EnergyRN: Petroleum (Topic)最新文献

{"title":"The Pricing Relationships between Oil and Renewable Firms under Extreme Conditions: The Effects of Negative WTI Prices","authors":"S. Corbet, John W. Goodell, Samet Gunay","doi":"10.2139/ssrn.3712944","DOIUrl":"https://doi.org/10.2139/ssrn.3712944","url":null,"abstract":"We test for the existence of volatility spillovers and co-movements among energy-focused corporations during the outbreak of the COVID-19 pandemic, inclusive of the April 2020 events where West Texas Intermediate (WTI) oil future prices became negative. Employing the spillover index approach of Diebold and Yilmaz [2012];as well as developing a DCC-FIGARCH conditional correlation framework and using estimated spillover indices built on a generalised vector autoregressive framework in which forecast-error variance decompositions are invariant to the variable ordering, we examine the sectoral transmission mechanisms of volatility shocks and contagion throughout the energy sector. Among several results, we find positive and economically meaningful spillovers from falling oil prices to both renewable energy and coal markets. However, this result is only found for the narrow portion of our sample surrounding the negative WTI event. We interpret our results being directly attributed to a sharp drop in global oil, gas and coal demand, rather than because of a sudden increase in oil supply. While investors observed the US fracking industry losing market share to coal, they also viewed renewables as a more reliable mechanism to generate long-term, stable and low-cost supply.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133891789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Real Options Approach for a Staged Field Development With Optional Wells","authors":"S. Fedorov, Verena Hagspiel, T. Lerdahl","doi":"10.2139/ssrn.3698334","DOIUrl":"https://doi.org/10.2139/ssrn.3698334","url":null,"abstract":"The decreasing average size of new discoveries in mature production areas makes the base of oil field investment decisions more uncertain than ever before. Fewer appraisal wells, which allow to decrease the amount of subsurface uncertainty, are typically drilled before the development of a small field compared to large fields. Therefore, new solutions are required to make small discoveries commercial given both technical and market uncertainties. Therefore, accounting for managerial flexibilities that enable to change the course of the project due to new information, becomes even more important for investment valuation. \u0000 \u0000Combining the real options approach and decision analysis we present a novel model that allows to identify additional value created by a sequential drilling strategy for field development under oil price and resource uncertainty. We capture the sequence of key investment and operating decisions of a marginal field development in cooperation with an oil industry partner building a synthetic (yet realistic) project case. Addressing the flexibility to divide production wells drilling into two stages, we evaluate the option to wait to expand the production by drilling additional wells after the revelation of reservoir information based on a least-squares Monte Carlo algorithm. \u0000 \u0000We identify the conditions under which the staged (phased) development is preferred compared to standard development. Furthermore, we propose a decision rule determining the optimal expansion timing based on new information on the reservoir and the oil price uncertainty. Our results suggest that staged development carries large upside potential for marginal field development under extensive reservoir uncertainty. We also illustrate that partial hedging against the downside risks within a staged development can improve project's economy significant enough to justify investment.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129161220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Influence of Flooded Foam Jets’ Motion Parameters on Subsurface Extinguishing of Fires in Tanks With Petroleum Products","authors":"T. Voitovych, V. Kovalyshyn, Ya. M. Novitskyi, D. Voytovych, P. Pastukhov, V. Firman","doi":"10.15587/1729-4061.2020.206032","DOIUrl":"https://doi.org/10.15587/1729-4061.2020.206032","url":null,"abstract":"One of the safest ways to extinguish fires in tanks with petroleum and petroleum products is subsurface extinguishing. For this mode, a foam concentrate with fluorinated stabilisers is used, the aqueous solution of which is able to spread and cover the surface of petroleum and petroleum products with a thin film. The article presents a mathematical model of the movement of a flooded non-free foam jet in a motor fuel medium, which adequately describes the real physical processes that occur during subsurface fire extinguishing in vertical steel tanks. The motion parameters of flooded low-foam foam jets in a tank with motor fuel were determined as those that would be optimal for transporting foam through the thickness of the fuel to its surface. It was specified that the movement of the flooded foam jet is characterised by a significant attenuation (from 36 to 1.5 m/s) of the initial velocity with its subsequent increase due to Archimedes’ principle. High values of the initial velocity of the jet lead to destruction of the foam and, accordingly, worsen fire extinguishing. A decrease in the initial velocity of the foam jet at a given flow rate should be carried out by increasing the corresponding number of foam jets with an initial velocity in the range from 2 to 3 m/s. Foam jets should be placed around a circle of a radius at which their mutual influence would be preserved, and the velocity of the combined foam jet should not exceed the maximum values recommended for a particular foam concentrate (3–5 m/s). It helps to improve the stability of the movement of the combined jet, to decrease the destruction of the foam during its movement, and to prevent the movement of the fuel to the combustion surface. The decisions made upon the implementation of the mathematical model are fully consistent with the results obtained during the experimental tests on extinguishing a class B model fire in a designed unit as a reduced version of the RVS-5000 tank.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130509904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Petroleum Supply Chain in Cameroon: An Exploratory Study","authors":"Enow Godwill Baiye","doi":"10.2139/ssrn.3600785","DOIUrl":"https://doi.org/10.2139/ssrn.3600785","url":null,"abstract":"The petroleum supply chain (PSC) is a sequence of activities that source, transform and deliver petroleum products to end consumers. Understanding the internal drivers of petroleum supply chain disruptions could provide a clue to finding lasting solution to the perennial incidence of petroleum product shortages and exorbitant prices of petroleum products in Cameroon. This paper takes a study of the fundamental principles that shapes petroleum supply chain in Cameroon. This study takes another look at petroleum supply chain risks in Cameroon’s oil industries by identifying the drivers of risks that affects the petroleum supply chain and determining mitigation strategies. In order to achieve these objectives of the study and to address the problems, data was collected through the exploitation of secondary and primary sources of information. The methods utilised to collect secondary data were books, academic journals, magazines, oil companies’ reports and official government publications. To compliment secondary data, primary data was also used and this was done essentially through interviews, focus group discussions and questionnaires. In the treatment of the data, the methodology utilised by the researcher was the thematic content approach. Results shows that in as much as Cameroon is considered as the most mineralised nation in the sub- Saharan Africa, there still exists shortages of petroleum products in the country and high prices in relation to the petroleum products. Six drivers were identified as a cause of this and in that respect the paper recommends the building of new oil refineries, construction of other oil depot units in the country as well as ensuring efficient management in petroleum products as strategies to mitigate against disruptions or risks in the petroleum supply chain in Cameroon.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130793977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Oil Prices and Sectoral Stock Prices With Mining Sector Stock Prices in the Exporting Countries As Well As Oil Importers","authors":"Handri, N. Effendi, Budiono","doi":"10.31014/aior.1992.02.04.158","DOIUrl":"https://doi.org/10.31014/aior.1992.02.04.158","url":null,"abstract":"This paper uses the panel vector autoregressive (PVAR) to find out the dynamic relationship between oil prices, inflation, exchange rates, industrial production and the stock prices of 18 mining sector companies in Indonesia. The data covers the period of January, 2009 to December, 2016. In the long run, oil price fluctuations do not coincide with sector stock prices. In the short term, oil prices are not directly related to the stock prices of the mining sector. The price of oil is co-integrated with the exchange rate and the consumer price index, while in the short term the price of oil is reciprocal with the exchange rate, while the value is reciprocally related to the consumer price index. Heterogeneous coefficient relations show the exchange rate to be a central point for the relationship of oil prices and the consumer price index in influencing the share price of the mining sector. This finding becomes an important consideration for investors to calculate exchange rate fluctuations in developing their investment.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"289 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125881959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Oil Price Pass-Through into Consumer Prices: Evidence from U.S. Weekly Data","authors":"H. Yilmazkuday","doi":"10.2139/ssrn.3443245","DOIUrl":"https://doi.org/10.2139/ssrn.3443245","url":null,"abstract":"Using U.S. data from Monday of each week, this paper estimates oil price pass-through into consumer prices (PC) and oil price pass-through into gasoline retail prices (PG) in a continuous way. The results show that PC (PG) is about 0.5% (13%) after a week, 1.5% (37%) after three months, and 4.2% (50%) in the long run. The estimated PC is further decomposed into direct PC (representing oil price effects on consumer prices through gasoline retail prices) versus indirect PC (representing oil price effects on consumer prices through ex-gasoline prices). While direct PC contributes more in the short-run, indirect PC contributes more in the long-run, suggesting that long-run oil price effects on consumer prices are mostly through ex-gasoline consumer prices. Despite having distinct pass-through estimates, about three-fourths of weekly volatility in both gasoline retail and consumer prices are explained by oil price shocks in the long run. Important policy implications follow.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"241 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133613172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Russian Foreign Trade in 2018: Growth in Non-Oil and Gas Exports","authors":"A. Knobel, Alexander Firanchuk","doi":"10.2139/ssrn.3381592","DOIUrl":"https://doi.org/10.2139/ssrn.3381592","url":null,"abstract":"In 2018, exports of fuel and energy commodities increased by nearly 36%t as compared to the previous year, while growth in non-oil and gas exports amounted to over 11%. However, it was mainly facilitated by improvement of the pricing situation on the market. Within a year, imports rose by 5% primarily owing to considerable growth in H1 2018. The depreciation of the real exchange rate of the rouble in H2 2018 had a negative effect on the volume of imports.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133098264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Relationship Between Earnings Before Interest and Taxes and Operating Cash Flow and Stock Return Under the Condition of Information Asymmetry in Abadan and Arak Petrochemical Companies Through Markov-Switching Approach","authors":"Abolghasem Masihabadi, Ali Taghavi Moghaddam, Amir Shams Kulukhi, R. Rahmani","doi":"10.33844/MBR.2015.60316","DOIUrl":"https://doi.org/10.33844/MBR.2015.60316","url":null,"abstract":"This research investigated the relationship between earnings before interest and taxes and operating cash flow and shareholders’ return in Abadan and Arak Petrochemical Companies. This relationship was tested under the condition of information asymmetry. Nonlinear Markov-Switching approach was adopted to test the hypotheses. The results of empirical tests through the data in 2001-2010 indicated that in Arak Petrochemical Company, both variables of earnings before interest and taxes and operating cash flow had significant relationship with stock return of company. However, in Abadan Petrochemical Company, only the variable of earnings before interest and taxes had significant and positive relationship with stock return of company. Increase in information asymmetry showed that variable of operating cash flow had a stronger relationship with stock return of companies than the variable of earnings before interest and taxes. In other words, under the condition of information asymmetry, cash flow variables had higher correlation with stock return of companies than accrual variables.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126599663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Definición Del Mercado Relevante En La Venta Minorista De Gasolina En La Ciudad De Bogotá D.C. (Definition of the Relevant Market in the Retail Gasoline Market in the City of Bogotá D.C.)","authors":"M. Ramírez","doi":"10.2139/ssrn.3334502","DOIUrl":"https://doi.org/10.2139/ssrn.3334502","url":null,"abstract":"<b>Spanish Abstract:</b> La correcta definición de un mercado relevante es un elemento fundamental en el análisis de prácticas anticompetitivas y abuso de poder de mercado que distorsionan la eficiencia económica. Este trabajo investiga la naturaleza de la competencia y define la extensión geográfica del mercado relevante en la venta al por menor de combustibles líquidos en la ciudad de Bogotá D.C. Mediante el uso de un modelo espacial auto regresivo (SAR) se encuentra que el mercado relevante corresponde a las estaciones de gasolina ubicadas dentro de un radio de 1 kilómetro de distancia de la estación en análisis, y que la intensidad de la competencia disminuye con la distancia. Además, se encuentra que la bandera a la cual pertenecen las estaciones de gasolina rivales tiene un efecto significativo sobre el precio cobrado por la estación en análisis, probando así que las estaciones de gasolina cobran diferentes precios al consumidor, dependiendo de a que rival se están enfrentando dentro del mercado relevante ya establecido. Este trabajo proporciona una herramienta de vital importancia para la entidad de regulación de competencia en Colombia, para que esta tome decisiones adecuadas, basadas en estudios empíricos, con respecto a las fusiones e integraciones dentro del mercado de venta de combustible líquido en el territorio nacional.<br><br><b>English Abstract:</b> The accurate definition of the relevant market is an important element in the analysis of anticompetitive practices and abuse of market power that can distort the economic efficiency. This paper examines the nature of the competition and defines the geographic extension of the relevant market in the retail gasoline market in the city of Bogotá D.C. Using a spatial auto regressive model (SAR), it is found that the relevant market includes all gas stations located within a one kilometer radius of distance from the gas station of analysis, and that the intensity of competition decreases with distance. Besides, it is found that the flag of the rival gas stations has a significant effect over the price charged by the gas station of analysis, proving that the gas stations charge different prices to the consumer, depending to which rival it is facing inside the already stablished relevant market. This paper provides a contribution for the competition and regulation entity in Colombia, so this entity can decide properly in terms of mergers and integrations inside the market of liquid fuel in the country.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122445062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Air – Oil Lubrication for Work Roll Bearing to Optimise Mills Breakdown","authors":"C. Mandal, N. Mondal, P. Sahana, Rakesh ., R. Prasad","doi":"10.2139/ssrn.3331445","DOIUrl":"https://doi.org/10.2139/ssrn.3331445","url":null,"abstract":"Bearing failure is one of the major concern in Indian Steel Industries as the failure leads to breakdown of the machine and thereby causes huge production loss. Bearing performance depends on design, selection of bearing type, lubricant and the type of maintenance practice chosen for it. In Steel industries there is not much scope to play for enhancing the bearing performance except good maintenance practice and manoeuvre with the lubricant and lubrication system. It is desired for any lubrication or lubrication system to optimise lubricant consumption without compromising the performance /life of the bearing. There are many systems which can provide lubricant with desired viscosity to the bearings. Grease is sticky, so it gets contaminated quickly. Consumption of grease is a bit higher and it does not help to increase the mill speed. The oil mist lubrication is better than grease lubrication system. But it has the problem of atomise oil droplet mix with air which creates foggy and unhealthy atmosphere in the shop/plant. The Air-Oil lubrication system sends metered quantity of lube oil in the form of oil streak through a distributor, carried by dry compressed air into bearing to lubricate it. The carrier air prevents entry of foreign particle in the lubricant and avoids lube oil contamination. It also helps in reaching the lubricant into the bearing clearance to maintain an oil film and it avoids the direct contact with rolling elements and races. Here in this work an attempt is made to enhance the performance of taper roller bearing of Cold Rolling Mill by implementing Air- Oil Lubrication system.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114838141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}