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Oil And Gas Exploration And Production book. Read reviews from world's largest community for readers. Reserves, Costs, Contracts Denis Babusiaux. Oil. and. gas. exploration. and. production. HOW. HYDROCARBONS. ARE. FOR/MED. Sedimentary. Download with Facebook .. Maximizing value and minimizing costs. Without new reserves to replace oil and gas production, the industry would die. .. ExxonMobil and ConocoPhillips rejected the new joint venture agreements. he.

Grossin Total D. It has been rewarded for its excellence in scholarship and presentation, the significance of its contribution to the field, and its value as important treatment of the subject. Refinery Operation and Management J. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without the prior written permission of the publisher. We first had the idea for this book in early , when we considered writing about all the economic considerations associated with hydrocarbon exploration and production.

Equivalent cost. Table of contents 5. Acquiring participations. Financing mix and the equity residual method. The consolidated accounts. XIII Table of contents 7. Cash flow statement. Annexe to Chapter 7 Basic principles of financial accounting. Profit and loss account. This residue has many uses. Over the centuries up until the dawn of the modern era petroleum was used for two other important purposes: Figure 1. At sunset. Chapter 1 Petroleum: This lamp provided exceptional lighting.

But the modern development of petroleum is mainly attributable to the invention of the oil lamp Fig. Petroleum is also combustible. They threw their woollen blankets in these holes. The Great Spirit. From our vantage point in the new millennium. They would offer them to their friends.

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It was as if they were attracted from afar by the smell which rose above these lakes and spread far away through the air. They learned without a teacher everything they needed to live. The Indians had repeated these wonderful tales from one side of the continent to the other. And often. The bears that want to live through the harsh winter without feeling the cold lick the grease from their paws. The ailments which it was supposed to cure were numerous: Originally they often used whale oil.

Those who drank from these waters no longer suffered headaches or stomach aches. My father often told me that one of our ancestors had shown one of these black lakes to a paleface who came to this country. They did not go to school but they understood the language of the birds and of all the animals that the Great Spirit had created in the sky. Those who poured it over their heads felt their hair grow longer.

They dug holes in the ground where salt was plentiful. Those who rubbed it on their bodies were protected against snakebite.

But apart from endangering the survival of their prey. Increases in the consumption of kerosene led to a rapid growth in the demand for crude oil. Winston Churchill.

The methods used to manufacture kerosene from crude oil were rudimentary. The distillation techniques practised at that time allowed the heavy fractions to be separated and used as lubricants. This was successful. This was of course the time when the automobile industry was expanding.

Section 1. But declining demand for kerosene was offset by growing demand for petrol for cars. By the turn of the century oil lamps were being progressively replaced by the electric light bulb. It was only after the war ended in that oil was to become the energy of reference. Now at the beginning of the 21st century consumption is close to 3. We could paraphrase him by adding that so does oil.

Consumption rose from Mt in to over 1 Gt in It would be possible to do without metals or certain agricultural products for a fairly long period. Berlin later directed its forces towards the Middle East where large deposits of oil had been discovered in Saudi Arabia and Kuwait just before the onset of war.

It would be unthinkable to do without petroleum products. Indispensable in the transport sector. Petroleum is therefore a strategic commodity. Meanwhile another oil product is likely to continue to grow: Presses Universitaires de France. The Standard Oil Trust issued shares.

Alcohols and gas LPG. Oil is likely to maintain its vital role in the future. In order to defuse these attacks the company formed itself into a trust in Rockefeller eschewed production. But the examples of Japanese and Korean industrialisation show that it is control over the supply of petrol rather than its possession as such which is really the issue. However technological and economic problems mean that it is likely to be many years or even several decades before electricity begins to make major headway in the auto fuel market.

He initially headed up a wholesale business. On 10 January He acted according to a number of simple but effective principles: The shares in the various operating companies in the group were presented as being no longer the property of a single company but rather as being held in trust on behalf of their owners. It should also be noted that. For the moment there is no prospect of replacing oil products.

Having become a trust in This invention meant that new high-sulphur crudes could be used. Standard Oil was forced to transform itself after anti-trust legislation was enacted Sherman Act. This was the dawn of a new era for mankind… amongst its members. In a new holding company. The group continued to be run by a small team led by Rockefeller. The new company continued to represent a great concentration of power. Hitherto kerosene with a high sulphur content had been impossible to sell because of the odour produced when it burned.

After it felt the need to increase its presence in oil production in order to guarantee its supplies of crude. Standard Oil continued to grow. Drake discovered oil. The cartoonist was carried away by his enthusiasm here. Against a background of rapid growth in the demand for lighting.

Despite delaying tactics employed by the company. Of the 34 companies which made up the Standard Oil group. New oil companies were created e. Standard Oil of California now Chevron. Box 1. The growth in the consumption of kerosene. Standard Oil of New York Mobil.

The group divided up into 34 separate companies see Box 1. It should be noted that the mergers between Exxon and Mobil. A series of articles published at the turn of the century by the journalist Ida Tarbell.

Royal Dutch. Not only Europe but also Russia and Asia became important markets. Amongst the companies still recently in existence were: This was conducive to the emergence of a vertically integrated and oligopolistic industry. Standard Oil of New Jersey later Esso. Eventually action was taken in the courts. The strategy adopted by Standard Oil illustrates the constant concern of industry to control the entire chain of its activity.

Of course a problem which rapidly presented itself was how the oil was to be transported out of Azerbaijan. The latter therefore turned to Marcus Samuel Fig. They arranged for the bulk transport of oil across the Caspian Sea. In a railway was proposed to connect Baku to Batum on the Black Sea. It was transported by camel in goatskins. The Nobels and the Rothschilds rapidly sought to sell their product to external markets: Europe and the East.

At that time this was half of world production. While the Nobel brothers controlled much of the Russian market. Oil production grew rapidly. The early discoveries of oil in the U. The isolation of the oil resources in the Caspian. The latter already had interests in the oil industry: The last remaining Nobel was stripped of all his assets. But there was a rapid deterioration in economic and social conditions in Russia.

In the face of this situation. A revolution in failed. One of the leaders of these actions was a certain Jossef Djugashvili. By In the new Soviet regime nationalised the entire oil industry.

Standard Oil of New York. This hope was dashed. During this whole period the Baku region was being shaken by a whole series of strikes and industrial unrest caused by the deplorable working conditions.

Marcus Samuel gradually built up his oil interests. In Samuel turned his hand to the oil sector. Standard Oil attempted to buy Shell out. Part of the production was exported. Aware of the threat posed by its competitor. In June there was a gusher from the Telaga Tunggal 1 well in Sumatra. In order to diversify his sources of supply. From When he died. The company Royal Dutch was developing at the same time.

It was created in by Aeilko Gans Zijlker. The company prospered. Zijlker founded the Royal Dutch Company. It was not until that a more comprehensive agreement was signed between Royal Dutch and Shell. Marcus Samuel became the Chairman and Henry Deterding. The formation of this new Anglo-Dutch group ushered in a new chapter in the competition with Standard Oil.

Netherlands East Indies Indonesia. It introduced millions of oil lamps onto Asian markets particularly China at derisory prices. The Rothschilds became associated with this new organisation when the Asiatic Petroleum Company was created also in Shell Transport and Trading. Deterding also took on the day-to-day management. In fact this made Royal Dutch. In order to avoid falling victim to the power of the American company.

Many attempts were made to combine Royal Dutch and Shell. Russia and the Dutch East Indies. But in order to turn a discovery of oil into a commercial venture. The well produced several tens of thousands of barrels per day. But in the family decided to sell all its installations to Standard Oil. From they began to buy up oilwells in the West of Pennsylvania. Ultimately the British government. In the Anglo-Persian Company was established to realise this objective.

Texaco Many companies were formed in the United States at the end of the 19th century.. Two of them played a particularly important role: Gulf which disappeared in when it was bought out by Chevron and Texaco. First of all the resulting glut of oil led to a fall in prices. Burmah Oil remained a partner.

The project got off to a bad start. Like its competitors. Their efforts were rewarded. At the beginning of the century. Exploration started in Persia now Iran.

This was at Spindletop in Texaco developed an integrated structure. This discovery had a number of consequences. But there were many indications that the Middle East was potentially rich in hydrocarbons. In the Mellons raised further capital and founded another integrated company. In The lone red star logo the symbol of Texas was increasingly seen throughout the U. More capital was needed. The new company went on to become the Anglo-Iranian Company.

A new capital injection by Burmah Oil. Admiral Sir John Fisher. The large oil companies. Gulf was created by the Mellon family around Another company. In the oil industry was nationalised. Pemex Petroleos Mexicanos was created and took control of all oil-related activities in Mexico. Royal Dutch Shell. However At the beginning. It also served as a clear reminder of the strategic importance of oil another example is the support given to Royal Dutch by the Netherlands government when it was created.

President of the Inter-Allied Petroleum Conference. Motor-driven vehicles replaced the horse for transport. Venezuela followed close behind Mexico. It was only by mobilising the famous Marne taxis that the troops could be conducted to the front.

Pan American was bought out by Standard Oil of Indiana. Pan American. For consumer countries the problem is to secure reliable supplies of a vital product. Gulf and a small company. The battle of the Marne was a decisive episode which revealed how important motorised vehicles could be Fig.

After various incidents. France is another good illustration of the concern and the energy which a major industrial country largely devoid of hydrocarbons will mobilise in developing and protecting an industry capable of ensuring its national independence.

Lord Curzon. This agreement proved particularly useful to Paris since the American companies decided after the war to stop supplying France.

France was one of the largest oil consumers in Europe. But the onset of war caught the government by surprise.

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French oil supplies depended on private. Standard Oil. Clemenceau had to make an appeal directly to Wilson for the necessary shipments to be increased. Before the war.

The only source was therefore American. Furthermore the attacks by the German navy on oil tankers in the Atlantic were interfering with fuel supplies. On the other hand. Apart from its efforts to gain direct access to crude oil. But once the war ended. On the one hand the oil companies sought to maintain the regime of competition characteristic of the sector. The French government realised that it was crucial to increase French independence in relation to energy supplies.

Ernest Mercier set up a private. This company. The French state became a participant in a market expanding rapidly in response to the rise of the automobile.

The war therefore demonstrated to France that the outcome of the war depended on the large oil companies. Russian and Romanian producers. Following new negotiations between Clemenceau and Lloyd George in December After the Second World War there was a tendency for the state to continue its support. During the war the efforts of these same companies. Its aim was not only to promote oil exploration in other countries by French companies.

During the — war the Deutsche Bank shares were frozen by the British government and at the same time discussions started between the British and French governments.

The example of the Turkish Petroleum Company 1. The state authorised companies. Moreover the United States. Amongst its concessions. These negotiations resulted in the French acquiring the Deutsche Bank shares in French or foreign. The shareholdings were then distributed as follows: Exploration got underway rapidly. There proved to be a divergence of interests between the CFP for which the IPC was the only source of crude and its American partners in particular.

Gulbenkian grabbed a map and drew a red line around the territories within which the partners in the TPC later the IPC would be obliged to act in concert. The agreement is so named because. However the problem resurfaced in We will consider this agreement in greater detail in Section 1. This was fairly modest in size.

The latter controlled major outlets in Europe and Asia. Its initial reserves were estimated at 10 billion tonnes. Kuwait was the only country situated outside the Red Line.

Gulf and Anglo-Persian jointly obtained a concession for 75 years. Sultan Ibn Saud preferred to negotiate with the Americans and granted Socal a year concession in Around the geologist Frank Holmes published evidence pointing to the presence of oil in the Bahrain region. At an early stage Socal formed a joint venture with Texaco in order to develop its resources in Bahrain.

The new king. Gulf sold these interests on to Standard Oil of California Socal. In Bahrain. Socal and Texaco established two new companies: Socal and Texaco sought partners.

The other IPC partners. After lengthy discussions. Libya and Nigeria and in Venezuela. Russian exports were also increasing. These two fuels were making major inroads into the traditional markets of coal. But the investments needed to develop the resources of the Wahhabite kingdom were considerable. The full potential of the Arabian peninsula only became fully apparent after the war.

European governments were also taking an increasing stake in oil and creating national companies such as ENI Ente Nazionale Idrocarburi. Supply remained abundant. The war interrupted oil extraction activities in Saudi Arabia. Automobile transport was developing rapidly. These companies grew rapidly. Elf and Fina. Abu Dhabi. The Second World War changed the nature of the relationship between the producers and the international oil companies: It became the owner of the resources.

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They wanted a greater share of the rewards arising from the extraction of their oil wealth. He was assassinated several days later. Standard Oil of California. The new Prime Minister. The then Prime Minister announced to parliament that he rejected nationalisation. Muhammad Mossadegh. After many troubled months the Iranian authorities negotiated an agreement with the oil companies led by the American companies: Mattei pursued a policy of maintaining active contacts with producing countries.

However capital was needed. The creation of ELF. Although Mossadegh had partially failed. Until his death in in an aircraft accident. The IFP developed rapidly. The ENI was formed in These companies progressively merged into the Elf group today part of Total. The discovery of major reserves of natural gas in the Po valley met this need.

In order to guarantee access to petroleum resources. The IFP arose out of the desire of the French government to support its national petroleum industry and to limit its dependence on imported processes.

Dynamic and ambitious. The IFP has also played a major part in the creation of a world-class petroleum services industry in France. At the end of the war Enrico Mattei. By the outbreak of war. Several companies were created and oil and gas discoveries were made in the south of France.

In more than process units in many countries including Japan and the U. In order to increase their crude sales. Unhappy with this development. The American market was therefore partially protected from the world market. These reductions produced an automatic reduction in the incomes of producing countries per barrel sold.: But consumption grew much faster than production. The American authorities. These imports were attractive because the price of Middle Eastern oil in New York was lower than that of American oil.

The U. Prices outside the U. Saudi Arabia. But competition also led to companies seeking to reduce the posted prices.

The main objective of this new organisation was successfully achieved: Two reductions were made.

At the same time. Economic climate Oil consumption had increased Figs. Syria interrupted the shipment of IPC oil. While this embargo only lasted a few weeks. In President Johnson. While everything was restored to normal within several months.. Gulf of Mexico were delayed following actions taken by environmental protection groups. As a gesture of support for Egypt.

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California coast. In Libya. Shell but also several independents Occidental. North African oil was therefore at a premium because of its transport advantage. In order to protect the interests of domestic producers.

In the nationalisation of the Suez Canal resulted in its closure. The report called for economic growth to be slowed so as to save raw materials and protect the environment.

This report warned of the dangers of the depletion of natural. This led to a somewhat paradoxical situation. Of course there was no simpler way to limit consumption than to increase prices. Political events.

It was feared that oil resources might be largely exhausted by During the s Algeria and Libya became important oil producers. There was another cause for disquiet: Furthermore the reclosure of the Suez Canal see Fig.

Two years later. But initiatives to open up new resources situated in ecologically fragile areas Alaska. Sales were increasing and equipment was being modernised all over the world by kind permission of BP. The war ended on 25 October without a victor. This time the war was started by Egypt and Syria. Gulf states. Initially events moved against Israel before reaching a balance of force. The Teheran Agreement February related to the Gulf countries.

But most was still to come. The event which actually triggered the price rise was the decision by Libya. Libya obtained higher tax rates and an increase in the posted prices from the oil companies. American producers would be protected by raising prices. Even more importantly. In practice. Algeria nationalised the six oil companies and unilaterally set the price of its oil.

Finally at a meeting in Teheran in December. South Africa and Rhodesia. Over a few years most of these countries nationalised the assets of foreign companies.

During the s a wave of nationalisations by OPEC member countries gathered momentum. The price of Arab light.. This war nonetheless had a considerable impact on the oil industry: OPEC took advantage of the turbulence to again raise posted prices. The participation percentage. Many countries became independent either after the war or during the s.

This encourages very high consumption. In Venezuela. India — nationalised their oil industry earlier. These concepts only changed at the end of the s. Nigeria and Saudi Arabia petrol prices are very low. Only some of the Gulf States signed this agreement. In the Mediterranean countries nationalisations often occurred on a company-bycompany basis: Although several countries—: Russia Western Europe with the exception of France.

These countries acted either individually or in some cases through OPEC. The oil shock of marked the start of an economic crisis in Western countries as well as a major turning-point in the development of the petroleum market.

Kuwait and Qatar in Mexico Venezuela in and Saudi Arabia in stages between and Iran In producing countries petroleum has often been considered a natural resource which belongs to the people. This is sometimes actually written into the national constitution. The objectives of the IEA were: During the period between the Second World War and this concept reached its climax. At the end of political and social discontent in Iran Fig. To create a plan which would prepare countries for a possible major disruption of supplies and for sharing the available oil in the event of a crisis.

The IEA is also an important centre for publications on the energy sector 1. The free market. Demand far exceeded supply. In fact energy conservation measures taken by consumer countries were beginning to show their effectiveness: Before the oil shock of and the wave of nationalisations. The expectations of governments played little part.

In October the commencement of hostilities between Iraq and Iran led to a large reduction in the output of these two countries. Outside of the communist block the growth in production. Other zones were also the object of extensive development. By the end of spot prices see Section 1. The world was one in which crude oil was cheap and abundant.

Alaska and West Africa Figs. Even countries such as India and Brazil. Political instability in the region made Western countries increasingly wary of Middle Eastern oil. There were also doubts as to the reliability of OPEC supplies. For new producers. Most oil-importing countries were pursuing a policy of diversifying supplies. The sharp oil price rises greatly facilitated the emergence of new producing regions. The attractiveness of OPEC oil and particularly that from the Gulf states was considerably reduced as a result of its policy of high prices.

Western oil companies and governments of importing countries. Their primary commercial motive was therefore to replace these reserves elsewhere so as not to be unduly dependent for the crude purchases Western states found in these developments a very effective means of revitalising competition between producers.

The price increases led to fuel substitution a return to coal in some industries. Since there was also a rapid increase in non-OPEC production. During this time there was a significant fall-off in the production of the OPEC countries. As already mentioned. New production facilities were established not only in Europe the North Sea. All of these countries became middle-ranking producers.

Only Mexico. Norway and the United Kingdom joined the ranks of the major producers. This resulted in a glut of products on the market. By the end of the s. In order to do this it established a new type of contract for the sale of crude. The same does not apply to confrontations between different states. Algeria and Nigeria shows that internal political instability and even civil war rarely interferes with oil production. The price of the crude would therefore be equal to the value of the products obtained from its processing after deduction of the costs of processing and transport.

This arrangement certainly allowed Saudi Arabia to regain market share.

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Riyadh therefore made the following proposal to the purchasers of crude: Only the transport sector remained a captive market for oil products. These quotas totalled This was referred to as the netback contract. Experience in countries such as Angola. In consequence the price of crude fell also. They were only able to retard the fall in oil prices. Producing countries paid a heavy price in terms of their oil revenues.

Both sides are usually careful to ensure that the petroleum infrastructure. Real shortages did not occur. The Iraqi invasion of Kuwait in resulted in a sharp rise in prices. On occasion. Venezuela and the United Arab Emirates were rapidly able to increase production to make good the shortfall in production by Iraq and Kuwait. Another lesson learned in the Gulf was that when hostilities commenced on 17 January Fig. In fact.

It became increasingly clear that the volumes of stocks of crude and of oil products were key Even more interesting is that throughout the occupation of Kuwait by the Iraqi forces. Yet the Asian crisis of At the end of OPEC.

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This theory was confirmed by the fall in the price of oil on March Operators were not worried about the immediate consequences of the US action. In London. Aware of the importance of increasing oil prices.

This agreement would be strengthened by an improvement in relations between Saudi Arabia and Iran. The other key factor is the volume of OPEC production.

Until While the previous governmental had favored maximizing production. The terrorist attacks of September This objective was largely achieved: Surplus capacity from countries neighboring Iraq Saudi Arabia. The commitments to reduce OPEC production.

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How could it be achieved? The election of Hugo Chavez as President of Venezuela at the end of was the first sign of change. In March A return to discipline among the OPEC countries was needed to increase prices.

But prices gradually recovered. Most observers therefore attached considerable importance to the regular publication of data on stocks. US DOE. The situation in Iraq — and the Middle East — was not as had been expected. After a fall in the last months of The explanation is simple. BP Statistical Review. Why invest to supply Western consuming countries who wanted to reduce their oil consumption because of their supply security concerns and to reduce greenhouse gas emissions? Some countries could not stop their production declining.

Arguments regarding levels of oil reserves added to the concern. Costs — particularly capital costs — were rising steeply. Iraqi production remained far below its level under Saddam Hussein. These arguments were misdirected since the immediate problem was not the reserves underground. Oil consumption rose strongly while the surplus production capacity that had resulted from the fall in demand and increased non-OPEC production after the second oil shock.

It was rather above the ground. Attacks in Saudi Arabia were worrying. The market was preoccupied by its desperate attempts to balance future supply and demand. There was no shortage of oil on the markets. Many specialists did not understand why the price increases did not reduce the increase in demand. There were many reasons for this.

The income effect — when revenues double. Economic growth was Although supply and demand has had a basic role in the oil price setting mechanism since OPEC may decide to invite new members to join. Although countries like Brazil and Kazakhstan have envisaged joining. They of course make the trend in price increases more pronounced. At the end of Russian exports are reduced anyway because weather conditions limit tanker loading at the Novorossiysk and Primorsk terminals.

OPEC cannot — and does not wish to — assume the sole responsibility for supporting prices. When it seems probable that economic growth will continue and the needs of emerging countries will rapidly increase — e. Would Brazil with its bio-fuels really be welcomed within the cartel? Would the complexity of relationships between the states surrounding the Caspian Sea allow countries such as Kazakhstan or Azerbaijan to join the cartel.

A comment should be made on the impact of speculation. Between to mid OPEC instigated massive production cuts in reaction to prices collapsing by a third. Without OPEC. OPEC reduced its production by 5 million barrels per day. Would Russia be ready to compromise its foreign policy goals.

In the autumn of Globally production capacity was saturated and OPEC no longer needed to consider reducing its quotas. Thus in Russia grudgingly agreed to a symbolic reduction since. Given their relations with Europe and the US. It also tried to persuade other producing-countries Russia.

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Economists were satisfied: However it should be noticed that: Even the conflict in Georgia in August failed to slow the fall however. Only in Libya oil production fell from 1. This situation did not last and quickly the price increased again. The reasons in both cases were the same: The fact that oil was abundant and consumption was stagnant or even declining.

OPEC reduced its production quotas by 0. Investment funds withdrew from the oil markets and those for other raw materials en masse. Several explanations for this have been advanced: The market forgets long-term considerations anticipation of increasing and strong demand confronting limited future production and focuses on short-term fundamentals.

Of course the revolutions in some MENA countries played a role. This seemed logical considering the price forecasts. Any revenue from higher prices was then used for exceptional expenditure debt repayment. The price of oil is mainly determined by the balance of supply and demand. Taking this increase into account. Who will make the necessary investments in exploration and production? The five largest international oil companies Exxon Mobil. Drilling engineering.

Safety and the environment. Reservoir description. Volumetric estimation. Field appraisal. Reservoir dynamic behaviour.

Well dynamic behaviour. Platform trees. Surface facilities. Production operations and maintenance. Project and contract management. Petroleum economics. Risk analysis. Managing the producing field. Managing decline. Selected bibliography. Clearly written in a concise and straightforward manner Features detailed technical illustrations to maximize learning Presents major advances in the industry, including technical methods for field evaluation and development and techniques used for managing risk within the business Developed from TRACS International course materials, discussions with clients, and material available in the public domain.

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