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3. Energy Reserves, Pipeline Routes and the Legal Regime in the Caspian Sea
3. Energy reserves, pipeline routes and the legal regime in the Caspian Sea John Roberts I. The energy reserves and production potential of the Caspian The issue of Caspian energy development has been dominated by four factors. The first is uncertain oil prices. These pose a challenge both to oilfield devel- opers and to the promoters of pipelines. The boom prices of 2000, coupled with supply shortages within the Organization of the Petroleum Exporting Countries (OPEC), have made development of the resources of the Caspian area very attractive. By contrast, when oil prices hovered around the $10 per barrel level in late 1998 and early 1999, the price downturn threatened not only the viability of some of the more grandiose pipeline projects to carry Caspian oil to the outside world, but also the economics of basic oilfield exploration in the region. While there will be some fly-by-night operators who endeavour to secure swift returns in an era of high prices, the major energy developers, as well as the majority of smaller investors, will continue to predicate total production costs (including carriage to market) not exceeding $10–12 a barrel. The second is the geology and geography of the area. The importance of its geology was highlighted when two of the first four international consortia formed to look for oil in blocks off Azerbaijan where no wells had previously been drilled pulled out in the wake of poor results.1 The geography of the area involves the complex problem of export pipeline development and the chicken- and-egg question whether lack of pipelines is holding back oil and gas pro- duction or vice versa. -
Kashagan and Tengiz
KashaganandTengiz—CastorandPollux DanielJohnstonandDavidJohnston AdaptedfromPetroMinMagazine–15December,2001. The recently announced super giant Kashagan discovery in the Kazakhstan sector of the NorthCaspianSeaistheworld’slargestdiscovery in three decades. Kashagan, located in shallowwater,isananalogtotheonshoreTengizfieldlocatedapproximately130to150km (85miles)tothesoutheast. KashaganandTengizarethetwolargestfieldsinKazakhstan—theiroilreservesalonerival theUnitedStates22Billionbarrelsofoil,yettheyhavehardlybeguntoproduce.Tengizin 10yearsofproductionhasproducedlessthan10%ofit’srecoverablereserves.Andwhile Kashaganwasonlyjustdiscovered,thereareothersimilarstructuresintheKashaganlicense areathatareyetundrilled.Overall,thedevelopmentcostswilllikelycosttensofbillionsof dollars but revenues to the Contractor group (the oil companies) and the Kazakhstan Governmentcouldexceed onetrilliondollars . TheKashaganprospect,(Figure1)namedafterthegreatKazakhpoet,wasidentifiedbythe Soviets in the early 1970s. However, the extremely promising prospect, located in an environmentallysensitiveandhighcostenvironment,wasnotdrilledatthattime. Threewellshavebeendrilledonthestructuresincelate2000andtheprospecthaslivedupto it’spromise.Appropriately,theKashaganproduction sharingagreement (PSA) is about as 1 famousasthediscovery. Every single percentage point (1%) take (either Government or Contractor take) could representfrom$1.5to$2billioninprofitsforthefirst10billionbarrelsalone.Thisisabig one. Thediscoveryisratedat6.4to100billionbarrels. 2However,itislikelythatagoodworking -
Central Asia's Oil and Gas Reserves
JANUARY 23-25, 2010 THUN, SWITZERLAND EURASIA EMERGING MARKETS FORUM Central Asia’s Oil and Gas The Emerging Markets Forum was created by the Centennial Group as a not-for-prot Reserves: initiative to bring together high-level government and corporate leaders from around the To Whom Do world to engage in dialogue on the key economic, nancial and social issues facing They Matter? emerging market countries. Martha Brill Olcott The Forum is focused on some 70 emerging market economies in East and South Asia, Eurasia, Latin America and Africa that share prospects of superior economic performance, already have or seek to create a conducive business environment and are of near-term interest to private investors, both domestic and international. Our current list of EMCs is shown on the back cover. We expect this list to eveolve over time, as countries’ policies and prospects change. Further details on the Forum and its meetings may be seen on our website at http://www.emergingmarketsforum.org Emerging The Watergate Oce Building, 2600 Virginia Avenue, NW, Suite 201 Markets Forum Washington, DC 20037, USA. Tel:(1) 202 393 6663 Fax: (1) 202 393 6556 A nonprofit initiative of the Centennial Group Email: [email protected] Bringing people together to accelerate growth and well-being in emerging markets Central Asia’s Oil and Gas Reserves: To Whom Do They Matter? Martha Brill Olcott¹ Summary Iolathan-Osman gas field, a field confirmed as one of the world’s top five deposits in an independent audit It seems like anytime one opens the business section by Gaffney, Cline and Associates. -
Energy Intensity and Greenhouse Gas Emissions from Crude Oil Production in the Eagle Ford Region: Input Data and Analysis Methods
Energy Intensity and Greenhouse Gas Emissions from Crude Oil Production in the Eagle Ford Region: Input Data and Analysis Methods Abbas Ghandi1, Sonia Yeh1, Adam R. Brandt2, Kourosh Vafi2, Hao Cai3, Michael Q. Wang3, Bridget R. Scanlon4, Robert C. Reedy4 1Institute of Transportation Studies, University of California, Davis 2Department of Energy Resources Engineering, Stanford University 3Systems Assessment Group, Argonne National Laboratory 4Bureau of Economic Geology, Jackson School of Geosciences, Univ. of Texas at Austin Institute of Transportation Studies University of California, Davis September 2015 Prepared for Systems Assessment Group Energy Systems Division Argonne National Laboratory TABLE OF CONTENTS ABSTRACT .......................................................................................................................................... 1 1 INTRODUCTION .......................................................................................................................... 3 2 METHODS ..................................................................................................................................... 6 2.1 Data summary ..................................................................................................................... 6 2.2 Monthly production and completion ................................................................................. 6 2.3 API gravity ........................................................................................................................ 13 2.4 -
Chevron Sustainability Report 2020
2020 corporate sustainability report for complete reporting, visit chevron.com/sustainability 2020 ESG highlights protecting the empowering getting results environment people the right way $15M climate change resilience increase in our investment advancing a lower-carbon future to address racial equity 40% of our Board were women highlighted three action areas for advancing a lower-carbon future in our Climate Change Resilience report 12 networks 2020 marked the 20th $400M anniversary of our first spent on woman- and formal employee network minority-owned businesses joined the World Bank’s Zero Routine Flaring by 2030 initiative chevron 2020 climate lobbying 40% report targeted reduction in oil carbon intensity 26% issued our first targeted reduction in climate lobbying report gas carbon intensity 51 years of our Employee Assistance Program During the pandemic, it offered virtual programs for our employees and their families, including mindfulness and yoga instruction. 40%+ joined the of outstanding common Environmental, social and governance (ESG) data WBCSD’s Value Chain Carbon are as of December 31, 2020, and exclude spend that stock represented in substantive Transparency Pathfinder is ultimately shared with our partners. ESG engagements message from our chairman and CEO In the face of this environment, our people responded with resilience, embracing adversity as an opportunity to learn and improve. Though we shared hardships, the lessons of 2020 “Over the past year, made us a better company, and strengthened our ongoing we, like every company, commitment to help advance a better future for all. navigated a world We believe energy enables modern life and powers human facing the economic and progress. -
Best Research Support and Anti-Plagiarism Services and Training
CleanScript Group – best research support and anti-plagiarism services and training List of oil field acronyms The oil and gas industry uses many jargons, acronyms and abbreviations. Obviously, this list is not anywhere near exhaustive or definitive, but this should be the most comprehensive list anywhere. Mostly coming from user contributions, it is contextual and is meant for indicative purposes only. It should not be relied upon for anything but general information. # 2D - Two dimensional (geophysics) 2P - Proved and Probable Reserves 3C - Three components seismic acquisition (x,y and z) 3D - Three dimensional (geophysics) 3DATW - 3 Dimension All The Way 3P - Proved, Probable and Possible Reserves 4D - Multiple Three dimensional's overlapping each other (geophysics) 7P - Prior Preparation and Precaution Prevents Piss Poor Performance, also Prior Proper Planning Prevents Piss Poor Performance A A&D - Acquisition & Divestment AADE - American Association of Drilling Engineers [1] AAPG - American Association of Petroleum Geologists[2] AAODC - American Association of Oilwell Drilling Contractors (obsolete; superseded by IADC) AAR - After Action Review (What went right/wrong, dif next time) AAV - Annulus Access Valve ABAN - Abandonment, (also as AB) ABCM - Activity Based Costing Model AbEx - Abandonment Expense ACHE - Air Cooled Heat Exchanger ACOU - Acoustic ACQ - Annual Contract Quantity (in reference to gas sales) ACQU - Acquisition Log ACV - Approved/Authorized Contract Value AD - Assistant Driller ADE - Asphaltene -
J.Kenneth Klitz
J. Kenneth Klitz i: ;,-_ .. ...... l~ t :. i \ NORTH SEA OIL RESOURCE REQUIREMENTS FOR DEVELOPMENT OF THE U.K. SECTOR From the first exploration wells in 1964 to virtual self sufficiency by 1980, the development of the U. K. North Sea oil fields has been rapid and productive. However, the hostile environment and the sheer scale of the operation have made heavy demands on both natural and human resources. Just how large has this investment of resources been? Has it been justified by the amount of energy recovered? What lessons does the development of the North Sea hold for operators of other offshore fields? Using an approach developed at the International Institute for Applied Systems Analysis, J. Kenneth Klitz attempts to answer these questions. He presents a wealth of detailed information obtained from exhaus tive Iiterature searches and close cooperation with the North Sea oil companies themselves, and uses it to in vestigate the resources needed to construct and operate the various field installations and facilities. From this starting point he then derives the total amounts of re sources required to develop first each field and then the entire U.K. sector. To put this resource expenditure in perspective, the author describes the way in which estimates of North Sea oil reserves have evolved and examines the addi tional yields that may be obtained by using technolog ically advanced oil-recovery methods; also included is an interesting comparison of the "energy economics" of producing either gas or oil from the North Sea. Finally, there are extensive descriptions of the U.K. -
2013 Financial and Operating Review
Financial & Operating Review 2 013 Financial & Operating Summary 1 Delivering Profitable Growth 3 Global Operations 14 Upstream 16 Downstream 58 Chemical 72 Financial Information 82 Frequently Used Terms 90 Index 94 General Information 95 COVER PHOTO: Liquefied natural gas (LNG) produced at our joint ventures with Qatar Petroleum is transported to global markets at constant temperature and pressure by dedicated carriers designed and built to meet the most rigorous safety standards. Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Actual future results, including demand growth and energy mix; capacity growth; the impact of new technologies; capital expenditures; project plans, dates, costs, and capacities; resource additions, production rates, and resource recoveries; efficiency gains; cost savings; product sales; and financial results could differ materially due to, for example, changes in oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; unanticipated operational disruptions; and other factors discussed in this report and in Item 1A of ExxonMobil’s most recent Form 10-K. Definitions of certain financial and operating measures and other terms used in this report are contained in the section titled “Frequently Used Terms” on pages 90 through 93. In the case of financial measures, the definitions also include information required by SEC Regulation G. -
Ropná Politika USA: Historie a Výzvy
Ropná politika USA: historie a výzvy FILIP ČERNOCH – MARTIN JIRUŠEK HEDVIKA KOĎOUSKOVÁ JAN OSIČKA – TOMÁŠ VLČEK Aktualizované vydání Všechna práva vyhrazena. Žádná část této elektronické knihy nesmí být reprodukována nebo šířena v papírové, elektronické či jiné podobě bez předchozího písemného souhlasu vykonavatele majetkových práv k dílu, kterého je možno kontaktovat na adrese – Nakladatelství Masarykovy univerzity, Žerotínovo náměstí 9, 601 77 Brno. ROPNÁ POLITIKA USA: HISTORIE A VÝZVY Filip Černoch – Martin Jirušek Hedvika Koďousková – Jan Osička – Tomáš Vlček Masarykova univerzita Brno 2014 INVESTICE DO ROZVOJE VZDĚLÁVÁNÍ Vědecká redakce Masarykovy univerzity: prof. PhDr. Ladislav Rabušic, CSc. prof. RNDr. Zuzana Došlá, DSc. Ing. Radmila Droběnová, Ph.D. Mgr. Michaela Hanousková doc. PhDr. Jana Chamonikolasová, Ph.D. doc. JUDr. Josef Kotásek, Ph.D. Mgr. et Mgr. Oldřich Krpec, Ph.D. prof. PhDr. Petr Macek, CSc. PhDr. Alena Mizerová doc. Ing. Petr Pirožek, Ph.D. doc. RNDr. Lubomír Popelínský, Ph.D. Mgr. David Povolný Mgr. Kateřina Sedláčková, Ph.D. prof. MUDr. Anna Vašků, CSc. prof. PhDr. Marie Vítková, CSc. Mgr. Iva Zlatušková doc. Mgr. Martin Zvonař, Ph.D. Recenzoval: Mgr. et Mgr. Martin Hrabálek, Ph. D. © 2012, 2014 Filip Černoch, Martin Jirušek, Hedvika Koďousková, Jan Osička, Tomáš Vlček © 2012, 2014 Masarykova univerzita ISBN 978-80-210-6649-6 ISBN 978-80-210-6068-5 (1. vyd.) DOI: 10.5817/CZ.MUNI.M210-6649-2014 OBSAH 5 Obsah Seznam obrázků .................................................................................................................................................. -
New Insights Into Hydrocarbon Plays in the Caspian Sea, Kazakhstan
introductionThematic Article18X10.1144/1354-079311-045D. Okere & S. ToothillNew insights into hydrocarbon plays, Caspian Sea 2011-0452012 Downloaded from http://pg.lyellcollection.org/ at Oregon State University on December 1, 2014 New insights into hydrocarbon plays in the Caspian Sea, Kazakhstan Davies Okere* and Steve Toothill Multi-client and Global New Ventures Geoscience, CGGVeritas Services (UK) Ltd, Crompton Way, Manor Royal Industrial Estate, Crawley RH10 9QN, UK *Corresponding author (e-mail: [email protected]) ABSTRACT: New exploration opportunities and improved imaging of already known prospects in the Caspian Sea, Kazakhstan, are presented, based on the acquisition, processing and interpretation of long-offset 2D seismic data acquired by CGGVeritas from 2006–2009. We have identified further examples of three already successful plays in the Caspian Sea and onshore, within open blocks in the North Caspian and North Ustyurt basins and a fourth, relatively unknown play, in the North Ustyurt basin. The already known plays include Devono-Carboniferous carbonate reefs and clastics, Triassic–Tertiary post-salt clastics and carbonates in the North Caspian basin and Jurassic–Cretaceous post-thrust clastics and carbonates in the North Ustyurt basin. The fourth play that we have identified comprises thrust faults, anticlinal structures with Late Palaeozoic–Early Mesozoic clastic and carbonate reservoirs in the North Usty- urt basin which, to our knowledge, has not been tested elsewhere in the region. INTRODUCTION both onshore and offshore have been identified in the open blocks offshore and these are estimated to hold significant The study area is situated in the northernmost part of the hydrocarbon reserves in the northern Caspian Sea. -
Shale Innovation: Brawn to Brains to Bytes the History of the US Shale Boom Is a Story of Innovation Unleashed
EQUITY RESEARCH | June 23, 2017 Shale Innovation: Brawn to Brains to Bytes The history of the US shale boom is a story of innovation unleashed. Since the first use of hydraulic fracturing to extract oil and gas from shale, drillers have surprised markets with their ability to scale production and bring down costs. We argue this trend is not yet over and the next stages of shale innovation will lower breakeven prices from $50/bbl WTI to below $45/bbl. We see more intense applications of today’s shale technology (“brawn”) being complemented by sophisticated analytics, data and intelligence (“brains and bytes”) to favor scale winners and enablers, while driving consolidation among E&Ps. Brian Singer, CFA Waqar Syed Viswa Sandeep Sama, CFA Umang Choudhary (212) 902-8259 (212) 357-1804 (917) 343-4601 (212) 357-2642 [email protected] [email protected] [email protected] [email protected] Goldman, Sachs & Co. LLC Goldman, Sachs & Co. LLC. Goldman, Sachs & Co. LLC. Goldman, Sachs & Co. LLC. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. -
Kazakhstan Oil and Gas Tax Guide 2021 Contents
Kazakhstan oil and gas tax guide 2021 Contents Introduction 1 Background on the oil and gas industry in Kazakhstan 2 Taxation of subsurface users in Kazakhstan 5 Transfer pricing 16 Introduction This guide is intended to provide a general overview of taxation in the oil and gas sector in Kazakhstan. As this guide provides a high-level summary of the taxation regime effective on the date of preparation of this guide, it is not a substitute for comprehensive professional advice, which should be sought before engaging in any transaction. It should also be noted that in this guide we do not deal with all of the taxes of Kazakhstan. Here we cover only the most significant ones applicable to companies operating in the oil and gas sector, so advice should be taken as to the actual taxes applicable to a particular company. Kazakhstan oil and gas tax guide. 2021 | 1 Background on the oil and gas industry in Kazakhstan According to the latest GDP forecast by the Ministry of National Economy of The oil and gas industry of Kazakhstan, growth in 2021 will be 2.8%. Kazakhstan’s economic growth is largely Kazakhstan plays an important driven by oil and gas revenues (35% of GDP and 75% of exports). role in the economic development of the republic. It is one of the Since declaring independence, Kazakhstan has passed a series of reforms to main drivers of gross domestic liberalize its economy and attract foreign investment. However, sanctions imposed product (GDP) growth and an on Russia and negative growth prospects have more recently deterred foreigners important source of national from investing in the region.