predictive Validity of National Basketball Association Draft Combine on Future Performance.

Science.gov (United States)

Teramoto, Masaru; Cross, Chad L; Rieger, Randall H; Maak, Travis G; Willick, Stuart E

2018-02-01

Teramoto, M, Cross, CL, Rieger, RH, Maak, TG, and Willick, SE. Predictive validity of national basketball association draft combine on future performance. J Strength Cond Res 32(2): 396-408, 2018-The National Basketball Association (NBA) Draft Combine is an annual event where prospective players are evaluated in terms of their athletic abilities and basketball skills. Data collected at the Combine should help NBA teams select right the players for the upcoming NBA draft; however, its value for predicting future performance of players has not been examined. This study investigated predictive validity of the NBA Draft Combine on future performance of basketball players. We performed a principal component analysis (PCA) on the 2010-2015 Combine data to reduce correlated variables (N = 234), a correlation analysis on the Combine data and future on-court performance to examine relationships (maximum pairwise N = 217), and a robust principal component regression (PCR) analysis to predict first-year and 3-year on-court performance from the Combine measures (N = 148 and 127, respectively). Three components were identified within the Combine data through PCA (= Combine subscales): length-size, power-quickness, and upper-body strength. As per the correlation analysis, the individual Combine items for anthropometrics, including height without shoes, standing reach, weight, wingspan, and hand length, as well as the Combine subscale of length-size, had positive, medium-to-large-sized correlations (r = 0.313-0.545) with defensive performance quantified by Defensive Box Plus/Minus. The robust PCR analysis showed that the Combine subscale of length-size was a predictor most significantly associated with future on-court performance (p ≤ 0.05), including Win Shares, Box Plus/Minus, and Value Over Replacement Player, followed by upper-body strength. In conclusion, the NBA Draft Combine has value for predicting future performance of players.

The Threats from Oil Spills: Now, Then, and in the Future

Energy Technology Data Exchange (ETDEWEB)

Jerneloev, Arne (Vienna (Austria)), e-mail: arne.jernelov@chello.at

2010-07-15

The recent oil spill from the blown-out well by the name of Macondo, drilled by the ill-fated rig Deepwater Horizon, has many features in common with another blowout in the Mexican Gulf that happened three decades ago. Then the oil gushed out from the Ixtoc I well drilled by the Sedco 135-F semi-submersible rig. In the years between these catastrophes, the source and nature of oil spills have undergone large changes. Huge spills from tankers that ran aground or collided used to be what caught the headlines and caused large ecological damage. The number and size of such accidental spills have decreased significantly. Instead, spills from ageing, ill-maintained or sabotaged pipelines have increased, and places like Arctic Russia, the Niger Delta, and the northwestern Amazon have become sites of reoccurring oil pollution. As for blowouts, there is no clear trend with regard to the number of incidences or amounts of spilled oil, but deepwater blowouts are much harder to cap and thus tend to go on longer and result in the release of larger quantities of oil. Also, oil exploration and extraction is moving into ever deeper water and into stormier and icier seas, increasing potential risks. The risk for reoccurring spills like the two huge Mexican Gulf ones is eminent and must be reduced

77 FR 3635 - Connect America Fund; A National Broadband Plan for Our Future; Establishing Just and Reasonable...

Science.gov (United States)

2012-01-25

...-208; Report No. 2945] Connect America Fund; A National Broadband Plan for Our Future; Establishing Just and Reasonable Rates for Local Exchange Carriers; High-Cost Universal Service Support et al... applicability. Subject: Connect America Fund: A National Broadband Plan for Our Future; Establishing Just and...

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

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

Improving Oil Recovery (IOR) with Polymer Flooding in a Heavy-Oil River-Channel Sandstone Reservoir

OpenAIRE

Lu, Hongjiang

2009-01-01

Most of the old oil fields in China have reached high water cut stage, in order to meet the booming energy demanding, oil production rate must be kept in the near future with corresponding IOR (Improving Oil Recovery) methods. Z106 oilfield lies in Shengli Oilfields Area at the Yellow River delta. It was put into development in 1988. Since the oil belongs to heavy oil, the oil-water mobility ratio is so unfavourable that water cut increases very quickly. Especially for reservoir Ng21, the san...

Transformer oils as a potential source of environmental exposure to polychlorinated biphenyls (PCBs): an assessment in three central provinces of Iran.

Science.gov (United States)

Saeedi, Reza; Khakzad, Saeed; Koolivand, Ali; Dobaradaran, Sina; Khaloo, Shokooh Sadat; Jorfi, Sahand; Abtahi, Mehrnoosh

2017-08-01

Polychlorinated biphenyl (PCB) contamination of oils from all transformers of the national electrical grid in Tehran, Qom, and Alborz, three central provinces of Iran, was assessed. The concentration of PCBs in transformer oils was determined by gas chromatography. At the national level, the proportions of transformers with oil PCB contents of 5000 ppm were determined to be 85.7, 12.4, 1.6, 0.1, and 0.1%, respectively. About 0.5% of transformer oils (66,000 kg out of 13,342,000 kg) exhibited PCB levels higher than 50 ppm that based on the Stockholm Convention should be phased out before 2025. The contaminated oils contained 91.4% of detected PCBs (132 kg PCBs out of 144 kg PCBs) and were located in 1.9% of transformers (27 transformers out of 1449 transformers). Statistical analysis indicated that the year of manufacture and manufacturing company provided significant effects on PCB contamination (p value transformer oils in Tehran was higher than that of the other provinces that could be mainly caused by the older average year of manufacture. PCB levels higher than 499 ppm were also observed only in Tehran. This study provided valuable information for future studies on identification of PCB-contaminated transformers as well as planning and design of waste management facilities for PCB-contaminated oils at the national level.

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)

Creating a sustainable energy future for Australia

International Nuclear Information System (INIS)

Sonneborn, C.L.

1995-01-01

A joint industry approach is needed to put in place a sustainable energy system that is economically and technologically feasible. The industry sectors involved must include the renewable energy industry, energy efficiency industry and the natural gas industry. Conventional forecasts of energy futures make far less use of these industries than is economically and technically feasible. Existing forecasts make the trade off between acceptable levels of economic growth, limitation of greenhouse gases and dependence on coal and oil appear more difficult than they actually are and overlook the benefits of sustainable energy industry development. This paper outlines how national gains from carefully targeted action can exceed national losses while substantially reducing greenhouse gases and creating jobs at zero or negative costs. (author). 3 figs., 27 refs

Oil market prices 1989/1990

International Nuclear Information System (INIS)

Jenkins, G.

1991-01-01

There are many oil markets. Oil Market Prices lists the markets, provides statistics on prices and the volumes of trade, analyses the price structures in the markets and provides supplementary information on ocean freight rates and oil refining margins. Oil Market Prices will serve as a permanent record of crude oil prices including those quoted on the futures and forward markets, the many wholesale prices for refined oil products, prices consumers pay and the average prices received by the oil companies. In all instances the sources of the statistics are given together with comprehensive listing of alternative sources. (Author)

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.

TECHNOLOGY TRANSFER TO U.S. INDEPENDENT OIL AND NATURAL GAS PRODUCERS

Energy Technology Data Exchange (ETDEWEB)

Unknown

2000-05-01

During FY00, the Petroleum Technology Transfer Council (PTTC) continued pursuing its mission of helping U.S. independent oil and gas producers make timely, informed technology decisions. PTTC's national organization has active grassroots programs that connect with independents through its 10 Regional Lead Organizations (RLOs). These activities--including technology workshops, resource centers, websites, newsletters, and other outreach efforts--are guided by regional Producer Advisory Groups (PAGs). The role of the national headquarters (HQ) staff includes planning and managing the PTTC program, conducting nation-wide technology transfer activities, and implementing a comprehensive communications effort. This technical progress report summarizes PTTC's accomplishments during FY00, which lay the groundwork for further growth in the future.

TECHNOLOGY TRANSFER TO U.S. INDEPENDENT OIL AND NATURAL GAS PRODUCERS

Energy Technology Data Exchange (ETDEWEB)

Donald Duttlinger

1999-12-01

During FY99, the Petroleum Technology Transfer Council (PTTC) continued pursuing its mission of helping U.S. independent oil and gas producers make timely, informed technology decisions. PTfC's national organization has active grassroots programs that connect with independents through its 10 Regional Lead Organizations (RLOs). These activities--including technology workshops, resource centers, websites, newsletters, and other outreach efforts--are guided by regional Producer Advisory Groups (PAGs). The role of the national headquarters (HQ) staff includes planning and managing the PTTC program, conducting nation-wide technology transfer activities, and implementing a comprehensive communications effort. This technical progress report summarizes PTTC's accomplishments during FY99, which lay the groundwork for further growth in the future.

Oil price shocks and policy implications the emergence of U.S. tight oil production: a case study

OpenAIRE

Voth, Jeffrey Michael

2015-01-01

How have shocks to supply and demand affected global oil prices; and what are key policy implications following the resurgence of oil production in the United States? Highlights: − The recent collapse in global oil prices was dominated by oversupply. − The future of tight oil in the United States is vulnerable to obstacles beyond oil prices. − Opinions on tight oil from the Top 25 think tank organizations are considered. Global oil prices have fallen more than fifty percent since ...

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)

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

New round for oil

International Nuclear Information System (INIS)

Delamarche, Myrtille

2018-01-01

After three years of crisis, oil companies are now strongly reinvesting, while oil prices are stabilizing at a reasonable long-term level, notably due to a rising demand from developing countries. Examples of new investments made by majors such as Total, Shell or Exxon but also by national companies and junior companies, are given. Oil price evolution as well as cost reductions (thanks notably to the digitalisation of the sector, leading to a decrease in exploration costs) are analyzed. The importance of the US oil production, and particularly shale oil production, is pinpointed

Asian oil demand

International Nuclear Information System (INIS)

Fesharaki, F.

2005-01-01

This conference presentation examined global oil market development and the role of Asian demand. It discussed plateau change versus cyclical movement in the global oil market; supply and demand issues of OPEC and non-OPEC oil; if high oil prices reduce demand; and the Asian oil picture in the global context. Asian oil demand has accounted for about 50 per cent of the global incremental oil market growth. The presentation provided data charts in graphical format on global and Asia-Pacific incremental oil demand from 1990-2005; Asia oil demand growth for selected nations; real GDP growth in selected Asian countries; and, Asia-Pacific oil production and net import requirements. It also included charts in petroleum product demand for Asia-Pacific, China, India, Japan, and South Korea. Other data charts included key indicators for China's petroleum sector; China crude production and net oil import requirements; China's imports and the share of the Middle East; China's oil exports and imports; China's crude imports by source for 2004; China's imports of main oil products for 2004; India's refining capacity; India's product balance for net-imports and net-exports; and India's trade pattern of oil products. tabs., figs

The Environmental Challenges for the Oil Industry

International Nuclear Information System (INIS)

Del Manso, F.

1998-01-01

Oil has been and will continue to be indispensable to assure the growth of the world economy, but it is also responsible to have an impact on the environment. One of the most important challenges for the future, in particular for the oil sector, is to make this growth sustainable for the environment. To do this, refineries must plan a huge amount of investments for the next future to modify substantially their industrial structures to reformulate transportation fuels (diesel and gasoline) to comply the new limits for the emissions generated during the production and distribution of oil products and to apply new safety rules in order to improve the compatibility of the refineries with the territory. To fulfil all this actions the oil sector will have to face very high costs without any certainty of the return of investments, due to the extreme uncertainty to forecast the future oil demand in Italy after the Kyoto Protocol. To be ready within the year 2005, Italian refineries must decide now to invest, but they are not sure to have a market in the future for the products that they are going to produce [it

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.

Present status and future outlook of nuclear power generation in Japan

International Nuclear Information System (INIS)

Kunikazu Aisaka

1987-01-01

The structure of energy consumption in Japan is heavily dependent on imported oil, therefore Japan has been making its greatest effort in developing nuclear power among other alternatives of oil. The capacity factor of the nuclear power plants in Japan marked 76% in FY 1986, exceeding 70% level for the past several years. The share of nuclear power is expected to increase steadily in the future. Future scale of the nuclear power generation is projected as 62,000 MW in year 2000 and as 137,000 MW in 2030. Nuclear power is expected to produce 58% of the nation's total power generation in 2030. Under the present circumstances, Janpan is executing a nuclear energy policy based on the following guidelines: 1. Promoting the safety advancement program; 2. Improving LWR technologies; 3. Program on use of plutonium in thermal reactors; 4. Advanced thermal reactors (ATRs); 5. Promotion of FBR development; 6. Nuclear fuel cycle. (Liu)

Russian Oil and Natural Gas: Strategic Culture and Security Implications of European Dependence

National Research Council Canada - National Science Library

Phillips, William M

2007-01-01

.... The third section investigates the importance of revenues that Russia receives from consumption of oil and natural gas exports to Europe on their Gross National Product and economic growth for the future. By understanding Russia's strategic culture and the interdependence of European demand and Russian supply, conclusions are made that determine the threat, risk, and circumstances that Russia will deny energy resources to European countries.

A Canadian perspective on the supply costs, production and economic impacts from oil sands development

International Nuclear Information System (INIS)

McColl, D.; Masri, M.

2008-01-01

This article provided a synopsis of oil sands research recently conducted at the Canadian Energy Research Institute (CERI). The production profiles and capital expenditures that CERI has projected for oil sands projects were explored along with the macroeconomic benefits associated with oil sands development. In addition to rising capital and operating costs, bitumen producers are challenged by labour shortages and environmental concerns. However, CERI warrants continued growth in production from the oil sands industry, given the current high price state of the global oil market and security of supply concerns from oil importing countries. This article also provided background information and analysis to assess the implications of future development. The projected growth in the oil sands industry creates demands for infrastructure, housing, health care, education, and business services. The economic impacts were measured at the local, provincial, national and global levels in terms of changes in gross domestic product; changes in employment; and, changes in government revenues. It was concluded that with continued investment and development, Alberta's oil sands resource is expected to continue to produce oil for decades, and would eventually achieve 6 MMbpd production. 8 refs., 3 tabs., 10 figs

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.

Predicted supplies of oil: a controversy revisited

International Nuclear Information System (INIS)

Mackay, R.M.; Probert, S.D.

1993-01-01

This investigation had two objectives. The first was to consider future problems of the oil industry, as envisaged at the time of the impending 1973-74 unit-oil-price crisis. To this end, selected early 1970's pertinent published papers have been analysed and their conclusions now assessed in hindsight. The chosen published articles were considered then to be in part controversial, visionary and simultaneously, often predicting very different outcomes for the future supply, demand and unit cost of crude oil. The second objective was to assess pertinent recent research, and compare what we at present believe to be the status quo for the oil industry, with the perception of how the industry would have developed as portrayed by the early 1970's oil publications. (author)

Environmental components of OCS policy committee recommendations regarding national oil spill prevention and response program

International Nuclear Information System (INIS)

Groat, C.G.; Thorman, J.

1991-01-01

The Exxon Valdez oil spill of March 24, 1989 resulted in thousands of pages of analytical reports assessing the environmental, organizational, legal, procedural, social, economic, and political aspects of the event. Even though the accident was a transportation incident, it had a major impact on the public and political perception of offshore oil operations. This caused the OCS Policy Committee, which advises the Secretary of the Interior and the Minerals Management Service on Outer Continental Shelf resource development and environmental matters, to undertake a review of the reports for the purpose of developing recommendations to the secretary for improvements in OCS operations that would insure maximum efforts to prevent spills and optimal ability to deal with any that occur. The Committee felt strongly that 'a credible national spill prevention and response program from both OCS and non-OCS oil spills in the marine environment is needed to create the political climate for a viable OCS program.' The report of the Committee described eight essential elements of this program; four of these focused on the environmental aspects of oil spills, calling for (1) adequate characterization of the marine and coastal environment, including both information and analysis, accessible to decision makers, (2) the capacity to restore economic and environmental resources as quickly as possible if damage occurs, (3) a mechanism for research on oil spill impacts, and (4) a meaningful role for all interested and responsible parties, including the public, in as many of these activities as possible, from spill prevention and contingency planning to environmental oversight of ongoing operations and participation in clean-up and restoration activities

Pathways for First Nation and Metis youth in the oil sands

Energy Technology Data Exchange (ETDEWEB)

Taylor, A.; Friedel, T.L.; Edge, L. [Alberta Univ., Edmonton, AB (Canada). Dept. of Educational Policy Studies

2009-04-15

This paper investigated the political, social, and economic influences on First Nation and Metis youth attitudes towards further education in the municipality of Wood Buffalo, Alberta. The region is the site of rapid industrial development related to the oil sands industry. Institutional and policy structures that support or inhibit the ability of First Nation and Metis youth to find sustained, well-paid employment and careers were also evaluated. The study included a historical overview of government-Aboriginal relations in the region, as well as a review of statistics related to the training and education of the Aboriginal identity population in Canada and Alberta. A review of recent literature focused on Aboriginal youth was conducted, and details of relevant education and training policies were presented. The final sections of the report provided an analysis of 65 interviews and focus groups that involved 91 individuals that were conducted in 2008. Participants consisted of educators, government representatives, Aboriginal community members and youths aged between 15 to 30 years. The study showed that an increased reliance on industry partners has fostered inequities within and across communities, and has resulted in a fragmented approach to education and training in the region. The paper emphasized that there is a greater need to address the individual, systemic, and institutional bias faced by First Nation and Metis youth in the region. 56 refs., 1 fig.

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)

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.

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.

The National Energy Policy Institute (NEPI) at The University of Tulsa (F INAL REPORT)

Energy Technology Data Exchange (ETDEWEB)

Blais, Roger [Univ. of Tulsa, OK (United States)

2013-10-31

NEPI, a non-profit organization located at The University of Tulsa (TU), was established to develop and disseminate national energy policy recommendations. Research under this grant covered a wide variety of projects, including research into the future of nuclear power, oil market pricing, and the feasibility of biofuels.

The future of energy security in the 21st Century

Science.gov (United States)

Gupta, Rajan

2006-10-01

Energy is essential for modern life and is a critical resource that we take for granted. Economies and security of nations depend on reliable and cost-effective access. As the world transitions from conventional oil and natural gas to nuclear, renewables, and unconventional sources we are increasingly confronted by many unsettling questions. Will there be enough cheap oil and gas for preserve the standard of living in the developed world and allow the industrializing world to develop? Will renewable sources provide a significant fraction of our energy needs in the near future? Is global warming already happening as a result of our consumption of fossil fuels? If there is a resource crunch before new sources come on line, will there be conflict or global cooperation? This talk will attempt to answer these questions by examining the global oil and gas resources, geopolitics, and key science and technology issues that need to be addressed by the global community with cooperation and a sense of urgency.

The oil price

International Nuclear Information System (INIS)

Alba, P.

2000-01-01

Statistical analysis cannot, alone, provide an oil price forecast. So, one needs to understand the fundamental phenomena which control the past trends since the end of world war II After a first period during which oil, thanks to its abundance, was able to increase its market share at the expense of other energies, the first oil shock reflects the rarefaction of oil resource with the tilting of the US production curve from growth to decline. Since then, the new situation is that of a ''cohabitation'' between oil and the other energies with the oil price, extremely volatile, reflecting the trial and error adjustment of the market share left to the other energies. Such a context may explain the recent oil price surge but the analogy between the US oil situation at the time of the first shock and that existing today for the world outside Middle East suggest another possibility, that of a structural change with higher future oil prices. The authors examine these two possibilities, think that the oil price will reflect both as long as one or the other will not become proven, and conclude with a series of political recommendations. (authors)

Peak Oil, Peak Coal and Climate Change

Science.gov (United States)

Murray, J. W.

2009-05-01

Research on future climate change is driven by the family of scenarios developed for the IPCC assessment reports. These scenarios create projections of future energy demand using different story lines consisting of government policies, population projections, and economic models. None of these scenarios consider resources to be limiting. In many of these scenarios oil production is still increasing to 2100. Resource limitation (in a geological sense) is a real possibility that needs more serious consideration. The concept of 'Peak Oil' has been discussed since M. King Hubbert proposed in 1956 that US oil production would peak in 1970. His prediction was accurate. This concept is about production rate not reserves. For many oil producing countries (and all OPEC countries) reserves are closely guarded state secrets and appear to be overstated. Claims that the reserves are 'proven' cannot be independently verified. Hubbert's Linearization Model can be used to predict when half the ultimate oil will be produced and what the ultimate total cumulative production (Qt) will be. US oil production can be used as an example. This conceptual model shows that 90% of the ultimate US oil production (Qt = 225 billion barrels) will have occurred by 2011. This approach can then be used to suggest that total global production will be about 2200 billion barrels and that the half way point will be reached by about 2010. This amount is about 5 to 7 times less than assumed by the IPCC scenarios. The decline of Non-OPEC oil production appears to have started in 2004. Of the OPEC countries, only Saudi Arabia may have spare capacity, but even that is uncertain, because of lack of data transparency. The concept of 'Peak Coal' is more controversial, but even the US National Academy Report in 2007 concluded only a small fraction of previously estimated reserves in the US are actually minable reserves and that US reserves should be reassessed using modern methods. British coal production can be

A framework for the assessment of the oil price

International Nuclear Information System (INIS)

Oliveira, A. de; Guimaraes Lodi, C.F.

1994-01-01

There is a wide diversity of interpretations in the literature about the mechanisms that govern oil prices. None of them has been able to produce reasonable price forecasts. Estimates of future oil prices, or at least of a range of prices, are essential for policy-making. A better understanding of the interplay of the forces that affect oil prices is absolutely necessary. This paper aims to offer a contribution to the improvement of this understanding. It suggests a rational analytical framework to estimate the future price of oil, based on the objectives and policies of the major players in the oil market. (author)

Reliable in the long run? Petroleum policy and long-term oil supplier reliability

International Nuclear Information System (INIS)

Toft, Peter; Duero, Arash

2011-01-01

Accelerating oil import dependence in energy consuming nations highlights the importance of having energy supplies at sufficient levels and at stable and reasonable prices. Consequently, it is crucial that oil exporters realize their full production potential. Current debates on energy security are often focused on short-term risks e.g. sudden disruptions due to wars, domestic instability, etc. However, when it comes to assessing oil supplier reliability it is equally important to assess their longer term ability and willingness to deliver oil to the global market. This study analyzes the effects of petroleum investment policies on crude oil production trends in 14 major oil producing countries (2000-2010) by focusing on the political-institutional frameworks that shape the investment conditions for the upstream oil sector. Our findings indicate that countries with less favorable oil sector frameworks systematically performed worse than countries with investor friendly and privatized sectors. The findings indicate that assessments based on remaining reserves and planned production capacities alone could inflate expectations about future oil supplies in a world where remaining crude reserves are located in countries with unfavorable investment frameworks. - Highlights: → We explore if policies favoring state-ownership in upstream oil undermine output expectations. → We compare petroleum policies of 14 major oil producers vis-a-vis production trends 2000-2010. → We find major differences between countries favorable to state-owned or private investors. → Substantial private investment seems needed for oil production to meet long-term demand growth.

Net energy yield from production of conventional oil

International Nuclear Information System (INIS)

Dale, Michael; Krumdieck, Susan; Bodger, Pat

2011-01-01

Historic profitability of bringing oil to market was profound, but most easy oil has been developed. Higher cost resources, such as tar sands and deep off-shore, are considered the best prospects for the future. Economic modelling is currently used to explore future price scenarios commensurate with delivering fuel to market. Energy policy requires modelling scenarios capturing the complexity of resource and extraction aspects as well as the economic profitability of different resources. Energy-return-on-investment (EROI) expresses the profitability of bringing energy products to the market. Net energy yield (NEY) is related to the EROI. NEY is the amount of energy less expenditures necessary to deliver a fuel to the market. This paper proposes a pattern for EROI of oil production, based on historic oil development trends. Methodology and data for EROI is not agreed upon. The proposed EROI function is explored in relation to the available data and used to attenuate the International Energy Agency (IEA) world oil production scenarios to understand the implications of future declining EROI on net energy yield. The results suggest that strategies for management and mitigation of deleterious effects of a peak in oil production are more urgent than might be suggested by analyses focussing only on gross production. - Highlights: → Brief introduction to methodological issues concerning net energy analysis. → Description of EROI function over the whole production cycle of an energy resource. → Calibration of this function to EROI data from historic oil production. → Application to determine the net energy yield from current global oil production. → Calculation of net energy yield from IEA projections of future oil production.

Federal roles to realize national energy-efficiency opportunities in the 1990s

Science.gov (United States)

Hirst, Eric

1989-10-01

Improving energy efficiency throughout the U.S. economy is a vital component of our nation's energy future, with many benefits. Improving efficiency can: save money consumers, increase economic productivity and international competitiveness, reduce oil and gas prices by reducing the demand for foreign oil, enhance national security by lowering oil imports, reduce the adverse environmental consequences of fuel cycles, especially acid rain and global warming, add diversity and flexibility to the nation's portfolio of energy resources, respond to public interest in, and support of, energy efficiency. The primary purpose of this report is to suggest expanded roles for the U.S. Department of Energy (DOE) in improving energy efficiency during the 1990s. In an ideal world, the normal workings of the market place would yield optimal energy-efficiency purchase and operating decisions. Unfortunately, distortions in fuel prices, limited access to capital, misplaced incentives, lack of information, and difficulty in processing information complicate energy-related decision making. Thus, consumers in all sectors of the economy underinvest in energy-efficient systems. These market barriers, coupled with growing concern about environmental quality, justify a larger Federal role.

Quantifying the external cost of oil consumption within the context of sustainable development

International Nuclear Information System (INIS)

Abdel Sabour, S.A.

2005-01-01

The concept of sustainability implies that the flow of services derived from the use of natural capital must be constant over time and should be obtained at a constant price. For a depletable resource such as oil, the future generations are highly impacted due to the consumption behavior of the current generation. Since the ultimate oil stock within the Earth declines with cumulative consumption, excessive consumption of oil now reduces the availability of oil for future needs. Moreover, since oil reserves are normally extracted in the order of ascending cost and descending quality, excessive consumption of relatively high-quality, cheap oil reserves by the current generation raises the cost at which future generations can meet their needs of oil and hence imposes an external cost on the future generations. This study aims to quantify the external cost of consuming a barrel of oil within the context of sustainable development. An option-pricing model is developed to quantify this external cost assuming that the external cost of consuming a barrel of oil now equals the value of the option to get a barrel of oil in the future at the same current cost. Then, the total cost of consuming a barrel of oil now, that should be used in lifecycle costing to design more sustainable products, is the summation of the oil price and the external cost

Shifting production trends point to more oil from OPEC

International Nuclear Information System (INIS)

Ismail, I.A.H.

1994-01-01

Oil production from the Organization of Petroleum Exporting Countries and non-OPEC regions has undergone four major phases of change in relation to oil price since 1960. Patterns visible in those phases offer an indication of world-wide production trends in the future. These four phases are described. Overall, demand for oil during 1960--93 has increased from around 20 million b/d in 1960 to as high as 65 million b/d in 1993. The consensus among energy analysts and forecasters is that this demand growth will continue. This will encourage OPEC and non OPEC producers to invest in the oil industry to meet future demand growth. However, since the resource base is larger in OPEC than in non-OPEC areas, and since the cost of developing these resources is lower in OPEC than outside OPEC, the future call on OPEC oil to meet growth in demand will undoubtedly be substantiated as production from the non-OPEC region diminishes or at best stagnates. The paper discusses OPEC production trends, non-OPEC production, natural gas liquids, future production scenarios, and future constraints on production

Oil sector in Spain: Final adaptation

International Nuclear Information System (INIS)

Marin-Quemada, J.M.

1992-01-01

This paper analyzes organizational and marketing changes occurring in Spain's oil industry as a result of its conversion from a state run monopoly system to a free market system. The analysis uses statistical data to indicate national oil production, import and consumption trends and compares these with overall trends in the European Communities. An explanation of the way in which oil is marketed in Spain makes reference to data on Spain's refining capacity and pipeline network, deemed to be amongst the most complete and modern in Europe. Comments are also made on the efficacy of Spain's national energy policies which stress energy source diversification to lessen this country's heavy dependence on foreign supplied oil

Directions in refining and upgrading of heavy oil and bitumen

International Nuclear Information System (INIS)

Dawson, B.; Parker, R. J.; Flint, L.

1997-01-01

The expansion of heavy oil transportation, marketing and refining facilities over the past two decades have been reviewed to show the strides that several Canadian refiners have taken to build up the facilities required to process synthetic crude oil (SCO). Key points made at a conference, convened by the National Centre for Upgrading Technology (NCUT), held in Edmonton during September 1997 to discuss current and future directions in the refining and marketing of heavy oil, bitumen and SCO, were summarized. Among the key points mentioned were: (1) the high entry barriers faced by centralized upgraders, (2) the advantages of integrating SCO or heavy oil production with downstream refining, (3) the stiff competition from Venezuela and Mexico that both SCO and heavy oil will face in the U.S. PADD II market, (4) the differences between Canadian refiners who have profited from hydrocracking and are better able to handle coker-based SCO, and American refiners who rely chiefly on catalytic cracking and are less able to process the highly aromatic SCO, and (5) the disproportionate cost in the upgrading process represented by the conversion of asphaltenes. Challenges and opportunities for key stakeholders, i.e. producers, refiners, marketers and technology licensors also received much attention at the Edmonton conference

The World Oil Market: The Search for Balance in the New “Oil” Reality

Directory of Open Access Journals (Sweden)

Tatjiana A. Malova

2016-01-01

Full Text Available The article provides an analysis of change of the world oil market in the face of new "oil" reality. Factors of formation of new "oil" reality in the global world defined. Scientific background and current state of research of the problem are described. It is shownthat in the Russian and foreign literature the considerable attention is paid to the analysis of dynamics of the quantitative variables characterizing fluctuations and shocks in the oil market. At the same time the search for balance in the new "oil" reality are not considerably investigated yet. The proposed approach allows toreveal the substance of the transformation of the world oil market, to assess the changes in the oil market with the development of rhenium in terms of efficiency and functioning of the mechanism, the prospects of price volatility in the oil market. The main directions of transformation of the oil market are follows. Development of a subject basis of the oil market due to changes of a role of the main market players whose structure includes the USA, Saudi Arabia, Russia now. The impact of regulatory factors complex in the oil market towards equilibrium, which include activity of OPEC, supply of shale oil, future market,activity of the uniform regulator and national regulators. Transformation of the oil market in the direction of perfection of the competitive relations, achievement of optimum market balance as a result of coordination and interaction of interests of participants of the global oil market.

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.

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)

Microbial ecology of methanogenic crude oil biodegradation; from microbial consortia to heavy oil

Energy Technology Data Exchange (ETDEWEB)

Head, Ian M.; Maguire, Michael J.; Sherry, Angela; Grant, Russell; Gray, Neil D.; Aitken, Carolyn M.; Martin Jones, D.; Oldenburg, Thomas B.P.; Larter, Stephen R. [Petroleum Research Group, Geosciences, University of Calgary (Canada)

2011-07-01

This paper presents the microbial ecology of methanogenic crude oil biodegradation. Biodegraded petroleum reservoirs are one of the most dramatic indications of the deep biosphere. It is estimated that heavy oil and oil sands will account for a considerable amount of energy production in the future. Carbon, a major resource for deep subsurface microorganisms, and energy are contained in large quantities in petroleum reservoirs. The aerobic to anaerobic paradigm shift is explained. A key process for in-situ oil biodegradation in petroleum reservoirs is methanogenesis. New paradigms for in-reservoir crude oil biodegradation are discussed. Variations in anaerobic degradation of crude oil hydrocarbons are also discussed. A graph shows the different patterns of crude oil biodegradation under sulfate-reducing and methanogenic conditions. Alternative anaerobic alkane activation mechanisms are also shown. From the study, it can be concluded that methanogenic crude oil degradation is of global importance and led to the establishment of the world's enormous heavy oil deposits.

Future of petroleum

Energy Technology Data Exchange (ETDEWEB)

Desprairies, P.

1977-01-01

This article deals with the future of oil. It is shown that it exists in sufficient quantities to cover needs until the end of the next century as regards applications for which it cannot easily be replaced, for example as a petrochemial basis. From this it is concluded that, in order to ensure an average growth rate of approximately 3 to 5%, nuclear power should be developed together with unconventional oil from very deep deposits offshore or on land, and synthetic oil development from the hydrogenation of coal should be accelerated without delay.

Global, regional, and national consumption levels of dietary fats and oils in 1990 and 2010

DEFF Research Database (Denmark)

Micha, Renata; Khatibzadeh, Shahab; Shi, Peilin

2014-01-01

at older ages. Intakes were similar by sex. Between 1990 and 2010, global saturated fat, dietary cholesterol, and trans fat intakes remained stable, while omega 6, seafood omega 3, and plant omega 3 fat intakes each increased. CONCLUSIONS: These novel global data on dietary fats and oils identify dramatic......OBJECTIVES: To quantify global consumption of key dietary fats and oils by country, age, and sex in 1990 and 2010. DESIGN: Data were identified, obtained, and assessed among adults in 16 age- and sex-specific groups from dietary surveys worldwide on saturated, omega 6, seafood omega 3, plant omega....../day (228 mg/day) for dietary cholesterol; 5 to 3,886 mg/day (163 mg/day) for seafood omega 3; and plant omega 3. Countries representing 52.4% of the global population had national mean intakes for omega 6 fat ≥ 5%E; corresponding proportions meeting optimal intakes...

The case for conserving oil resources: the fundamentals of supply and demand

International Nuclear Information System (INIS)

Reynolds, D.B.

2000-01-01

This article summarises the evidence for an oil price shock and argues that oil producers, both OPEC and non-OPEC, need to cut back oil production more, in order to conserve oil for the future and to avert sudden extreme movements in oil prices in the next five-to-ten years. Four physical fundamentals determine long-run changes in oil prices: supply, demand, technology and substitutes. We show that supply, technology and substitutes are limited and demand is growing strongly. As demand pushes against supply, prices will rise rapidly. It would be better to conserve oil now, in order to have a smoother transition to higher-priced oil in the future. In addition, oil is such a valuable resource for the worlds economies in general, that we should conserve it for future generations. The world, in its haste for economic growth, should support OPEC conservation efforts. (author)

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)

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

Energy Technology Data Exchange (ETDEWEB)

Lam, Man Kee; Tan, Kok Tat; Lee, Keat Teong; Mohamed, Abdul Rahman [School of Chemical Engineering, Engineering Campus, Universiti Sains Malaysia, 14300 Nibong Tebal, Seberang Perai Selatan, Pulau Pinang (Malaysia)

2009-08-15

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)

Remediating the past and preparing for the future at Sandia National Laboratories

International Nuclear Information System (INIS)

Sanders, T.L.

1996-01-01

Sandia National Laboratories is one of the nation's largest multiprogram research, development, test, and evaluation (RDT ampersand E) facilities, with headquarters in Albuquerque, New Mexico, a laboratory in Livermore, California, and a test range near Tonopah, Nevada. Smaller testing facilities are also operated at other locations. Established in 1945, Sandia is currently operated for the U.S. Department of Energy by Lockheed-Martin's energy and environment sector. Sandia's responsibility is research and development for national security programs in defense, energy, and environment, with primary emphasis on nuclear weapons research and development. This article describes Sandia's program of remedial action which aims to use technology to reduce costs of decommissioning and decontamination, positioning itself for future opportunities

Market potential for Canadian crude oil

International Nuclear Information System (INIS)

Heath, M.; Fisher, L.; Golosinski, D.; Luthin, A.; Gill, L.; Raggett, C.

1997-01-01

Future key markets for Canadian crude were evaluated, and probable flow volumes and prices were identified. Key concerns of market participants such as pricing, alternative crude sources, pipeline tariffs and crude quality, were examined. An overview of the competition faced by Canadian crude supply in global markets was presented. World crude oil supply and demand was discussed. US and Canadian crude oil supply (2000 to 2010), refinery demand for light and heavy crudes, existing future crude oil and refined product pipeline infrastructure, and pricing implications of changing crude oil flows were analyzed. The general conclusion was that the US market will continue to provide growing markets for Canadian crude oil, and that the Canadian supply to fulfill increased export requirements will be available due to the combined effects of increasing heavy crude supply, growing production from the east coast offshore, and recent and ongoing pipeline expansions and additions. 20 refs., 64 tabs., 42 figs

Mapping palm oil expansion using SAR to study the impact on the CO2 cycle

Science.gov (United States)

Pohl, Christine

2014-06-01

With Malaysia being the second largest palm oil producer in the world and the fact that palm oil ranks first in vegetable oil production on the world market the palm oil industry became an important factor in the country. Along with the expansion of palm oil across the nation causing deforestation of natural rain forest and conversion of peat land into plantation land there are several factors causing a tremendous increase in carbon dioxide (CO2) emissions. Main causes of CO2 emission apart from deforestation and peat-land conversion are the fires to create plantation land plus the fires burning waste products of the plantations itself. This paper describes a project that aims at the development of a remote sensing monitoring system to allow a continuous observation of oil palm plantation activities and expansion in order to be able to quantify CO2 emissions. The research concentrates on developing a spaceborne synthetic aperture radar information extraction system for palm oil plantations in the Tropics. This will lead to objective figures that can be used internationally to create a policy implementation plan to sustainably reduce CO2 emission in the future.

Mapping palm oil expansion using SAR to study the impact on the CO2 cycle

International Nuclear Information System (INIS)

Pohl, Christine

2014-01-01

With Malaysia being the second largest palm oil producer in the world and the fact that palm oil ranks first in vegetable oil production on the world market the palm oil industry became an important factor in the country. Along with the expansion of palm oil across the nation causing deforestation of natural rain forest and conversion of peat land into plantation land there are several factors causing a tremendous increase in carbon dioxide (CO 2 ) emissions. Main causes of CO 2 emission apart from deforestation and peat-land conversion are the fires to create plantation land plus the fires burning waste products of the plantations itself. This paper describes a project that aims at the development of a remote sensing monitoring system to allow a continuous observation of oil palm plantation activities and expansion in order to be able to quantify CO 2 emissions. The research concentrates on developing a spaceborne synthetic aperture radar information extraction system for palm oil plantations in the Tropics. This will lead to objective figures that can be used internationally to create a policy implementation plan to sustainably reduce CO 2 emission in the future

Oil & Ethnocentrism: A study of Global Oil & Gas Organisations

OpenAIRE

Rees, Gareth

2014-01-01

This dissertation will examine the concept of ‘ethnocentrism’, or a belief in the superiority of one’s own cultural norms and values, against the backdrop of the Global Oil & Gas Service industry. Using Howard Perlmutter’s framework, ethnocentrism will be tested and analysed across distinct areas of international business; staffing and cultural prevalence, the management of international subsidiaries and corporate and national culture. Data will be collected from experienced Oil & Gas ma...

The Peak of the Oil Age - Analyzing the world oil production Reference Scenario in World Energy Outlook 2008

International Nuclear Information System (INIS)

Aleklett, Kjell; Hoeoek, Mikael; Jakobsson, Kristofer; Lardelli, Michael; Snowden, Simon; Soederbergh, Bengt

2010-01-01

The assessment of future global oil production presented in the IEA's World Energy Outlook 2008 (WEO 2008) is divided into 6 fractions; four relate to crude oil, one to non-conventional oil, and the final fraction is natural-gas-liquids (NGL). Using the production parameter, depletion-rate-of-recoverable-resources, we have analyzed the four crude oil fractions and found that the 75 Mb/d of crude oil production forecast for year 2030 appears significantly overstated, and is more likely to be in the region of 55 Mb/d. Moreover, analysis of the other fractions strongly suggests lower than expected production levels. In total, our analysis points to a world oil supply in 2030 of 75 Mb/d, some 26 Mb/d lower than the IEA predicts. The connection between economic growth and energy use is fundamental in the IEA's present modelling approach. Since our forecast sees little chance of a significant increase in global oil production, our findings suggest that the 'policy makers, investors and end users' to whom WEO 2008 is addressed should rethink their future plans for economic growth. The fact that global oil production has very probably passed its maximum implies that we have reached the Peak of the Oil Age.

Insight into the applications of palm oil mill effluent: A renewable utilization of the industrial agricultural waste

International Nuclear Information System (INIS)

Foo, K.Y.; Hameed, B.H.

2010-01-01

Water scarcity and pollution rank equal to climate change as the most intricate environmental turmoil for the 21st century. Today, the percolation of palm oil mill effluents into the waterways and ecosystems, remain a fastidious concern towards the public health and food chain interference. With the innovation of palm oil residue into a high valuable end commodity, there has been a steadily growing interest in this research field. Confirming the assertion, this paper presents a state of art review of palm oil mill effluent industry, its fundamental characteristics and environmental implications. Moreover, the key advance of its implementations, major challenges together with the future expectation are summarized and discussed. Conclusively, the expanding of palm oil mill effluent in numerous field of application represents a plausible and powerful circumstance, for accruing the worldwide environmental benefit and shaping the national economy. (author)

OIL AND GAS FUTURES AND OPTIONS MARKET

OpenAIRE

Ante Nosić; Daria Karasalihović Sedlar; Lucija Jukić

2017-01-01

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 diffe...

Modelling oil exploration

International Nuclear Information System (INIS)

Padilla, V.R.

1992-01-01

The analysis of oil exploration models in this paper is developed in four parts. The way in which exploration has been dealt with in oil supply models is first described. Five recent models are then looked at, paying particular attention to the explanatory variables used when modelling exploration activities. This is followed by a discussion of the factors which have been shown by several empirical studies to determine exploration in less developed countries. Finally, the interdependence between institutional factors, oil prices and exploration effort is analysed with a view to drawing conclusions for modelling in the future. (UK)

Challenge - oil crisis

International Nuclear Information System (INIS)

Vogler, O.

1981-01-01

After a short survey on recent developments of energy supply the risks of future energy supply and its effects are discussed. The parameters of dependence on oil-producing countries are studied and an evaluation is given on the measures which have to be taken by the Western industrialized countries in response to the dependence on oil. Further subjects are: mechanism of oil distribution in case of crisis, long-term cooperation of producer countries, measures on international level in the USA and Japan, and the energy-importing countries in the conflict area between OPEC- and industrialized countries. (UA) [de

Impact of Expanded North Slope of Alaska Crude Oil Production on Crude Oil Flows in the Contiguous United States

Energy Technology Data Exchange (ETDEWEB)

DeRosa, Sean E. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Flanagan, Tatiana Paz [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2017-05-01

The National Transportation Fuels Model was used to simulate a hypothetical increase in North Slope of Alaska crude oil production. The results show that the magnitude of production utilized depends in part on the ability of crude oil and refined products infrastructure in the contiguous United States to absorb and adjust to the additional supply. Decisions about expanding North Slope production can use the National Transportation Fuels Model take into account the effects on crude oil flows in the contiguous United States.

Oil for What?—Illicit Iraqi Oil Contracts and the U.N. Security Council

OpenAIRE

Paul Heaton

2005-01-01

The Oil-For-Food program was established by United Nations Security Council Resolution 986 in 1995 as a means of providing humanitarian relief to Iraq, which had been under U.N. economic sanctions since the Persian Gulf War in 1991. After the invasion of Iraq, considerable evidence emerged suggesting that Saddam Hussein was able to subvert the Oil-For-Food program to obtain hard currency as well as items on the United Nation's prohibited transfer list. In this paper, I use recently available ...

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)

The role of oil palm companies in Indonesia as a nation's competitive advantage

Science.gov (United States)

Tampubolon, N.; Pasaribu, M.

2017-09-01

Indonesia is the largest world Crude Palm Oil (CPO) producer with Malaysia in second place. This agricultural commodity has become a chief Indonesian foreign exchange earner behind fossil fuel exports. In 2016, the export value of this commodity reached USD 17.8 billion. Historically, Malaysia has been more advanced in the CPO delivery, which can be explained by the general companies’environment of management, technological advancement and engineering, human resource skills and superior external support, such as road infrastructure, regulations and research& development by the industry and government. It is clear from data that the Indonesian production is disadvantaged by a wide range of inefficiencies. They range from limited technology and production management skills to limitedcultivation advancement. Applications of technical improvements are desired to enhance the national competitive advantage to the next level. This paper is an exploration of the current management culture and to consider a strategic management model that would be the most appropriate for Indonesia and would enourage high end technology and plantation management. A gradual level improvement would enable Indonesia to compete on a global scale as an industry leader in the palm oil market.

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.

Mapping the future of CIC Division, Los Alamos National Laboratory. Final report

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-01-01

This report summarizes three scenario-based strategic planning workshops run for the CIC Division of the Los Alamos National Laboratory during November and December, 1995. Each of the two-day meetings was facilitated by Northeast Consulting Resources, Inc. (NCRI) of Boston, MA. using the Future Mapping{reg_sign} methodology.

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

The oil barrel price

International Nuclear Information System (INIS)

Blondy, J.; Papon, P.

2009-01-01

This paper proposes an overview and a prospective glance on the oil barrel price. It indicates the relevant indicators: Brent quotation, euro/dollar parity, economic activity indicators, world oil consumption distribution, crude oil production, refining capacity. It briefly presents the involved stake holders: crude oil producers, oil refiners, refined product dealers, and the OPEC. It discusses the major retrospective trends: evolution in relationship with geopolitical events and energy policies, strong correlation between oil demand and economic growth, prevalence of OPEC, growing importance of national oil companies. An emerging trend is noticed: growing role of emerging countries on the crude market. Some prospective issues are discussed: duration and intensity of economic recession, separation between economic growth and energy consumption, pace and ambition level of policies of struggle against climate change, exploitable resources, and geopolitical hazards. Four evolution hypotheses are discussed

Japan's involvement in oil sands development

International Nuclear Information System (INIS)

Sugiura, T.

1994-01-01

According to Japanese national policy, exploration and development by Japanese companies in overseas countries are promoted in order to ensure stable oil supplies. Japan Canada Oil Sands Limited (JACOS), part of the JAPEX group, was established during the 1978 world oil crisis to explore and develop Canadian oil sand resources in accordance with Japan's national policy. The JAPEX group, including JACOS, has invested $123 million in oil sands projects in Alberta. JAPEX's first involvement in oil sands was in the Primrose Project operated by Norcen in the Cold Lake area. Five years of cyclic steam stimulation pilot tests did not produce sufficiently good results to justify further operation. The second involvement was the PCEJ Project, a joint effort by four companies that are participating in a bitumen recovery test project in the Athabasca Deposit. JACOS holds 2,452 km 2 of oil sands leases in Alberta. Tests conducted since 1978 in the PCEJ Project include multiwell steam injection pilot tests, some of which showed promise. JACOS is also participating in steam assisted gravity drainage projects and in federal/provincial research programs. Obstacles identified in developing Alberta oil sands are the lack of a bitumen pipeline to Edmonton and the insufficient length of oil sands leases (currently 10 years), given the difficulties of oil sand development. 10 figs

An oil production forecast for China considering economic limits

International Nuclear Information System (INIS)

Wang, Ke; Feng, Lianyong; Wang, Jianliang; Xiong, Yi; Tverberg, Gail E.

2016-01-01

In recent years, it has become apparent that oil prices may not rise endlessly. Unconventional oil is likely to be especially affected by low prices because it tends to be high-priced to extract. To estimate the impact prices might have on future Chinese oil production, we develop a model in which only future unconventional oil production is affected by price. We analyze three price scenarios: Stays Low, Best Estimate, and Ever-Rising Prices. In these scenarios, remaining Ultimate Recoverable Resources (URR) are estimated to be 10%, 50%, and 90% of remaining Technically Recoverable Resources, respectively. Since oil price can be expected to affect the shape of the extraction curve, we spread estimated URR to year using models that do not assume that future production will ultimately produce a symmetric Hubbert-type curve (Multi-Cycle Generalized Weng Model and Stochastic Resource-Constrained Growth Model). In the Best Estimate Scenario, China's oil production is expected to reach a maximum of 226.79 million tons in 2020. In the Ever-Rising Prices Scenario, China's maximum oil production occurs in 2023. In the Stays Low Scenario, maximum production has already been reached. - Highlights: • China's conventional oil reached a peak in 2010 and has begun to decline. • Unconventional oil production will be especially adversely affected by low prices. • Rising selling price of oil may lead to recession, bringing prices back down. • China's total oil supply appears likely to peak about 2020. • Likely oil production is less than Technically Recoverable Resources.

Three Essays on National Oil Company Efficiency, Energy Demand and Transportation

Science.gov (United States)

Eller, Stacy L.

This dissertation is composed of three separate essays in the field of energy economics. In the first paper, both data envelopment analysis and stochastic production frontier estimation are employed to provide empirical evidence on the revenue efficiency of national oil companies (NOCs) and private international oil companies (IOCs). Using a panel of 80 oil producing firms, the analysis suggests that NOCs are generally less efficient at generating revenue from a given resource base than IOCs, with some exceptions. Due to differing firm objectives, however, structural and institutional features may help explain much of the inefficiency. The second paper analyzes the relationship between economic development and the demand for energy. Energy consumption is modeled using panel data from 1990 to 2004 for 50 countries spanning all levels of development. We find the relationship between energy consumption and economic development corresponds to the structure of aggregate output and the nature of derived demand for electricity and direct-use fuels in each sector. Notably, the evidence of non-constant income elasticity of demand is much greater for electricity demand than for direct-use fuel consumption. In addition, we show that during periods of rapid economic development, one in which the short-term growth rate exceeds the long-run average, an increase in aggregate output is met by less energy-efficient capital. This is a result of capital being fixed in the short-term. As additional, more efficient capital stock is added to the production process, the short-term increase in energy intensity will diminish. In the third essay, we develop a system of equations to estimate a model of motor vehicle fuel consumption, vehicle miles traveled and implied fuel efficiency for the 67 counties of the State of Florida from 2001 to 2008. This procedure allows us to decompose the factors of fuel demand into elasticities of vehicle driving demand and fuel efficiency. Particular

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...

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

PROMINP (Program of Mobilization of the National Industry of Oil and Natural Gas): synergy in the national industry; PROMINP (Programa de Mobilizacao da Industria Nacional de Petroleo e Gas Natural): sinergia na industria nacional

Energy Technology Data Exchange (ETDEWEB)

Almeida, Jose Renato Ferreira de; Campos, Michel Fabianski; Lopesm Ronaldo Rangel; Lisboa, Vitor Manuel dos Santos [PETROBRAS S.A., Rio de Janeiro, RJ (Brazil)

2008-07-01

The Federal Government identified, from the forecast of massive investments in the sector of oil and natural gas in the next years, that it was establishing a favorable environment to foment the participation of the national industry of goods and services, in competitive and sustainable bases, in the implantation of projects of oil and gas in Brazil. Thus, in 2003, it was born the Program of Mobilization of the National Industry of Oil and Natural Gas - PROMINP. From an ample diagnosis of the necessary critical resources, throughout the time, for the implementation of the planned projects, the PROMINP identifies the gaps related to the professional qualification, industrial infrastructure and supply of materials and equipment, and, to surpass these challenges, it has lead, in these five years of existence, an expressive set of action for each one of the cited sources, of form to assure the competitiveness of the Industry of Supply of Goods and services and the support of this process. Such actions are elaborated and developed of joint form it enters all the participants of the chain. Since the creation of the PROMINP, the participation of the national industry (Local Content) in the investments of the sector increased of 57% in 2003 for 75% in 2007, what it means a US$ addition 8,3 billion orders of goods and services in the national market and generated more than 390 thousand new jobs. (author)

Remediation of oil-contaminated soil in Arctic Climate

DEFF Research Database (Denmark)

Jensen, Pernille Erland; Fritt-Rasmussen, Janne; Rodrigo, Ana

Oil spill is a problem in towns in Greenland, where oil is used for heating and transport. The problem may increase in the future with expected oil exploitation in Greenlandic marine areas and related terrestrial activities. Oil undergoes natural microbial degradation in which nutrients, temperat....... Experiments have been made with excavated oil-contaminated soil from the Greenlandic town Sisimiut to study different low-tech and low-cost solutions for remediation of oil-contamination...

Remediation of oil-contaminated soil in Arctic Climate

DEFF Research Database (Denmark)

Jensen, Pernille Erland; Fritt-Rasmussen, Janne; Rodrigo, Ana P.

Oil spill is a problem in towns in Greenland, where oil is used for heating and transport. The problem may increase in the future with expected oil exploitation in Greenlandic marine areas and related terrestrial activities. Oil undergoes natural microbial degradation in which nutrients, temperat...... have been made with excavated oil-contaminated soil from the Greenlandic town Sisimiut to study different low-tech and low-cost solutions for remediation of oil-contamination....