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Horizontal Oil and Gas Wells: The Engineering and Economic Nexus

John Lohrenz

Year: 1991
Volume: Volume 12
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No3-4
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Abstract:
Horizontal oil and gas well drilling is booming while, overall, development drilling is declining. The engineering parameters and how they affect the economics of horizontal drilling compared to vertical drilling are examined here. As a new applied technology, horizontal drilling can promise economic advantages over vertical drilling but with incremental risks that must be weighed carefully. In the long term, horizontal drilling will merge into the ever-growing inventory of technologies that create the economics that extend the lives of and yield more reserves from, oil and gas fields that would otherwise decline. The result is the persisting pattern of fields yielding more production than early estimates even as it remains impossible to count which particular new technology gave rise to so much more production.



Technological Advancement and the Recovery of Natural Gas: The Value of Information

Janie M. Chermak and Robert H. Patrick

Year: 1995
Volume: Volume16
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No1-7
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Abstract:
Accurate information on geology, petroleum engineering, and economics is essential for firms to make efficient decisions concerning if and, if so, how to produce natural gas wells. Improved information may not only help insure that wells are economic, but may also lead to reduced costs of production and an increased physically recoverable stock of the resource. This paper empirically applies the economic theory of exhaustible resources (extended to include necessary reservoir engineering) to evaluate the benefits obtainable from using an enhanced information technology developed by the Gas Research Institute. The wells analyzed indicate significant benefits are obtainable with appropriate use of the new technology. The magnitudes of these benefits vary across reservoir characteristics.



What's in the Cards for Distributed Resources?

Johannes P. Pfeifenberger, Philip Q Hanser and Paul R. Ammann

Year: 1997
Volume: Volume 18
Number: Distributed Resources: Toward a New Paradigm of the Electricity Business
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-NoSI-1
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Abstract:
The electric utility industry is in the midst of enormous changes in its market structure. Mile the generation sector moves towards a truly competitive market, the utilities' transmission and distribution functions are undergoing a transition to unbundled services and prices. These changes will affect the competitionbetween distributed and central-station generation technology. Although the ultimate market potential for distributed generation may be significant, the market will be fragmented and heterogeneous. Distributed generation will likely succeed in some small and only a few medium-sized market segments, each narrowly defined by the segment's unique operating requirements. The largestpotential market segment is for distributed generation technology with operational and economical characteristics suitable for peak shaving. Unbundling of utility costs and prices will make base-load and intermediate load equipment, such as fuel cells, significantly less attractive in the largest market segments unless capital costs fall substantially below $1,000 per kilowatt.



Oil Spills, Workplace Safety and Firm Size: Evidence from the U.S. Gulf of Mexico OCS

Omowumi O. Iledare, Allan G. Pulsipher, David E. Dismukes, and Dmitry Mesyanzhinov

Year: 1997
Volume: Volume18
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No4-3
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Abstract:
Accidents on offshore oil and gas platforms have declined dramatically during the past decade, yet concern about safety and environmental damages from offshore operations seems to have intensified. In the U.S. Gulf of Mexico, some of this concern is premised on an offshore restructuring caused by major oil and gas companies investing more heavily in exploration and production (E&P) in foreign countries, leaving more domestic E&P to smaller 'independents' assumed to be less careful and capable than majors. Both industry, and regulatory specialists believe this trend will increase the risk of accidents and oil spills. However, our analysis found no evidence that more independents would threaten workers' safety or the marine environment. In fact, on average independents had a slightly better record than the majors. We also found that the, Minerals Management Service's platform inspection program had a beneficial and statistically significant effect, decreasing both offshore accidents and oil' spills.



Physical Markets, Paper Markets and the WTI-Brent Spread

Bahattin Buyuksahin, Thomas K. Lee, James T. Moser, and Michel A. Robe

Year: 2013
Volume: Volume 34
Number: Number 3
DOI: 10.5547/01956574.34.3.7
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Abstract:
We document that, starting in the Fall of 2008, the benchmark West Texas Intermediate (WTI) crude oil has periodically traded at unheard-of discounts to the corresponding Brent benchmark. We further document that this discount is not reflected in spreads between Brent and other benchmarks that are directly comparable to WTI. Drawing on extant models linking oil inventory conditions to the futures term structure, we test empirically several conjectures about how calendar and commodity spreads (nearby vs. first-deferred WTI; nearby Brent vs. WTI) should move over time and be related to storage conditions at Cushing. We then investigate whether, after controlling for macroeconomic and physical market fundamentals, spread behavior is partly predicted by the aggregate oil futures positions of commodity index traders.





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