This course is an excellent introduction to the fundamentals of petroleum economics. The petroleum industry is arguably the most influential and important industry in the world. Pdi, the leader in enterprise management software for the convenience retail and petroleum wholesale markets, delivers software solutions to connect to intelligent business. Pages in category petroleum economics the following 62 pages are in this category, out of 62 total. Aug 17, 2015 new oil and gas economic and decline curve software tool is simplifying the evaluation proces august 17, 2015 drillnomics released its oil and gas economic evaluation and decline curve software to the public this quarter, and industry response has been overwhelmingly positive. Box, 237, tarkwa 2department of petroleum product marking scheme, national petroleum authority, accra, ghana.
It provides a secure and flexible economics solution that ensures compliance with prms as well as the most rigorous governing b. David wood has over 30 years of energy industry experience, mainly in petroleum, spanning technical and commercial exploration and production operations, mid and downstream projects, and contract evaluation. On the side of the producing countries there are economic and political complexities associated with. The division was started to automate business processes, streamline paperwork, minimize labor, and maximize profits. It is intended to give a broad understanding of the economics evaluation of petroleum projects. Upstream petroleum economics, risk and fiscal analysis. Forecasting, economics and graphics system fegs is a powerful and flexible petroleum economics oil and gas economics software. At the time the rfactor was devised, tests using representative vehicles initially indicated that an appropriate value for the r factor was 0.
Written in plain english for laymen and for experienced practitioners alike, it is a readerfriendly, clear, practical, stepbystep hands. Contractor submitted work programs and budgets for approval. Petroleum project economics and risk analysis workshop. Economic evaluations are also performed to determine reserves and the standardized measure of value for. The range of finance and econometrics which is now directly feasible in r using existing cran libraries is amazing. Uncertainty and risk analysis in petroleum exploration and production saul b. It is free software, not like stata or spss or similar. New oil and gas economic and decline curve software tool. Pdi acquires factor, a part of the wr hess company.
An rfactor is the ratio of cumulative receipts from the sale of petroleum to cumulative expenditures. There are a large number of cran packages that are relevant for economists. Forecasts are often done on a wellbywell basis, and sensitivity studies are much easier. Almost every decision is made on the basis of an economic evaluation.
Base and recommended r is probably less prone to errors than contributed packages might be, but it depends on the authors. The objective of the journal of petroleum science and engineering is to bridge the gap between the engineering, the geology and the science of petroleum and natural gas by publishing explicitly written articles intelligible to scientists and engineers working in any field of petroleum engineering, natural gas engineering and petroleum natural gas geology. Upstream petroleum fiscal and valuation modeling in excel. Typical values for the skin factor range from 6 for an infiniteconductivity massive hydraulic fracture to more than 100 for a poorly executed gravel pack.
Economic analysis, design and modelling of petroleum fiscal. The factor z, defined by the real nonideal gas equation of state, pv znrt. The division was started to automate business processes, streamline paperwork, minimize labor. Estimation of the economic value of the predicted future production. This book offers a comprehensive introduction to the economics of oil and natural gas extraction and production along with a detailed discussion of pricing, taxing, and markets of these most valuable commodities. Petroleum office is a excel addin for petroleum engineers. An economic analysis kirsten bindemann oxford institute for energy studies wpm 25 october 1999. Fuzzy value of npv calculated based on 7% error rates of price. The intrinsic formation factor is then defined as f corrected for the effect of shale, or else the value of r o r w at the limit of high salinity low r w. Given the volatility in oil prices today, the economic evaluation of an upstream oil and gas investment is essential. Petroleum reserves management systems software r3 software enables operators, consultants, banks and government agencies to accurately and efficiently manage their conventional and unconventional assets anywhere in the world. The first part section refinery operation planning deals with the planning of a refinerys operation, which includes its optimized crude runs, product slate, and any process expansion or debottlenecking that may be required to meet this optimized operation.
This category has the following subcategories, out of total. Companies prequalified to bid for one of 12 blocks in iraqs upcoming fourth licensing round have since last week been poring over the adjusted terms introduced by iraqs oil ministry to the second version of the draft exploration, development and production service contract or edpsc. It is an excellent book because it considers all economic aspects of the petroleum industry. Petroleum engineering calculations in microsoft excel. New oil and gas economic and decline curve software tool is.
He has published on energy related topics including. It is not more or less reliable than other software. Petroleum economics software and services schlumberger software. Pdf the economic structure of the petroleum industry differs strongly. It is in daily use by over 4,000 economists and engineers in approximately 350 oil and gas companies across the world. Uncertainty and risk analysis in petroleum exploration and.
R3 economics is a powerful software program that simplifies data management, reserves forecasting and business decision modeling challenges faced by oil and gas companies. Heavy oil cracking catalysts market has huge growth in. Others around 2025% are based upon an r factor or ror system. Phdwin economics and reserves software by trc consultants.
Aug 20, 2018 model rate of return and rfactor petroleum fiscal contracts and capture its impacts on contractor and host government returns from oil and gas development projects. Wikimedia commons has media related to energy economics subcategories. When my consumption starts to grow bigger than production, i can just add another one of these factory modules down onto the right side and hook up the io rails. An rfactor less than 1 would mean that costs have not been fully recovered yet. Economics modeling for petroleum exploration and production projects considering risk and imprecise data thesis pdf available january 2016 with 10,901 reads how we measure reads. Rs is the reduction in the amount of solution gas at. Optimize every element of your prospecting operations worldwide using our advanced oil and gas exploration softwarea suite of comprehensive digital solutions for each stage of a petroleum systems approach to discovering hydrocarbons.
Petroleum economics software by scientific computer. At the time the rfactor was devised, tests using representative vehicles initially indicated that an appropriate value for the r factor. Factor has served the petroleum marketing industry for over 40 years, focusing solely on operational and profitability improvement for companies that buy and resell refined petroleum products. This chapter is divided more or less into three parts. Oil and gas reservoir and economic analysis software. A numerical value used to analytically model the difference from the pressure drop predicted by darcys law due to skin. Journal of petroleum science and engineering elsevier. He has written on petroleum economics in the oil and gas journal. Petroleum economics, fiscal modelling and risk analysis. An ebook reader can be a software application for use on a computer such.
Our economics and planning suite plays a significant role in completing the technical insights of geoscientists and engineers with the business analysis and processes needed to support decisions through an assets lifecycle. The most valuable attributes of petroleum economic software are the. A worked examples approach demystifies fiscal analysis which, unlike disciplines such as earth sciences and engineering, can be learned from a book. Economic evaluations are also performed to determine reserves and the standardized measure of value for reporting purposes for publicly held companies. Its the only software that can be used out of the box. Economics drives the entire oilgas producing industry. Kent saugier is a handson scientific, technology and business professional with twentyfive years experience in upstream oil and gas, offshore technology, economics, economic modeling, international petroleum contracts, project management, software applications and technology including design, licensing and commercialization. Seems like every job posting requires one of these but havent had any experience in either and want to get a head start on it. However i wish it could be updated by the authors or other scholars interested in petroleum industries. Modern petroleum economic evaluation software has eased laborious procedures tremendously. Production sharing contracts or agreements psc hereafter are ubiquitous in much of asia, africa and the middle east, with only a handful of countries. A comparative analysis of 12 economic software programs. New mexico gotech free decline curve analysis software and data drawing module for excel.
Petroleum refinery planning and economics springerlink. Companies need accurate economic data to justify projects, plan budgets, report reserves and assess price or ownership. Expanded basic petroleum economics training course. Energy economics publishes an eclectic mix of papers using a wide variety of methods to shed light on a range of topics. Values for z have been correlated for mixtures of reservoir gases over pressure and. Comparison of the economics and performance of horizontal and vertical wells o. Factor models for asset returns and interest rate modelsand interest rate models scottish financial risk academy, march 15, 2011 eric zivot robert richards chaired professor of economicsrobert richards chaired professor of economics adjunct professor, departments of applied mathematics, finance and statistics. Any good free online resources for learning petroleum. Pdf economics modeling for petroleum exploration and. For example, a 20psi 8kpa total pressure drop related to skin. We encourage the submission of replication studies. In many countries psas play a critical role in the exploration and production of oil and natural gas. Any good free online resources for learning petroleum engineering software, such as aries and petrel. Participants will gain and demonstrate understanding of, and acquire the skills for evaluating upstream petroleum assets, including the derivation of economic decision indicators and risk analysis to aid economic decisions on oil and gas field development within production sharing agreement psa and royaltytax r t regimes.
Orlandi encyclopedia of life support systems eolss these shows structural characteristics, relations of strength, economic and political dynamics which cannot be immediately attributed to the traditional life cycle of an industry and which indeed can no longer be repeated. Merak peep petroleum economic evaluation and decline analysis software is the industry standard for economic modeling of upstream oil and gas projects. Values for z have been correlated for mixtures of reservoir gases over pressure and temperature ranges encountered in well tests. Comparison of the economics and performance of horizontal and. Customer logins obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Opoku appau3 1department of petroleum engineering, university of mines and technology, p.
Petroleum economics provides an overview of the key financial and economic means of project performance provides a set of risk assessment tools including sensitivity, scenario, decision tree and mote carlo simulation analysis introduces the participant to stakeholder analysis frameworks to identify stakeholder groups and their concerns. Ogre systems very capable and flexible petroleum economic evaluation software. Economic analysis, design and modelling of petroleum. Ogre systems offers flexible and easy to use petroleum economics and reserves software solutions.
Building understanding through basin to reservoirscale modeling of petroleum systems. Phdwin is by far the easiest software for my team to learn. Day 1 petroleum fiscal systems concept, historical developments, and current dynamics. The r factor is defined as the ratio of the percent change in fuel economy to the percent change in volumetric heating value for tests conducted using two differing fuels.
Size gas caps and reserve maintenance programs affect amount of recoverable oil. The oil formation factor is used to correct to surface barrels of oil from reservoir conditions in the volumetric calculations. This course will introduce a variety of fundamental petroleum economic principles including revenue, expenditures, fiscal systems, risk analysis, and investment analysis. A psa largely defines the economic relationship between the government of a host country and an operating company engaged in a petroleum exploration and production project. An ebook reader can be a software application for use on a computer. Reliable forecasting, economic optimization, insightful visual analytics and more. The aries petroleum economics and reserves software provides comprehensive enterprisewide property and data management, production and reserve forecasting using decline curves or other methods, and proven economic evaluations for operations, engineering, and business teams. You might find my web page guidelines for projects based on r to be useful. Ihs powertools is an intuitive software program that allows oil and gas professionals to quicky and easily estimate reserves and perform economic evaluations. I can have someone that understands reserves an economics up and running on phdwin within an hour, unlike other products that takes months to establish a basic working efficiency.
R factor, whereby a factor is calculated from cumulative revenue divided by. Each train load of coal8k will generate 80k of petroleum gas. The training approach is based on principles of economic evaluation of petroleum related project with focusing on step by step developing economic models, determining economic indicators, evaluating and quantifying risks and uncertainties and making the right investment decision for the project. You will also learn about r studio, a userfriendly interface to use with r. Petroleum economics software by scientific computer applications. Pdi convenience store software wholesale petroleum. The results of this project were presented in houston on march 2, 2000 at the spee petroleum economics software symposium 2000, which was a daylong seminar consisting of the presentation of the study results, a brief panel discussion by the vendors, and an opportunity for attendees to actually test drive the vendors software during the. Aries petroleum economics software landmark solutions. Schlumberger merak evaluation and economics software.
Our replication policy reflects this, and is applied in spirit rather than to the letter. Our economics and planning suite plays a significant role in completing the technical insights of geoscientists and engineers with the business analysis and. Understand or refresh your knowledge of the economics of an exploration and production petroleum project learn about all petroleum fiscal concepts applied in the world and their main attributes perform economic analysis of individual fiscal features, understand their economic properties and how they. A brief history of petroleum contracts 3 productionsharing agreements in general 3. Formation damage mitigation can be accomplished assuring that operational details are achieved before reaching the pay zone to the last production parameters recorded. New oil and gas economic and decline curve software tool is simplifying the evaluation proces august 17, 2015 drillnomics released its oil and gas economic evaluation and decline curve software to the public this quarter, and industry response has been overwhelmingly positive. How does powertools calculate the gas formation volume factor. Introduction to project economics in oil and gas upstream industry. Key factor in production optimization is the capability to mitigate formation damage during well construction and production routine operations. It provides a secure and flexible economics solution that ensures compliance with prms as. Types of international petroleum contracts hassan z. Monte carlo simulation software, is simply the square root of the r2 value from a linear. This course is part of the heriotwatt university distance learning msc petroleum engineering program. Future value of a uniform series of payments made at the end of each period.