scholarly journals Institutions and the Location of Oil Exploration

2019 ◽  
Vol 18 (3) ◽  
pp. 1321-1350 ◽  
Author(s):  
James Cust ◽  
Torfinn Harding
Keyword(s):  
Oil And Gas ◽  
Institutional Quality ◽  
Regression Discontinuity Design ◽  
Host Countries ◽  
Data Set ◽  
Oil And Gas Exploration ◽  
Oil Companies ◽  
Exploration Drilling ◽  
Oil Sector ◽  
Global Data

AbstractWe provide evidence that institutions have a strong influence over where oil and gas exploration takes place. We utilise a global data set on the location of exploration wells and national borders. This allows for a regression discontinuity design with the identifying assumption that the position of borders was determined independently of geology. In order to break potential simultaneity between borders, institutions, and activities in the oil sector, we focus on drilling that occurred after the formation of borders and institutions. Our sample covers 88 countries over the 1966–2010 period. At borders, we estimate more than twice as much drilling on the side with better institutional quality. Subsample analyses reveal effects of institutions on exploration drilling in both developing and high income countries, as well as across three types of operating companies. We find that the supermajor international oil companies are particularly sensitive to institutional quality in developing countries. Our findings are consistent with the view that institutions shape both exploration companies’ incentives to invest in drilling and host countries’ supply of drilling opportunities.

Automatic, geologic layer-constrained well-seismic tie through blocked dynamic warping

2017 ◽  
Vol 5 (3) ◽  
pp. SJ81-SJ90 ◽  
Author(s):  
Kainan Wang ◽  
Jesse Lomask ◽  
Felix Segovia
Keyword(s):  
Seismic Data ◽  
Oil And Gas ◽  
Synthetic Data ◽  
Optimal Solution ◽  
Velocity Model ◽  
Data Set ◽  
Oil And Gas Exploration ◽  
Interval Velocity ◽  
Velocity Changes ◽  
Dynamic Warping

Well-log-to-seismic tying is a key step in many interpretation workflows for oil and gas exploration. Synthetic seismic traces from the wells are often manually tied to seismic data; this process can be very time consuming and, in some cases, inaccurate. Automatic methods, such as dynamic time warping (DTW), can match synthetic traces to seismic data. Although these methods are extremely fast, they tend to create interval velocities that are not geologically realistic. We have described the modification of DTW to create a blocked dynamic warping (BDW) method. BDW generates an automatic, optimal well tie that honors geologically consistent velocity constraints. Consequently, it results in updated velocities that are more realistic than other methods. BDW constrains the updated velocity to be constant or linearly variable inside each geologic layer. With an optimal correlation between synthetic seismograms and surface seismic data, this algorithm returns an automatically updated time-depth curve and an updated interval velocity model that still retains the original geologic velocity boundaries. In other words, the algorithm finds the optimal solution for tying the synthetic to the seismic data while restricting the interval velocity changes to coincide with the initial input blocking. We have determined the application of the BDW technique on a synthetic data example and field data set.

Turning potential collision into cooperation in Ghana’s oil industry

2015 ◽  
Vol 10 (2) ◽  
pp. 118-131 ◽  
Author(s):  
Kwesi Amponsah-Tawiah ◽  
Kwasi Dartey-Baah ◽  
Kobena Osam
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Content Type ◽  
Oil Companies ◽  
Critical Issues ◽  
Oil Sector ◽  
Stakeholder Interactions ◽  
Corporate Social

Purpose – This paper aims to examine the potential impact of the presence of oil resource on the Ghanaian society. Specifically, the paper investigates the relationship between key stakeholders in the oil sector, how stakeholder interactions create the potential for collision and advances measures aimed at turning possible collision into cooperation. Design/methodology/approach – The paper uses a literature review-based approach, drawing on existing literature in a number of areas including corporate social responsibility (CSR), oil and gas industry in Ghana and Nigeria as well as communication. Findings – The paper advances that expectations of stakeholders as regards oil being a panacea to all their problems must be managed to avoid possible collision. Additionally, Ghana’s oil industry must identify and engage all stakeholders in planning suitable and sustainable CSR programmes for economic development, thus fostering a friendly environment for oil companies. Transparency and accountability are also needed to promote cooperation rather than collision among stakeholders in Ghana’s oil industry. Originality/value – This paper raises and brings to the fore critical issues that can lead to potential collisions in the oil and gas industry in Ghana if not well-managed, and thus an innovative work in that regard.

Subsalt imaging in northern Germany using multiphysics (magnetotellurics, gravity, and seismic)

2020 ◽  
Vol 8 (4) ◽  
pp. SQ15-SQ24
Author(s):  
Christian H. Henke ◽  
Markus H. Krieger ◽  
Kurt Strack ◽  
Andrea Zerilli
Keyword(s):  
Oil And Gas ◽  
Gravity Data ◽  
Salt Dome ◽  
Gravity Modeling ◽  
Field Source ◽  
Oil And Gas Exploration ◽  
Exploration Drilling ◽  
Seismic Depth Migration ◽  
Improved Model ◽  
Subsalt Imaging

Imaging subsalt is still a challenging task in oil and gas exploration. We have used magnetotellurics (MT) to improve the integration of seismic and gravity data to image the Wedehof salt dome, located in the Northern German Basin. High-density natural field source broadband MT data were acquired and enhanced the definition of the top and overhanging salt structures in addition to imaging the salt dome root. Salt boundaries show strong resistivity contrasts with the surrounding sediments and thus represent a good target for electromagnetic measurements, especially for top salt and salt flanks imaging. With integrated 3D gravity modeling focusing on the salt dome’s flanks at intermediate depths, an improved model was achieved. The new model provided sound input to a follow-up seismic depth migration that led to an improved imaging of the subsalt target proven by subsequent exploration drilling. The integrated interpretation of MT, gravity, and seismic combines the strengths of the different physics, thus increasing imaging reliability and reducing exploration drilling risks. Using a conservative workflow that included a feasibility study with field noise evaluation and careful acquisition parameter testing prior to survey start, a broadband array data acquisition, and advanced processing, the survey area's severe cultural noise issues could be overcome.

Hedging, Investment Efficiency, and the Role of the Information Environment

2020 ◽  
pp. 0148558X2091633
Author(s):  
Gerald J. Lobo ◽  
Tharindra Ranasinghe ◽  
Lin Yi
Keyword(s):  
Oil And Gas ◽  
Investment Decisions ◽  
Information Environment ◽  
Investment Behavior ◽  
Investment Efficiency ◽  
External Financing ◽  
Data Set ◽  
Oil And Gas Exploration ◽  
Exploration And Production

Extant theories suggest that managers may use hedging either to alleviate underinvestment problems caused by costly external financing or to promote overinvestment by circumventing the scrutiny of external capital markets. We empirically investigate this issue using a hand-collected data set of hedging and investment behavior of oil and gas exploration and production firms. We do not find evidence that hedging alleviates underinvestment problems. However, we do find a strong positive relation between the extent of hedging and the propensity to overinvest. Further analyses indicate that the relation between hedging and overinvesting is stronger in settings where the firms’ information environment is more transparent. A more transparent information environment makes it easier for outside capital providers to distinguish between value-enhancing and value-destroying investment decisions so that greater discretion over internally generated funds becomes more valuable to overinvesting managers. Our study highlights the role of hedging in facilitating overinvestment and the conditions under which this role is likely to be more salient.

Iraqi Kurdistan could see oil and gas advances

2021 ◽  
Keyword(s):  
Oil And Gas ◽  
Oil Prices ◽  
Oil Production ◽  
Content Type ◽  
Oil Companies ◽  
Iraqi Kurdistan ◽  
Oil Sector ◽  
The Government ◽  
Slight Rise

Significance The oil sector managed a slight rise in oil production in 2020, despite the challenges of the pandemic and low oil prices. The KRG mostly managed to keep up payments to oil companies but did not assist Baghdad in making production cuts under the OPEC+ agreement. Impacts Combined new gas projects could meet domestic needs and potentially allow exports by the later 2020s. The government could resume payments of overdue amounts to international oil companies from this month. Talks with Baghdad will become more complex around planned elections in October 2021 and depending on legal developments with Turkey.

TRENDS IN THE DEVELOPMENT OF THE OIL AND GAS MARKET AND THE MAIN MEASURES OF STATE SUPPORT AIMED AT THE IMPLEMENTATION OF ARCTIC OIL AND GAS PROJECTS

2021 ◽  
Vol 5 (11) ◽  
pp. 31-38
Author(s):  
Igor V. Selin ◽  
◽  
Mikhail V. Ulchenko ◽  
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
State Support ◽  
Gas Industry ◽  
Oil Companies ◽  
Oil Reserves ◽  
Exploration Drilling ◽  
Gas Market ◽  
High Level

This article is devoted to the study of the main trends in the development of the oil and gas market, as well as the transfer of state support aimed at the implementation of Arctic oil and gas projects. The analysis showed that 2020 turned out to be extremely difficult for the oil and gas industry as a whole. The volumes of oil and natural gas production and consumption decreased, and due to a reduction in revenue, large domestic companies began to save on exploration drilling. Given the high level of «depletion» of oil reserves in traditional fields, with an increase in demand, in the short term, domestic oil companies will not be able to quickly increase production volumes and take advantage of favorable market conditions.

Three methods for mitigating airwaves in shallow water marine controlled-source electromagnetic data

Geophysics ◽  
2011 ◽  
Vol 76 (2) ◽  
pp. F89-F99 ◽  
Author(s):  
Jiuping Chen ◽  
David L. Alumbaugh
Keyword(s):  
Shallow Water ◽  
Deep Water ◽  
Oil And Gas ◽  
Data Set ◽  
Oil And Gas Exploration ◽  
Controlled Source ◽  
Lateral Wave ◽  
Electromagnetic Data ◽  
Stripping Method ◽  
Resistivity Model

In the past several years, marine controlled-source electromagnetic (MCSEM) techniques have been applied successfully in deep water (depth > 1 km) for oil and gas exploration. The application of this technology in shallow water is challenged, however, because of “airwaves” that mask the signal from the target reservoir at depth. Based upon the understanding that an airwave is a lateral wave, which can be analytically expressed in a dual-half-space resistivity model, we propose three airwave-mitigation approaches to reduce the effects of these airwaves on MCSEM data. In the EM “x-bucking” approach, the effect of the airwaves can be “bucked” out from two measurements by using the analytic expression of the airwave. The frequency derivative (dE/dFreq) approach takes advantages of the unique characteristics of the airwaves in frequency domain, enhancing the reservoir signals while suppressing the airwave. The magnetotelluric (MT) stripping method uses the plane-wave feature of the airwaves and subtraction of the lateral wave electric component, which is obtained from measured marine MT impedance and controlled-source electromagnetics (CSEM) data, to generate a new data set in which the effects of the airwaves are removed substantially. By comparing the detectability, which is defined as the ratio of inline Ex fields between a reservoir model and a corresponding baseline model, for a reservoir target in deep water versus shallow water with a moderate 2D bathymetry, we show that the effects of the airwaves in shallow water can be reduced in the data, leading to greater reservoir detectability. In addition, these approaches have been applied successfully to a real shallow water MCSEM data set in which the detectability to the deeper resistive basement is enhanced.

scholarly journals The Possibility of Nationalization by the Kurdistan Regional Government of Iraq under the Light of Signed Petroleum Contracts and Establishment of Kurdistan National Oil Company (KNOC)

2020 ◽  
Vol 6 (1) ◽  
pp. 35
Author(s):  
Arez Mohammed Sediq Othman
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Regional Government ◽  
Oil Companies ◽  
Production Sharing ◽  
Direct Support ◽  
Oil Sector ◽  
Oil Contracts ◽  
The Government ◽  
Oil Company

In the past 20 years, Kurdistan Regional Government (KRG) of Iraq has signed hundreds of Production Sharing Contracts with many international oil companies to expand investment and develop its oil sector. According to the applicable laws in the region, in particular Oil and Gas Law No.22 of 2007, government shall work to establish Kurdistan National Oil Company (KNOC) to take charge of petroleum operations. Meanwhile, according to the same law, the duration of petroleum production sharing contracts shall not exceed 20 years with the possibility of five years extension. Despite the fact that KRG is abided to many legal obligations to share the produced oil under production sharing contracts, there is always a question of whether KRG will be able to administer its oil industry and what will be the future of these oil contracts? This paper argues that KRG cannot nationalize (by appropriating the whole oil industry and assets of foreign oil companies) its petroleum sector even after the establishment of KNOC as there are many legal terms preventing it from nationalizing the oil industry besides the lack of technical ability to run the sector without the direct support from foreign oil companies. Moreover, the paper also discusses different possibilities after the end of oil contracts with foreign international companies; Does KRG continue with the current contractual form or it will shift to other forms of contract such as service contract to develop oil industry in the region? It suggests that the best practice for the government is to institutionalize its oil sector with receiving direct support from oil companies. The establishment of KNOC is considered to be an effective step towards institutionalization of oil sector in the Iraqi Kurdistan Region.

Oil and gas

2019 ◽  
pp. 347-362
Author(s):  
John Child ◽  
David Faulkner ◽  
Stephen Tallman ◽  
Linda Hsieh
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
The Political ◽  
Host Countries ◽  
Gas Industry ◽  
Oil Companies ◽  
Legitimate Concern ◽  
Speed Up ◽  
Environmentally Sensitive ◽  
Oil And Gas Companies

After an introduction to the oil and gas industry and its structure, Chapter 15 notes how economic pressures have motivated the formation of alliances. It then identifies different types of alliance in the sector, the motives for forming them, and the benefits that are expected to result. Oil and gas alliances involve nationally strategic and environmentally sensitive assets, and this chapter illustrates the political pressures which they can experience as a result. While there is legitimate concern in host countries about the exploitation of national assets by international oil companies, such companies may also face pressures that stem from political opportunism and corruption. The chapter closes by noting how forming alliances with IT providers to speed up digital applications has become an essential strategy for many oil and gas companies.

Reshuffles open way for reform of China's oil sector

2015 ◽  
Keyword(s):  
Mergers And Acquisitions ◽  
Oil And Gas ◽  
Quality Standards ◽  
Energy Industry ◽  
Fuel Quality ◽  
Content Type ◽  
Oil Companies ◽  
Oil Sector ◽  
The Government ◽  
Oil And Gas Companies

Subject Outlook for China's oil sector. Significance China's 'big three' oil companies have this month announced changes to their top management. The three companies have been under pressure from corruption investigations, and the collapse in global oil prices has weakened them financially. The latest reshuffles reveal the importance of politics in shaping the behaviour of China's oil and gas companies, and with it the competitive landscape of China's energy industry and global oil and gas mergers and acquisitions. Impacts There will be partial consolidation of some NOC assets, but 'mega-mergers' are unlikely. China's oil and gas companies will invest overseas with more robust government backing. Sinopec and CNPC will focus on upgrading refining capacity to meet more stringent fuel quality standards. Foreign investors will find new opportunities as the NOC's sell assets and the government opens the sector to private firms.

Sign in / Sign up

Export Citation Format

Share Document