Handbook of natural resource and energy economics volume ii edited by allen v. Reiss is associate professor of economics at the stanford business school and a faculty research fellow at the national bureau of economic research. Pdf the economic structure of the petroleum industry differs strongly from. Basic petroleum economics mai 2004 ppm 2nd workshop of the china case study 2 investment decisions investment decisions are among the most important decisions that a companygovernment can take capital intensive irreversible high riskuncertainty. It covers additional topics in petroleum economics, with emphasis on tracing the macroeconomic impact and implications of oil and gas sector decisions. His research interest covers the oil, gas, and refining industry and is related to cost assessment, fiscal analysis, infrastructure modeling, and valuation studies.
Adelman is one of the preeminent authorities on the economics of mineral resources. This pdf is a selection from an outofprint volume from the national. Economics drives the entire oilgas producing industry. Course philosophy petroleum professionals need to have a thorough understanding of the value chain and the global competitive landscape in which they operate. Use features like bookmarks, note taking and highlighting while reading introduction to petroleum economics. Mai 2004 ppm 2nd workshop of the china case study 25. Petroleum economics and engineering crc press book. 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.
Uncertainty risk and opportunity analysis is a key component in the decision making process and in establishing appropriate fiscal designs and incentive mechanisms in the energy sector. Natural resource management deals brings together land use planning, water management. Econ 2000 this course introduces students to the economics of energy at the micro level. The gas formation volume factor bg may be estimated for various combinations of. This is a practical energy training course which enables delegates from all technical and commercial disciplines to understand the theories and met corporate training programme five or ten days introduction. In physical science terminology, energy is the capacity for doing work, e. An economic analysis kirsten bindemann oxford institute for energy studies wpm 25 october 1999. The contents of this paper are the authors sole responsibility. He is the author of several books as well as of over a hundred essays and articles on industrial and energy. Economics is the primary link between basics of petroleum. Factors of production can be defined as inputs used for producing goods or services with the aim to make economic profit.
There have been a number of textbooks written on the subject, but. Petroleum economics distance learning training course. The author thanks the olin, sloan, and fletcher jones foundations for financial support. Scribd is the worlds largest social reading and publishing site. Excel, powerpoint, pdf, jpeg, tiff or gif, whichever is applicable. Energy economics vol 1, issue 1, pages 263 january. This dynamic hides a potential and dangerous bullish factor. This course will introduce a variety of fundamental petroleum economic principles including revenue, expenditures, fiscal systems, risk analysis, and investment analysis. The petroleum economics monthly was published by pkverleger llc for thirtyfive years. This book brings together his work, written over the past thirty years, on mineral depletion and the nature of monopoly in world oil. The report provided detailed examinations of important issues that affected the revenues of petroleum producers, refiners, marketers, and consumers. Risk free discount rate is 7% but the company is very risk averse and want a risk premium of 10%.
The oil and gas industry greatly impacts the global economy, and consequently, politics and oil and gas are closely. Petroleum industry practices gipip, modern engineering practices in carrying out petroleum. Technology and economics until now about the book we have petroleum refining. Big, formation volume factor of injected gas, and cig. We consider different market structures, such as perfect competition, monopoly, and price leadership. 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. Introduction to petroleum economics an introduction to petroleum economic is a reallife, concise and hugely enjoyable in depth look at one of the key fundamentals of the oil and gas industry. Petroleum economics, risk and opportunity analysis.
Introduction to petroleum economics spe book store. 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. Introduction to petroleum economics is about the process of gathering project data, calculating whether a project should proceed and delivering recommendations. Petroleum economics free download as powerpoint presentation. Technology and economics, fifth edition 9780849370380 by kaiser, mark j gary, james h handwerk, glenn e. It covers everything you need to know about the economics behind the petroleum industry, in very simple language. Download it once and read it on your kindle device, pc, phones or tablets. Technology and economics responses people are yet to however still left his or her report on the game, or otherwise not make out the print however. Factors that influence supply and demand and the impact on price. This part also looks at the management of petroleum wealth. Petroleum project economics and risk analysis workshop. Petroleum engineering handbook society of petroleum engineers. Economics for oil and gas projects under conditions of certainty and uncertainty.
Sustainable environmental and natural resource economics. The optimization of the time profile of revenues from individual fields is. The subjects treated are petroleum economics, project evaluation and corporate finance. Financial and strategic valuation of lundin petroleum ab. Within north america, recent demand for refined petroleum. Some people have given a excellent testimonial to the book. It is important to factor in the realities of obsolescence bargaining into energy investment decisions. The price that an entrepreneur pays for availing the services of these factors is called factor pricing. This book offers a comprehensive introduction to the economics of oil and natural gas extraction and production along with a detailed discussion of pricing. Economic and financial determinants of oil and gas. The 5 day training will reveal the fundamental aspects of upstream petroleum economics and risk analysis. Petroleum economics is one of the most influential players in the world economy, so having a comprehensive understanding of this vital area is key for anyone working within the oil and gas or energy industries. These projects are impacted by many high risk factors associated.
Good international petroleum industry practices gipip ministry of. It is an excellent book because it considers all economic aspects of the petroleum industry. Central concepts in petroleum economics justeringskopi petrad. It had a proven record of anticipating structural changes affecting the industry. The scramble for africas oil by john ghazvinian, the economics of middle eastern oil by charles p. An increase in the oil price can stall or even hamper economic growth forbes, 2012. Petroleum economics and engineering, third edition pdf. If youre looking for a free download links of petroleum economics and engineering, third edition pdf, epub, docx and torrent then this site is not for you. In part iii, we discuss the basic principles of petroleum taxation and investigate the norwegian petroleum taxation system and its development. Introduction to petroleum economics print and digital.
Petroleum economics net present value internal rate of. Pdf economics modeling for petroleum exploration and. Course information introduction to energy economics ii. The international collaborative program in petroleum economics and management is designed for students or professionals with degrees in science, engineering or social science business school, law, seeking indepth training to develop a commanding skill set in energy techniques, energy economics and management. Energy economics vol 32, issue 1, pages 1256 january. Economic analysis is a central feature of the upstream oil and gas industry, as indeed in many. The petroleum industry is arguably the most influential and important industry in the world. The oil and gas industry impacts organizations, individuals.
Kaiser has led several studies and published extensively in the field and regularly teaches petroleum economics at lsu and short courses for. Packed with realworld examples and case studies demonstrating how to calculate rate of return, discounted cash flow, payout period, and more, petroleum economics and engineering, third edition assists petroleum engineers, chemical engineers, production workers, management, and executives in sound economic decisionmaking regarding the design. Economics modeling for petroleum exploration and production projects considering risk and imprecise data. Production sharing agreements, the type of contracts. An rfactor is the ratio of cumulative receipts from the sale of petroleum to cumulative expendi. However i wish it could be updated by the authors or other scholars interested in petroleum. The certificate in petroleum economics is the ideal course for both individuals and corporate groups to develop this crucial knowledge.
Use the tools and concepts on petroleum investment projects a field development project an exploration project be able to understand the concepts used and do the economic calculations needed in the case study. Petroleum economics, by jean masseron, is a fine introductory text to the entire scope of activities and economic conditions facing the worldwide petroleum industry aapg bulletin. An oil company has estimated the following cash flow for an oil project. Natural resource economics established already in the first half of the 19th century and much newer environmental economics developed in the second half of the 20th century have tended to be treated as separate and autonomous disciplines of neoclassical. Handbook of natural resource and energy economics, uol. In economics, there are four main factors of production, namely land, labor, capital, and enterprise.
It discusses the science of petroleum economics, starting from squareone, the tools of the trade that petroleum economists use, day in and day out, and also its application. The nontheoretical approach makes this an incredibly interesting and well thought out book, written by a mentor whose principles i still observe to this day. Pdf petroleum economics, risk and opportunity analysis. Factor pricing slide 124 factor pricing setup k factors f 1, f 2, f k ef k0 k is small relative to dimension of m f k are not necessarily in m fspace spanned by f. Introduction to petroleum economics society of petroleum. This course is tailored for the student desiring an understanding of the relationship between the energy sector and the wider economy. He would also like to thank glenn hubbard and john meyer for their useful comments on earlier versions. The 5 days sophisticated training course in petroleum economics is an entrylevel course designed to bridge gaps in your knowledge and give you true business advantage. Introduction to petroleum economics kindle edition by hinkin, chris. Petroleum engineering in nontechnical language by norman hyne 5.